Brokerage firm Evans Senior Investments (ESI) facilitated the sale of county-owned Samaritan Health Center in West Bend, Wisconsin. An independent owner-operator was chosen as the buyer, upon county approval.

Samaritan provides 186 beds, including 131 skilled nursing beds, 24 residential care apartments, and 31 assisted living beds. Samaritan faced several key challenges while on the market, including a low occupancy rate of 33%, and was struggling with negative cash flows, ESI said.

“Additionally, it needed substantial renovations, and the county had difficulty recruiting and retaining nursing staff,” ESI staff said in a statement. “These issues were further compounded by the fact that reimbursement rates had not kept up with rising costs for many years, worsening their financial situation.”

SLIB Facilitates Sale of Texas Nursing Home

Senior Living Investment Brokerage (SLIB) arranged the sale of a skilled nursing facility in La Marque, Texas.

The seller is a local family partnership in the state, selling its only property. The 120-bed community was sold to a company that owns and operates several facilities in Texas.

The buyer plans to increase profitability with an already strong census and expects to take advantage of an expanded Quality Incentive Payment Program (QIPP) program in September.

SLIB’s Matthew Alley handled the transaction, keeping the nationwide search for a buyer confidential.

CIBC Provides $35M toward Nursing Home Refinance in Virginia

CIBC Bank USA provided a nursing home owner and operator in Virginia with $35 million in senior secured credit facilities, in the form of a $33 million commercial mortgage loan and $2 million working capital line of credit.

The owner-operator will use funds to refinance its 120-bed skilled nursing facility, which has been open for 9 years. Historical occupancy for the property has been about 88%, CIBC said, and earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EDITDAR) margin has been 28%.

CIBC’s Matthew Tyler and Neal Netzel handled the financing.