Invesque Inc. (TSX: IVQ.U) announced today the sale of the final skilled nursing facility from a portfolio of eight assets previously leased to Symphony Care Network. The company had already sold seven of the assets on June 1, 2023. The remaining asset was sold on July 1, 2023, for a total of $19.7 million, concluding Invesque’s relationship with SymCare, allowing the investment firm to focus on its private pay seniors housing portfolio.
The portfolio of properties leased to SymCare was acquired by Invesque as part of its initial public offering in 2016. Additional assets were acquired in 2019, and some assets were sold in 2021. SymCare represented approximately 75% of Invesque’s net operating income at the time of the IPO in 2016.
Following this transaction, skilled nursing facilities will contribute approximately 20% of the Company’s NOI on a pro forma basis, according to Invesque.
“I am extremely proud to follow up our sale announcement last month and confirm the completion of this final step in our exit of the SymCare investments. Our team has executed a number of transactions over the last two and a half years that position us as a predominantly private pay seniors housing company,” Scott White, Chairman and Chief Executive Officer, said in a press release.
VIUM Capital Totals $350 Million in Financing During Q2
During the second quarter of 2023, VIUM Capital concluded 11 financings, amounting to a total of over $350 million. The financings encompassed bridge, HUD, and tax-exempt bond options and were utilized for 57 properties across 10 states, ranging from Oregon to Virginia.
This performance builds upon the firm’s productive first quarter, which featured the closure of a pioneering securitization worth $1.1 billion and the recruitment of several key professionals, including the head of asset management, VIUM shared in an email with SNN.
Looking ahead to the second half of the year, VIUM anticipates significant activity in HUD loans. They have currently submitted 19 projects to HUD, valued at approximately $165 million, and have an additional 31 projects in progress, totaling over $300 million. Furthermore, VIUM is expected to maintain a steady pace and close around 12 bridge transactions in the third quarter, amounting to over $280 million.
Steve Kennedy, Executive Managing Director of VIUM Capital, said that the transactions in Q2 involved a relatively balanced blend of SNFs along with private-pay senior living properties.
SLIB facilitates sale of Illinois-based facility
SLIB facilitated the sale of Evergreen Place and The Legacy, situated in Chillicothe, Illinois. The community comprises 73 units offering assisted living and memory care services, though the particular property was part of a larger portfolio of skilled nursing facilities that was put up for sale.
SLIB said the seller, which intends to retain the remaining portfolio, decided to separate Evergreen Place because it does not specialize in assisted living/memory care. Their focus is on core skilled nursing communities. The buyer, a Midwest-based owner, constructed the community in 2015 and strategically sought to make an acquisition in Illinois.
“The buyer, having built the community back in 2015, will do well with this acquisition giving it
local attention,” Ryan Saul, Managing Director at SLIB, said. “They are utilizing the expertise of the previous operator to continue day-to-day operations. Despite the challenging lending market they were able to utilize a local, relationship lender to complete the acquisition in 50 days.”
Capital Funding Group closes an $8.8 million acquisition of a skilled nursing facility
Capital Funding Group announced today the closing of $8.8 million in mezzanine financing for the acquisition of a skilled nursing facility. The mezzanine debt was provided by CFG in a total financing package of $60.8 million; the other funds were secured through a syndication effort with a bank CFG has partnered with in the past. The facility, which is located in Brooklyn, New York, supports 240 beds and the transaction was closed on June 9, 2023.
“We understand that every client’s needs are unique, and the closing of this deal is a testament to our team’s ability to execute customized solutions to support client growth,” CFG Managing Director, Real Estate Finance Craig Casagrande, said in a press release. “With our host of one-stop-shop loan offerings, we simplify the loan process and think outside of the box to deliver creative solutions to client challenges that might deter others. We do what it takes to set up our clients for long-term success.”
The announcement follows the company’s recent closing of $34.7 million in Bridge-to-HUD financing for the acquisition of three skilled nursing facilities located in Pennsylvania.
Companies featured in this article:
