Evans Senior Investments announced the sale of a 186-bed SNF in Indiana for $25 million or $134,000 per bed. The facility had historically been at 85% occupancy or above, but was not profitable at the time of marketing with census dropping to 72%. It was the seller’s only skilled nursing facility. The facility had a […]
Evans Senior Investments
Blueprint announced the sale of a large skilled nursing portfolio in Ohio this week for $145 million or roughly $73,000 per bed. The portfolio consists of over 2,000 skilled nursing beds spread across 17 facilities in the state. Originally purchased in 2018 by a joint venture between an experienced investor and a growing Ohio-based operator, […]
CIBC Bank USA closed $20.2 million in acquisition financing for two facilities in central Ohio. The facilities included 199 skilled nursing and 27 assisted living beds. The bank also provided a $2 million revolving line of credit that will be used to support the post-acquisition working needs of the facilities. In the Ohio deal, the […]
Eduro Healthcare recently added two skilled nursing facilities to its Texas portfolio. The first facility, in Lockhart, Texas, closed for seven months due to damage from last year’s winter freeze. “We are excited to be the team to reopen Parkview Nursing and Rehab,” Eduro Healthcare Managing Partner Michael Bewsey said in a news release announcing […]
Greystone announced it closed a $450 million commercial real estate collateralized loan obligation (CLO) backed exclusively by bridge loans for health care projects. It marks the largest health care CLO ever recorded as Greystone bested its own mark of $300 million set back in 2018. The assets in the CLO consist of skilled nursing, assisted […]
Evans Senior Investments (ESI) announced the sale of a Pennsylvania portfolio in three separate transactions that consisted of eight long-term care communities for the combined purchase price of $150 million or $121,000 per functional bed. The first tranche of the portfolio included four communities totaling 661 licensed skilled nursing beds and 88 independent living cottage […]
Commercial real estate volume has been booming this year, particularly in the most recent quarter as it surpassed $450 billion year-to-date, according to Zach Bowyer, JLL managing director. The combination of a pent up market and low cap rates continue to push pricing in the skilled nursing space. Commercial real estate volume hasn’t reached such […]
An independent operator recently exited from the nursing home industry in Louisiana in a deal that, according to Evans Senior Investments president and founder Jeremy Stroiman, is the highest price per bed ever sold in the state. The 189-bed skilled nursing community, Mansion de Lafayette, sold for $30 million, or $159,000 per bed. Stroiman said […]
Evans Senior Investments (ESI) announced the sale of a 120-bed SNF in New Jersey for $24 million, or $200,000 per bed. Despite a modern design that included all private or semi-private rooms, the community was not profitable at the time it went to the market, with census averaging 77%, resulting in a net operating loss, […]
The current skilled nursing market continues to be red hot with some of the larger, more aggressive groups paying prices that are $17,000 more per bed compared to 2020 in terms of evaluation, Evans Senior Investments data from more than 425 facilities reveals. “Despite the pandemic and everything else that is going on in the […]
Despite low occupancy rates and uncertainty around federal funding, experts say the market for nursing homes has not slowed, as buyers want to get in on the frenzy and are willing to pay near stabilized rates to do so. Some, like Symphony Care Network, with a portfolio that totals more than 30 properties throughout Illinois, […]
The overall market for health services assets shows no signs of slowing, as investors continue to aggressively seek deals. The long-term care dealmaking landscape, in particular, remains robust, though transaction volume is down slightly compared to recent stretches. “We expect deal activity to remain strong, building on the resurgence that began in June 2020,” John […]
Institutional Property Advisors announced it closed on a deal for a skilled nursing portfolio in Iowa last month. The portfolio, Pearl Valley Rehab & Healthcare, includes ten assets in the state for a total of 568 beds, sold for $24.2 million, for $42,606/a bed. The seller, a private owner-operated out of the East Coast, decided […]
Chicago-based specialty investment bank Ziegler last week announced it closed on $44,415,000 Series 2021 Bonds for a 47-acre CARF Accredited not-for-profit continuing care retirement community in Durham, North Carolina. Based just south of Duke University in Durham, North Carolina, The Forest at Duke opened in 1992 and serves as a Type B life care community […]
Greystone announced that it provided a $35 million loan insured by the Department of Housing and Urban Development for the refinancing of a five-property, 558-bed nursing portfolio across southeast Wisconsin. The properties are located in Antigo, Burlington, Manitowoc, and Kenosha. Fred Levine originated the loans for New York City-based Greystone. Each of the non-recourse loans […]
Walker & Dunlop this week announced the completion of $172 million in financing for a seven-building skilled nursing portfolio across the Northeast and the Midwest. Four of the properties were refinanced through the Department of Housing and Urban Development’s (HUD) 232/233 program, with the remaining three undergoing HUD 232 loan modification. The portfolio consisted of: […]
Six skilled nursing entities — spanning operations, management, and rehabilitation — this week filed for Chapter 11 bankruptcy after the reinstatement of a multimillion False Claims Act (FCA) judgement against them last year. The entities themselves are part of a group of corporate affiliates of major nursing home operator Consulate Health Care, but the bankruptcy […]
Skilled nursing heavyweight The Ensign Group (Nasdaq: ENSG) last week took over operations of the Hays Nursing and Rehabilitation Center, a 116-bed property in San Marcos, Texas. The deal expands the San Juan Capistrano, Calif.-based Ensign’s total portfolio to 228 properties across 13 states. “We are excited to strengthen our presence in the state of […]
Evans Senior Investments this week announced the successful completion of an $86 million deal that saw a Midwestern nursing home owner-operator offload 21 facilities across three distinct portfolios. The unnamed seller was looking for an exit from the long-term care space, according to a release from the Chicago-based ESI, which marketed the buildings in three […]
Harborview Capital Partners this week announced a raft of skilled nursing deals with a total of more than $191 million in acquisition and refinance loans. First up, the New York City-based real estate finance and advisory firm teamed with Meridian Capital Group to provide $93.7 million for the acquisition of 19 facilities in the western […]
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