MONTANA — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities totaling 338 beds in Montana. The seller is a national operator that was looking to leave the state to focus on other markets. The undisclosed buyer assumed the seller’s HUD debt against the properties. The price and locations of the facilities were not disclosed.
Acquisitions
ARKANSAS — Newmark Knight Frank has brokered the sale of six skilled nursing facilities in Arkansas. The portfolio totals 868 beds. The average occupancy at the time of sale was 82 percent, and the average vintage was 1985. The buyer, seller, price and names of the facilities were not disclosed.
KERRVILLE, Texas — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 150-bed skilled nursing facility in Kerrville, approximately 65 miles northwest of San Antonio. The property was built in 2006. Cash flow was trending upward, despite occupancy near 50 percent, according the Blueprint. A private investor bought the asset and contracted with a Texas-based operator as the tenant. The seller and price were not disclosed.
CHICAGO — Blueprint Healthcare Real Estate Advisors, a Chicago-based brokerage firm, has arranged the sale of a skilled nursing portfolio totaling over 400 units. Three of the facilities are located in Central Florida, and the fourth is in Kentucky. The properties were operating at a loss despite occupancy over 80 percent and combined revenues of over $28.5 million. A REIT sold the properties to an undisclosed buyer for an undisclosed price.
MARYLAND — Monticello has provided $66.6 million in first lien debt financing for the acquisition of three skilled nursing properties totaling 460 beds in Maryland. The transaction also includes a $5 million working capital loan to the facility operators, which Monticello’s asset-based lending group, Monticello Commercial Capital, provided. The borrower is an owner and operator with a current portfolio of 2,459 licensed beds. The names and locations of the facilities were not disclosed.
KENNEWICK, Wash. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 36-unit assisted living community in Kennewick, located near the Oregon border in the eastern half of the state. The property was over 90 percent occupied at the time of sale, though it has struggled in recent years due to key leadership turnover, according to Blueprint. For this reason it was still marketed as a value-add opportunity. The buyer was well capitalized and local, and this is the company’s fourth acquisition in Washington. The seller and price …
Monticello Provides $50M Acquisition Financing for 868-Bed Skilled Nursing Portfolio in Arkansas
by Jeff Shaw
ARKANSAS — Monticello has provided $50 million in first lien debt financing for the acquisition of six skilled nursing facilities totaling 868 beds in Arkansas. The transaction also includes a $2 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an owner-operator with previous experience in Arkansas. The names and locations of the properties were not disclosed.
ST. LOUIS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 167-bed skilled nursing facility in St. Louis. A REIT owner sold the property, with the operating partner planning to exit Missouri altogether. Despite a $1.2 million renovation in 2015, occupancy and cash flow were both in decline. An East Coast-based owner-operator with an existing presence in the state was the buyer. Housing & Healthcare Finance sourced the acquisition loan. The price was not disclosed.
TACOMA, Wash. — Evans Senior Investments (ESI) has arranged the sale of Heartwood Extended Healthcare, a 120-bed skilled nursing community in Tacoma. A joint venture between an East Coast capital group and a Los Angeles-based operator acquired the facility for for $8 million, or $66,000 price per bed. The seller was a local owner-operator. Built in 1986, the community was 69 percent occupied and not profitable at the time of sale. The new buyers plan to replace contracted staff with full-time employees. In addition, Medicaid rate increases have already been …
GREAT FALLS, Mont. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 70-unit seniors housing community in Great Falls, located in the central part of Montana approximately 130 miles south of the Canada border. A partnership between an Oregon-based operator and a private equity fund purchased the property. The seller was a REIT. The price and the name of the community were not disclosed.