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.
Skilled Nursing
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 …
IRVINE, Calif. — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed the sale of two skilled nursing facilities located in Montana. Genesis Healthcare operates both communities. An undisclosed buyer paid $14.4 million for the properties, and also took on $14.2 million in HUD-insured mortgage debt associated with the properties. As a result of this disposition, the total annual rental obligation from Genesis to Irvine-based Sabra will decrease by approximately $1.1 million.
PEKIN, Ill. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Hallmark House Nursing Center. Located in Pekin, a suburb of Peoria, Hallmark House was built in 1964 and features 71 beds. The property totals 22,588 square feet on a six-acre plot. The seller was a private owner based in California struggling to oversee this single asset in Illinois. Occupancy was 62 percent at the time of sale. The buyer was a regional owner-operator with other facilities in Illinois. The price was not disclosed. Ryan Saul of SLIB …
LONDON — Welltower (NYSE: WELL) has dropped it’s bid to buy London-based skilled nursing group Barchester Healthcare, according to British news outlet The Times. The Toldeo, Ohio-based REIT had bid 2.5 billion pounds, approximately $3.1 billion based on this morning’s exchange rate. Barchester operates over 200 skilled nursing facilities and seven hospitals totaling more than 12,000 beds. Welltower pulled its bid due to the chaos surrounding the COVID-19 pandemic, according to the Times report. Neither Welltower nor Barchester have publicly commented on the development. Other American investors reportedly interested in purchasing …
SEATTLE — Evans Senior Investments (ESI) has arranged the sale of Washington Care Services, a 165-bed skilled nursing community in Seattle, for $10.5 million, or $64,000 per bed. Built in 1974, the community was placed into receivership in June 2019 after the previous owner, a local nonprofit organization, defaulted on its existing HUD loan. At the time of the sale, the property was 77 percent occupied and losing over $500,000 a year in net operating income. The new owner plans to correct course by replacing contracted staffers with full-time workers, …
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT that invests in seniors housing and healthcare properties, has completed the sale of its entire portfolio of Preferred Care-operated properties. Preferred Care declared bankruptcy in 2017 amid a slew of personal injury lawsuits against the operator. The combined net proceeds for the portfolio, including one property sold in 2019 and 21 properties sold in the first quarter of 2020, were $77.9 million, resulting in a total estimated gain on sale of $44 million. The 21 properties sold …
Monticello Provides $97.2M Acquisition Financing for 856-Bed Skilled Nursing Portfolio in Virginia
by Jeff Shaw
VIRGINIA — Monticello has provided $97.2 million in first lien debt financing for the acquisition of five skilled nursing properties totaling 856 beds in Virginia. The transaction also includes a $8 million working capital loan to the operating companies of the properties. Monticello’s asset-based lending group, Monticello Commercial Capital, provided that capital. The borrower is an owner-operator with a current portfolio of 1,155 licensed beds. The seller, facility names and facility locations were not disclosed.
YUMA, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Kissito Healthcare Palm View, a skilled nursing facility in Yuma. Originally built in 1964, with renovations in 2011 and 2018, Palm View consists of 77 units and is licensed for 143 beds. The community totals 44,000 square feet on 2.9 acres. Occupancy at the time of the sale was 59 percent. The seller is a national REIT looking to divest this asset due to it being a geographic outlier for its portfolio. The buyer is a regional …
Greystone Health Completes The Lakes of Clermont Health and Rehabilitation Center in Florida
by Jeff Shaw
CLERMONT, Fla. — Greystone Health has cut the ribbon on The Lakes of Clermont Health and Rehabilitation Center in Clermont, a suburb of Orlando. The skilled nursing facility offers 80 beds in 40 private and 20 semi-private rooms. The property totals 60,000 square feet. Greystone Health manages 43 facilities throughout Florida, Illinois and Missouri. The Clermont location represents Greystone Health’s third center located in Lake County.