Mid-Atlantic Health, Philly’s Largest SNF Operator, Exits 

The Timonium, Md.-based Mid-Atlantic Health Care made headlines last week when it exited the Philadelphia market, where it had previously been the largest provider of skilled nursing services. Now, the broker that helped negotiate the deal released a few extra details about the transaction.

MIMA Healthcare of Lakewood, N.J. purchased eight skilled nursing facilities from Mid-Atlantic, which in total generate $205 million in annual revenue. MIMA will continue to lease the properties from the unnamed “national real estate investment trust” that owns the buildings; Healthcare Transactions Group, the Reisterstown, Md.-based broker that facilitated the purchase, did not disclose any additional information about the sale price or terms.

According to Healthcare Transactions Group, the portfolio includes 1,906 total beds across the eight facilities, with six “in and around Philadelphia” and two in central Pennsylvania. An earlier report from the Philadelphia Inquirer only mentioned five within the City of Brotherly Love and a sixth facility in Royersford, Pa. Mid-Atlantic originally purchased the Royersford location for $39 million, the Inquirer reported.

Healthcare Transaction Group’s Mark Davis was the mergers and acquisitions advisor for Mid-Atlantic.

Georgia SNF Sells for $2.7 Million

Southern Traditions Nursing and Rehab in Buchanan, Ga., a 60-bed SNF, recently sold for $2.7 million, according to broker Blueprint Healthcare Real Estate Advisors. Originally built in the 1960s as a hospital, Southern Traditions’ most recent owner had converted it into a SNF.

The Chicago-based Blueprint noted the “numerous challenges associated with selling skilled nursing facilities of this vintage.” Trent Gherardini, a senior associate at the firm, served as the lead advisor on the transaction.

Capital Funding Group Secures Six HUD Mortgages for SNF Chain

Capital Funding Group, a Baltimore-based health care financing firm, closed six Department of Housing and Urban Development-backed refinance mortgages for an unnamed SNF chain on May 19. The transactions totaled more than $47 million for two skilled nursing properties in Colorado, and one each in Kansas, Massachusetts, Missouri, and Oregon. Capital Funding had previously secured three other loans for the chain in April, with a total of $71.9 million in loans for the client so far in 2017.

Erik Howard, the firm’s managing director of real estate finance, led the transactions for Capital Funding.

Green House Project Receives $650,000 Grant

The Green House Project, a model for short-term rehabilitation and dementia care that focuses on small facilities, received a $650,000 grant from the Robert Wood Johnson Foundation to aid in its planned expansion.

The Baltimore-based initiative was recently acquired by the Center for Innovation, a nonprofit founded by faculty members at the University of Maryland Baltimore County’s Erickson School of Aging. The Center now retains the rights to the Green House name and intellectual property; there are currently 231 homes that operate under the Green House banner in 32 states

Center for Innovation employees will use the grant money to help refine and expand the Green House model, with 150 new Green House facilities currently planned. The New Jersey-based Robert Wood Johnson Foundation — named after its founder, Johnson & Johnson magnate Robert Wood Johnson II — awards grants to a variety of health initiatives.

Hospital Operator Sells Michigan SNF

Trinity Health Senior Communities sold the Sanctuary at the Abbey, a 144-bed skilled nursing facility in Warren, Mich., for $6.3 million. According to Senior Living Investment Brokerage, the Glen Ellyn, Ill.-based firm that facilitated the deal, Trinity provided $150,000 in credits related to maintenance of the facility’s plumbing and parking lot.

Senior Living Investment did not name the buyer or the seller in its release, but Crain’s Detroit Business identified Trinity Health — a Catholic operator of hospitals and continuing care facilities based in Livonia, Mich. — as the seller and Advantage Living Centers of Southfield, Mich. as the buyer.

Trinity sold the facility, which is not located on the campus of one of its hospitals, as part of an effort to focus solely on the hospital-adjacent SNFs in its portfolio.

Ryan Saul and Tom Rusthoven took the lead on arranging the transaction for Senior Living Investment Brokerage.

Written by Alex Spanko