Birchwood Sells West Virginia SNF/ALF to Public REIT
Blueprint Healthcare Real Estate Advisors announced the sale of a skilled nursing and assisted living facility, Madison Park Healthcare in Huntington, W.V., to a public real estate investment trust (REIT).
Blueprint arranged the sale for the seller, Birchwood Healthcare Partners, which focuses on seniors housing and nursing home investments. At the time of the sale, the facility was operating with revenue above $5.8 million and earnings before interest, taxes, depreciation, amortization, and restructuring or rent costs (EBITDAR) margin of more than 17%.
The REIT wished to retain and partner with the existing operator.
The transaction was handled by Steve Thomes, Ben Firestone, and Michael Segal of Blueprint.
Illinois County-Owned SNF Expands Services to Include Rehab
The McLean County Nursing Home in Normal, Ill., is adding short-term rehabilitation referrals by entering an agreement with accountable care organizations, the NPR station WGLT reported. The goal is to make the skilled nursing facility, which lost $1.2 million in 2017, financially viable.
“We will be getting more and we have been getting more referrals directly from (OSF St. Joseph Medical Center) which has helped our census,” McLean County Nursing Home Administrator Cindy Wegner told the NPR affiliate. She said the nursing home used to provide rehab to only a few patients at a time.
Though Wegner is not sure if the facility will come closer to breaking even in 2018, its long-term financial outlook has improved, she told the station. The hope is that the nursing home can add outpatient care by 2020, she said, though that would require approval from state regulators.
Pennsylvania CCRC Adds Rehab Center
The Menno Haven continuing care retirement community (CCRC) in Chambersburg, Penn., added a new rehab center, Herald-Mail Media reported. The center, which has private rooms, a doctor’s office and a therapy gym, was part of a $70 million construction investment on the campus. Among other projects, the rehab center will replace a nursing home built in 1964, featuring a rehab center for acute therapy and a skilled nursing facility for longer-term stays.
Menno Haven CEO Hugh Davis told the publication the center will be accessible and affordable to those with Medicare, Medicare Advantage, and other payors.
Written by Maggie Flynn