Blueprint Healthcare Real Estate Advisors helped facilitate the $42 million sale of a 210-bed skilled nursing and long-term care facility in Pensacola, Fla.
The deal amounted to $200,000 per bed and a 9.6% cap rate.
Southern Oaks has rebounded to pre-pandemic occupancy of 91% with more than $4 million in annualized trailing EBITDAR — generating a 21% operating margin, according to Blueprint.
The facility was expected to benefit from the state’s upcoming Medicaid reimbursement rate increase. That, combined with the nursing home’s favorable reputation in the Pensacola market, resulted in several acquisition proposals from investors and operators throughout the region.
The selected buyer is an out-of-state partnership looking to enter into the state’s market, Blueprint said.
Helios Inks Deal For 7-Facility, $57.8M Portfolio
Helios Healthcare Advisors announced its role in structuring the sale of an 852-bed skilled nursing portfolio located throughout the state of Texas on behalf of a regional developer.
An Arkansas-based real estate investor purchased the portfolio for $57.8 million or roughly $67,800 per bed, and took over the portfolio on Aug. 15.
The physical plants were on average 14 years old and were “well maintained,” according to Helios. The portfolio showed non-performing leases primarily due to Covid, however, Helios was able to achieve proceeds commensurate with the contractual rent.
“Achieving top pricing remained a paramount concern to the seller,” Helios Managing Director Jeff Rhodes said in a statement. “To accomplish this, our team spent a considerable amount of time educating the market on how the tenants’ contracted rents were supportable in the long-term.”
Greystone Closes $14M Bridge Acquisition Loan For Chicago Nursing Home
Greystone recently provided a $14 million bridge loan for the acquisition of a 155-bed nursing home in Chicago. Greystone is expected to pursue long-term, permanent financing for the asset with a HUD-insured loan.
This transaction was originated by Managing Director Christopher Clare.
“With today’s market challenges, we need to ensure our clients’ transactions are structured with their long-term goals in mind,” Scott Thurman, head of FHA production for healthcare, said in a statement.
Companies featured in this article:
Blueprint, Blueprint Healthcare Real Estate Advisors, Greystone, Helios Healthcare Advisors
