Skilled Nursing Transactions: Cascadia Now Largest Post-Acute Operator in Idaho

Cascadia Healthcare Becomes Largest Post-Acute Operator in Idaho

Cascadia Healthcare announced several transactions that made the Eagle, Idaho-based post-acute health care company the largest such operator in the state. Cascadia of Nampa, a 99-bed transitional care facility in Nampa, Idaho, opened most recently.

In addition, Cascadia expects to open a similar construction facility in Boise, Idaho, early next year.

The opening comes after Cascadia finished the final closing in a staged acquisition of a three-facility skilled nursing portfolio on Sept. 1.  Cascadia also closed over the month of September a two-stage acquisition of a seven-facility Idaho skilled nursing portfolio that used to be operated by Kindred Healthcare (NYSE: KND) affiliates.

The recent acquisitions were added to Cascadia’s existing master lease with CareTrust REIT.

Centers Health Care Takes $80M Mortgage for Brooklyn Nursing Home

Centers Health Care (CHC) took out a $80 million mortgage on the former St. Mary’s Hospital building at 170 Buffalo Avenue in Brooklyn, New York, Commercial Observer reported, citing documents filed with the city. The financing, which was provided by M&T Bank, consolidates a $40 million construction loan with previous debt on the building, property records indicate.

CHC, based in the Bronx, New York, runs 43 nursing homes New York, New Jersey and Rhode Island.

The move shows progress in redeveloping the property, according to Commercial Observer. The seven-story, 286,000-square-foot building was purchased by CHC with the aim of redeveloping it as a nursing home.

Marquis Health Services Assumes Operations at Boston SNF

Marquis Health Services assumed operational management of Boston’s North End Rehabilitation and Healthcare Center, NorthEndWaterfront.com reported Nov. 8. Marquis is the health care affiliate of Tryko Partners, LLC, which purchased the facility in March from Spaulding Rehabilitation Network, part of Partners HealthCare. During the transition, the Partners system will continue managing the property.

North End will be licensed for 100 patients, including 70 beds for long-term residents and 30 beds for short-term rehabilitation patients, under Marquis. The organization will start a $5 million renovation at the SNF in early 2018.

The Tryko/Marquis Massachusetts skilled nursing portfolio expanded to 10 properties due to the addition of North End.

VA Nursing Home Sold to Smith/Packett 

Smith/Packett Med-Com LLC and Riverside Health System finalized an agreement for Smith/Packett to purchase the Riverside Shore Rehabilitation Center in Parksley, Virginia, The Daily Times reported on Nov. 9. The sale will be reviewed by the Virginia Attorney General’s office when Riverside files information with the office as part of the sale process, Riverside spokesman Peter Glagola told the publication

The facility will be operated by Saber Healthcare Group LLC; Smith/Packett will own it, Glagola said.

Riverside had planned to close the nursing home in October due to “multiple building issues,” according to an August announcement from the facility. But it said in early October that the nursing home would not close.

The closing of the facility would have affected 89 long-term residents and 128 employees, officials said in August.

Saber operates 20 skilled nursing and assisted living facilities in Virginia, of 105 it operates in six states.

Blueprint Facilitates Sale of SNF

Blueprint announced the sale of Brookside Rehabilitation and Healthcare Center, a 81-bed SNF in Webster, Massachusetts, with a 77% occupancy. Blueprint conducted the exclusive sales process for a publicly traded REIT. The seller and operating partner of the SNF had collectively sought a strategic exit.

The facility’s earnings were break-even at the time of the sale. Steve Thomes was the lead adviser on the transaction.

Summit Healthcare REIT Acquires Interest in Six Iowa Facilities

Lake Forest, California-based Summit Healthcare REIT acquired an interest in six skilled nursing/assisted living/independent living facilities in Iowa on Nov. 8, for a total purchase price of $29.5 million. The facilities total 551 licensed beds and will be leased to a third-party operator on a triple-net basis.

The deals were made via Summit Fantasy Pearl Holdings, LLC, a joint venture among Summit Healthcare Operating Partnership — wholly owned by Summit — Atlantis Senior Living 9, LLC, Fantasy Pearl, LLC and Fantasia Investment III, LLC.

Written by Maggie Flynn