By Maggie Flynn | September
16, 2019
Meridian
Capital Group this week announced its involvement in a 19-building skilled
nursing portfolio deal that saw the New York City-based finance and investment
firm provide $241 million in acquisition financing.
The
portfolio has a total of 2,175 beds, with locations in Massachusetts, New
Hampshire, Pennsylvania, Delaware, Maryland, and West Virginia.
Meridian’s
managing directors, Ari Adlerstein and Ari Dobkin, helped lead negotiations
along with senior vice president Josh Simpson.
The
firm’s senior housing and health care team have logged $2.31 billion in
transactions across the senior housing and care spectrum in 2019 thus far,
according to Meridian, with activity in assisted living, independent living,
and memory care in addition to skilled nursing.
Healthcare
Transactions Group’s 13-SNF Portfolio Deal
The
Reisterstown, Md.-based Healthcare Transactions Group on Monday announced a
13-building skilled nursing portfolio sale across the Southeast.
The
buildings — 10 of which were affiliated with Concordia Health Partners, and
three of which were associated with Curis Health — have a total of 1,585 beds.
The footprint consisted of five properties in Tennessee, six in Virginia, and a
pair in Kentucky.
Healthcare
Transactions Group served as the mergers and acquisitions advisor to the seller
during the transaction process, which formally closed September 6. The firm did
not disclose the final terms of the deal.
Optalis
Grows by Five in the Midwest
Premier
Health Care Management sold five skilled nursing facilities and one assisted
living property in the Detroit metropolitan area to Optalis Healthcare, a
skilled nursing and senior living operator based in Novi, MI.
The
facilities employ more than 2,000 people and house 1,062 beds. The deal closed
September 1.
Optalis
committed to retaining 95% of the workforce in the facilities to help grow the
organization, Premier CEO and co-founder Tim Spiro said in a press release
announcing the deal.
The six
locations are: Evergreen Health & Rehabilitation Center, Shelby Health
& Rehabilitation Center, ShorePointe Health & Rehabilitation Center,
ShorePointe Village-Senior Residence, Woodward Hills Health &
Rehabilitation Center, and West Bloomfield Health & Rehabilitation Center.
“This
was strategically a perfect fit to the Optalis growth plan in the Southeast
Michigan market to enhance its presence in Oakland and Macomb counties,”
Optalis CEO Raj Patel said.
The
advisory firm Stout served as exclusive financial advisor to Premier Health
Care Management in the sale.
Blueprint
Brokers 10-SNF Deal in Kentucky
Blueprint
Healthcare Real Estate Advisors last week announced its involvement in a 10-SNF
sale for a publicly traded real estate investment trust (REIT), marking the
last stage of a complete exit of the Kentucky market for the operator.
The
portfolio had more than 900 total beds, with 885 licensed SNF beds, and
generated positive cash flow collectively, with average census levels around
90%.
Housing
& Healthcare Finance, LLC, sourced bridge financing for the buyer.
Though
not named in Blueprint’s announcement, the bed count and footprint aligns with
operator Diversicare Healthcare Services’ (OTCQX: DVCR) recent move to leave Kentucky, which closed
August 30. The transaction was contingent upon the provider’s landlord, Omega
Healthcare Investors (NYSE: OHI), selling the real estate associated with the
Diversicare operations for approximately $85 million.
Ben
Firestone and Michael Segal handled the transaction for the Chicago-based
Blueprint.
Alex
Spanko contributed to this report.
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