Transactions: Grand Healthcare Buys Ninth N.Y. SNF
Grand Healthcare System Buys SNF in Valatie, New York
The Grand Healthcare System, based in Whitestone, New York, purchased the 236-bed Barnwell Nursing and Rehabilitation Center, the Times Union reported. Grand purchased the Valatie, New York facility from Cassena Care, bringing Grand’s SNF total in New York to nine.
Documents from New York’s Health Department indicated that entities linked to The Grand CEO Jeremy Strauss will pay more than $30 million for the property and operations. The facility will be renamed The Grand Rehabilitation and Nursing at Bardwell.
The deal continues The Grand’s trend of buying nursing homes that have historically performed poorly, the Times Union noted. Barnwell has one star on the Centers for Medicare & Medicaid Services Five-Star Quality Rating System scale.
Blueprint Facilitates Sale of SNF in Central Missouri
Blueprint Healthcare Real Estate Advisors, an advisory firm focused exclusively on health care real estate and senior housing, announced the sale of a 132-bed skilled nursing facility in Linn, Missouri. The Chicago-based firm obtained a purchase price of $5.5 million for the facility, with Josh Salzman of Blueprint executing the transaction.
The sale was a direct, off-market process that Blueprint conducted for a Chicago-based owner/operator seeking a strategic sale of the property. The SNF was sold to a nonprofit that was looking to expand its mission in central Missouri.
Marquis Health Services Partners with Reliant to Enhance Therapy Services at SNFs
Marquis Health Services, the health care subsidiary of Brick, New Jersey-based Tryko Partners, teamed with Reliant Rehabilitation to enhance therapy services at Marquis’ sub-acute rehabilitation sites and SNFs.
“Our long-term relationship with Reliant will play an essential role in our success as we look to extend our geographic footprint in a measured, strategic manner,” Marquis CEO Norman Rokeach said in a release.
Marquis operates 18 SNFs with more than 2,400 beds in the Mid-Atlantic and Northeast regions. Reliant, which is based in Dallas and has 700 therapy sites in 35 states, provides contract rehabilitation services.
CBRE Arranges Supplemental Financing for Seven-Property Portfolio
CBRE (NYSE: CBG), which is based in Los Angeles, arranged $75.4 million in supplemental financing for a portfolio of continuing care retirement communities (CCRCs) that includes 373 skilled nursing beds, REBusinessOnline.com reported.
The seven-property portfolio is owned by a joint venture including The Freshwater Group and Watermark Retirement Communities. Tucson, Arizona-based Watermark, the wholly owned management arm of The Freshwater Group, will keep operating the properties.
Aron Will of CBRE National Senior Housing arranged the financing, which will supplement a $410 million financing arranged for the joint venture by CBRE in 2015. The overall package covers a larger portfolio of 15 properties, including the seven in the supplemental financing. The intended use of the funds was not disclosed.
Written by Maggie Flynn