BALLWIN, Mo. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of West County Care Center, a 137-bed skilled nursing facility in Ballwin, approximately 20 miles west of St. Louis. West County Care Center consists of private and semi-private rooms and provides therapy, adult daycare, memory care and respite services. A new operator took over the community in fall of 2019, stabilizing operations and improving financial metrics. The seller is a family-owned operator based in Missouri divesting of a non-core, under-performing asset. The buyer was a national, private real …
Skilled Nursing
SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left …
Skilled Nursing Occupancy Continues Freefall, Dropping to New Record Low of 71.7 Percent
ANNAPOLIS, Md. — Occupancy at U.S. skilled nursing facilities in December 2020 reached its lowest level since data have been collected, ending the year at 71.7 percent, according to the National Investment Center for Seniors Housing & Care (NIC). The data comes from over 1,500 skilled nursing facilities in 48 states that report data to NIC, an Annapolis-based data and analytics organization serving the seniors housing industry. The report includes information through the end of 2020. Average skilled nursing occupancy declined 13.3 percentage points since February 2020, before the COVID-19 …
MISSOURI — The Greystone Seniors Housing Capital Markets team has arranged $12 million in bridge financing for a 147-bed skilled nursing community in Missouri. RSF Partners, a Dallas-based private equity firm focusing primarily on the senior living sector, was the borrower on the two-year bridge refinancing. Further details on the property and loan were not disclosed.
WASHINGTON, D.C. — The American Health Care Association and National Center for Assisted Living (AHCA/NCAL) has released a report showing nursing homes in the U.S. have seen the lowest number of new COVID-19 cases since the Centers for Medicare & Medicaid Services (CMS) started tracking back in May 2020. AHCA/NCAL is a Washington, D.C.-based organization representing more than 14,000 nursing homes and long-term care facilities across the country. The report suggests that the various vaccines for COVID-19 are working, the organization says. Recent CMS data shows that nursing homes have …
WEYMOUTH, Mass. — JLL Capital Markets has arranged the sale of the former Colonial Nursing Center in Weymouth, a South Shore suburb of Boston. The buyer plans to convert the property to a workforce housing asset. The seller and price were not disclosed. Located on 2.11 acres and totaling 72,999 square feet, the current layout includes 93 units with various amenities, including a commercial kitchen, dining room, activity areas, outdoor courtyard, common gathering areas and outdoor walking trails. The transit-orientated property is also in close proximity to various public transportation …
TOLEDO, Ohio — Welltower (NYSE: WELL) today announced that it has essentially ended its operating relationship with Genesis HealthCare, terminating the 51 leases for Genesis-operated skilled nursing facilities. Concurrent with the lease cancelation, Welltower has agreed to sell 42 traditional skilled nursing facilities for $680 million to a joint venture with Aurora Health Network, in which Welltower will retain a participating preferred equity position. Welltower will also contribute its nine former PowerBack facilities, which provide higher acuity, short-stay rehabilitation and care, into its 80/20 joint venture with ProMedica at a …
LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures. Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that are operated by Covenant Care. Silver Hills, originally built in 1998 and renovated in 2013, comprises 150 operating beds (80 units) and provides physical, speech …
AHCA, LeadingAge Suggest Nursing Homes Get at Least 75 Percent of Staff Vaccinated by June 30
WASHINGTON, D.C. — The American Health Care Association (AHCA), representing more than 14,000 nursing homes and long-term care facilities across the country, and LeadingAge, the association of more than 5,000 aging services providers including nursing homes, have set a nationwide goal for nursing home staff vaccinations. With the help of the Centers for Disease Control and Prevention (CDC), the D.C.-based organizations recommend that 75 percent of the approximately 1.5 million nursing home staff throughout the country be vaccinated against COVID-19 by June 30, 2021. “With COVID-19 vaccinations being distributed across …
VANCOUVER, Wash. — Bank Leumi USA funded a $23.5 million deal with Prestige Care, a Vancouver-based operator of 80 senior living and rehabilitation centers across eight Western states. The deal will refinance one of Prestige Care’s asset-based lending revolvers and a real estate term loan, which will enable it to support a portfolio of 356 operating beds across four skilled nursing facilities in Oregon and Washington and one assisted living facility in Arizona. The refinancing will allow Prestige to restore its liquidity and continue on a growth trajectory. “As the …