131-Bed Building Planned for $28M; Maryland Facility Changes Hands
Outcome Health Group Buys Maryland LTC Facility
The University of Maryland Shore Nursing and Rehabilitation Center at Chestertown, a long-term care (LTC) and rehabilitation facility, changed hands effective June 1, The Kent County News reported.
Outcome Health Group purchased the facility, which used to be part of the University of Maryland Shore Regional Health network
Outcome specializes in managing LTC and rehab facilities, Shore Regional Health president and CEO Ken Kozel said in a release.
Terms of the deal were not disclosed, but Kozel said the agreement with Outcome included assurances that the purchaser would keep the facility open as a long-term care site and expand admission criteria to accommodate patients with higher-acuity needs, among other stipulations.
Berkshire to Build 131-Bed SNF with $28M Bond
The Pittsfield, Mass.-based Berkshire Healthcare Systems will build a skilled nursing facility in East Longmeadow, Mass., using the proceeds of a $28 million tax-exempt bond issued by MassDevelopment, High Profile reported. Berkshire is expected to buy a parcel of land in East Longmeadow, demolish an existing building, and build the SNF.
MassDevelopment serves as the state’s economic development authority, offering a variety of financing options for Bay State businesses.
Berkshire will also renovate, rebuild and add to an existing SNF for use as an assisted living facility and doctors’ offices.
Private Company Interested in Public Michigan SNF
Dickinson County in Michigan is willing to entertain an offer from the Skokie, Ill.-based Pritok Capital to purchase the 140-bed Pinecrest Medical Care Facility in Powers, Michigan, The Daily News reported.
The county board voted 4-1 on Monday to request a proposal from Pritok; the facility is currently owned by the governments of three counties in the state’s Upper Peninsula.
Though at least one of the facility’s co-owners is opposed, the other commissioners noted that the proposal is non-binding. Pinecrest indicated a need for a new tax levy to meet building, transportation. and information technology needs.
Pritok has acquired 17 skilled nursing and assisted living properties in eight states over the past five years, The Daily News reported. The current portfolio includes facilities in Minnesota, Ohio, Wisconsin, Indiana, and Texas.
Written by Maggie Flynn