Transactions & Financings: Eskaton Exits Standalone Skilled Nursing; Acts, Mease Explore Affiliation

Transactions

Eskaton Exits Skilled Nursing, Narrows Focus to Senior Services and Residential Living

Eskaton announced its exit from the standalone skilled nursing sector with the sale of three skilled nursing communities that are not part of a larger residential living community in a deal valid north of $35 million, according to the Sacramento Business Journal.

Sabra Health REIT Moves Headquarters

Sabra Health REIT Inc. announed its relocating to Tustin California from its current home in Irvine, California, according to a report in the Orange County Business Journal.

The new facility will be a 13,000-square-foot building, an increase of about 2,000 square feet from its current location, and will better accommodate the firm’s growth, CEO Rick Matros said.

Acts Retirement, Mease Life Explore Affiliation

Acts Retirement-Life Communities and Mease Life announced the two have signed a letter of intent to explore an affiliation between the two non-profit organizations.

Mease is a continuing care retirement community (CCRC) located in Dunedin, Florida with about 250 residents. Under a possible affiliation, Mease would become an affiliated community of Acts – the third largest non-profit senior living organization in the nation.

Sales

Senior Living Investment Brokerage Facilitates Sale in Utah

Senior Living Investment Brokerage announced it played a role in the sale of a senior living community in Bountiful, Utah.

The community consists of 145 independent living, assisted living and memory care units on about 2.4 acres of land. It was originally built in 1978 and was expanded in 1999.

The buyer is a California-based private equity group that is partnering with a Salt Lake City-based management company that was looking to grow its Salt Lake City footprint.

SLIB’s Vince Viverito and Brad Clousing handled the transaction. 

Financings

M&T RCC Closed $247 M in Q1

M&T Realty Capital Corporation (RCC) announced it provided $247 million in financing for senior living properties in the first quarter of 2023.

Financings included:

• $52.3 million in a Fannie Mae loan for a 191-unit community in the Nashville area,
• $38.4 million in a Fannie Mae loan for a 128-unit IL community near Sarasota, Florida.
• $49.3 million in a Freddie Mac loan for a 179-unit community in Virginia.
• $5.2 million in an FHA 232/223 (f) loan for a 105-bed AL community in Tacoma, Washington. 
• $101.5 million in a bridge-to-agency loan for six senior living communities in Texas and North Carolina.

M&T RCC’s Nick Gent, Matt Pipitone and Matt Henning led the transactions.

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