Ziegler’s $67M Skilled Nursing Portfolio Deal; Monticello’s $66M Acquisition Funding

Chicago-based specialty investment bank Ziegler this week announced the successful sale of a three-building skilled nursing portfolio on behalf of former owner Emerald Shelter Group.

The buyer, a joint venture between an owner-operator group and a private equity firm, paid $67 million for the three properties in Wilmington, Newark, and Lewes, Del.

Based in Nashville, Emerald Shelter Group operates a variety of senior housing and care properties; Ziegler fielded 22 offers for the portfolio during the marketing process, despite the ongoing COVID-19 pandemic.

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“We appreciate the opportunity to work with one of our non-traditional not-for-profit clients to allow them to divest out of a geographic region not in their core markets,” Ziegler managing director Don Husi said in a statement. “This transaction allows Emerald Shelter Group to significantly strengthen its balance sheet and re-position the organization for future growth in senior housing and care assets.”

The portfolio consists of 430 dual-certified skilled nursing beds and 43 independent living apartments, with about 90% occupancy; the SNF bed count represents 8% of the total available supply in Delaware.

Monticello’s $66.6M Financing in Maryland

MONTICELLOAM, LLC this week announced that it had provided $66.6 million to finance the acquisition of a three-building skilled nursing portfolio in Maryland.

The New York City-based lender and asset manager provided the funding to an owner-operator with nearly 2,500 beds under its control; Monticello’s asset-based lending group, Monticello Commercial Capital, provided an additional $5 million in working-capital funding.

The Maryland portfolio consists of 460 total beds.

Blueprint Facilitates Four-Building Sale

Blueprint Healthcare Real Estate Advisors oversaw the sale of a four-building skilled nursing portfolio on behalf of a real estate investment trust (REIT), the Chicago-based brokerage announced this week.

With three buildings in Florida and one in Kentucky, the more than 400-bed portfolio included facilities with two and three stars from the Centers for Medicare & Medicaid Services (CMS), including one with a Special Focus Facility designation.

At the time of the sale, the buildings had average census above 80%, with $28.5 million in annual revenue.

Michael Segal and Trent Gherardini handled the sale for Blueprint.

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