14-SNF Portfolio Sells for $60M; JV Buys County Nursing Home for $11M
County Nursing Home Sells for $11M
Local lawmakers last week approved the sale of the Champaign County Nursing Home in Urbana, Ill. to a joint venture between Extended Care Clinical and Altitude Health Services.
The sale price was $11 million, according to local news station WCIA, and the transaction is scheduled for completion by the end of the summer.
The facility had previously attracted the attention of non-profit behavioral health provider Rosecrance Health Network, which had attempted to lease a portion of the site for use as a residential addiction treatment center. Regulatory and logistical concerns eventually scuttled that deal early last month.
144-Bed Rehab Facility Opens in New Jersey
Atrium Health & Senior Living opened a 144-bed rehabilitation facility in Livingston, N.J., the first part of a planned skilled nursing and assisted living community.
Atrium Post Acute Care of Livingston is equipped with a variety of higher-end touches, including high-definition televisions, a cinema, a bistro, and an AlterG anti-gravity treadmill, Multi-Housing News reported.
The facility will eventually be joined by the Atrium Senior Living of Livingston, a 151-bed assisted living facility that’s currently under construction.
Blueprint Facilitates 14-SNF Deal in Illinois
Blueprint Healthcare Real Estate Advisors helped negotiate the $59.75 million sale of 14 skilled nursing facilities across Illinois and Missouri by a publicly traded real estate investment trust (REIT).
The portfolio had 1,581 licensed beds between two unaffiliated operators, and the buyer was an investor with other properties in the central and southern Illinois region. The SNFs were primarily in secondary and tertiary markets, according to Blueprint, though the owners had recently upgraded some of the locations to allow for care of higher acuity patients.
The larger of the two existing operators, Bridgemark Healthcare, will take over the operations of all 14 facilities.
Blueprint’s Ben Firestone and Michael Segal worked on the deal.
The advisory firm was also involved in the sale of Signature HealthCARE of Columbia, a 181-bed skilled nursing facility in Columbia, Tenn. — a suburb of Nashville.
The buyer was Luxor Healthcare Group, a New York-based investor making its first solo purchase of a skilled nursing facility.
Built in 1974, the SNF has a 2,500-square-foot rehabilitation gym and areas for outpatient care. The REIT exited the facility in part due to the presence of newer options in the area, according to Blueprint.
Firestone and Segal, along with Christopher Hyldal and Gideon Orion, handled the deal for Blueprint.
Written by Alex Spanko