MESA, Ariz. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 160-bed skilled nursing facility in Mesa. The property was recently renovated and expanded, and is located near multiple medical centers that refer residents to the facility. A buyer with an existing footprint in the market acquired the asset for an undisclosed price. The transaction is part of a series of sales that Blueprint arranged for LTC properties, which is divesting its entire portfolio of Preferred Care facilities. Blueprint estimates the combined sales will total $78 million.
Skilled Nursing
On May 13, Seniors Housing Business hosted a panel discussion to explore the question: How will the coronavirus pandemic impact market valuation in the seniors housing sector? While there’s been a stock price rebound after REIT value plummeted at the outset of the pandemic, it isn’t clear right now where prices might end up for private and public markets. Join us to learn how the traditional components of seniors housing valuation have been upended by COVID-19 and what factors will most influence future prices. Listen in to hear what experts …
YOUNGSTOWN, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 150-bed skilled nursing facility in the Youngstown metro area. An owner-operator expanding in the Midwest acquired the property for an undisclosed price. The seller cited recent changes in leadership for declining occupancy, and de-licensed some beds to allow for more private rooms. The sale was positioned as a value-add opportunity.
The seniors housing industry, government and society as a whole must collaborate to improve care for our frailest seniors. By Martin Siefering, Principal and Senior Living Practice Leader, Perkins Eastman “When we, as a society, see that it’s appropriate to warehouse our elders, and to put them in small spaces, to underpay their staff so that there are chronic staffing shortages — I think if we see that as an adequate treatment of our elders, then we’re going to have a bad time. We are going to see this over …
KANSAS — Monticello has provided $15.5 million in first lien debt financing for a portfolio of skilled nursing facilities in Kansas. The properties total 282 beds, and the transaction includes two acquisitions and two refinancings. The borrower is an owner-operator with a total portfolio of 945 licensed beds.
CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of six skilled nursing facilities in Michigan totaling 496 licensed beds. A publicly traded REIT sold the portfolio to an undisclosed buyer for $36 million, or $73,000 per bed. The portfolio’s occupancy was 86 percent with $43 million in annual revenues. However, the seller chose to divest the properties upon finding out the tenant would no longer be able to meet its lease obligations due to having to pay back millions in improper Medicaid payments.
Harborview, Meridian Arrange $93.7M in Financing for 19-Property Skilled Nursing Portfolio in the West
by Jeff Shaw
NEW YORK CITY — Harborview Capital Partners and Meridian Capital Group’s Senior Housing and Healthcare team have arranged $93.7 million in financing to a West Coast-based operator. The financing funded the acquisition of the real estate and operations of six nursing facilities and the leasehold rights of 13 additional facilities in California, Washington and Nevada. The $93.7 million loan consists of $65.7 million of senior financing and an additional $28 million revolver provided by a commercial bank. The portfolio consists of 14 nursing facilities in California, four in Washington, and …
ESI Brokers $4.3M Sale of Elderwood at Riverside Skilled Nursing Facility in Providence
by Jeff Shaw
PROVIDENCE, R.I. — Evans Senior Investments (ESI) has arranged the sale of Elderwood at Riverside, a 57-bed skilled nursing facility in Providence. An East Coast-based owner-operator sold the property to a Southeast-based owner-operator for $4.3 million, or $75,000 per bed. This is the buyer’s first property in Rhode Island. The seller initially acquired the community, which was built in 1962, with the intent to move the licensed beds to a different county in Rhode Island. When regulatory obstacles prevented moving the licensed beds across county lines the owner decided to …
PEKIN, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hallmark House, a 71-bed skilled nursing facility in the Peoria suburb of Pekin. A private, California-based owner sold the community. The buyer continued with the acquisition despite the complications of the COVID-19 pandemic. Although the price and buyer were not disclosed, Craig Casagrande and Andrew Jones of Capital Funding Group provided a $16.8 million bridge-to-HUD loan for the acquisition. Ryan Saul of SLIB facilitated the sale.
The number of U.S. nursing home deaths from the COVID-19 pandemic has eclipsed 10,700, accounting for nearly a quarter of the country’s total death toll, according to a survey by the Wall Street Journal. The survey gathered information from 35 states that either publicly share that data or responded to the newspaper’s requests for information. Key states such as Ohio and Washington did not provide data, suggesting that the number is actually considerably higher. The total U.S. death toll from COVID-19 passed 46,000 on Wednesday, according to data from Johns …