Three-SNF Sale in Tennessee; Athena Health Care Systems Buys Connecticut SNF

Benedictine Health System Buys Nursing Home It Operates in Minnesota

The ownership transfer of Benedictine Living Community, a nursing home in St. Peter, Minn., to Benedictine Health System was finalized by the City Council last week, The Mankato Free Press reported Tuesday. The move also terminated the old lease for the property.

Benedictine Health System had been leasing the facility since 2007, after the city of St. Peter helped finance its construction in 2006, the Free Press reported. Benedictine Health Systems also owns a senior apartment building connected to the nursing home, Teresa Hildebrandt, campus administrator and CEO for Benedictine Living Community in St. Peter, told the publication.

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She said the ownership transfer is unlikely to have much impact on operations.

Three SNFs in Tennessee Sell to New York-Based Owner-Operator

A publicly traded real estate investment trust (REIT) and a regional operator looking for an exit sold three skilled nursing facilities in Tennessee to a New York-based owner-operator, in a transaction facilitated by Blueprint Healthcare Real Estate Advisors.

The three facilities — Huntsville Manor, Brookhaven Manor, and Countryside Healthcare — have a combined 438 licensed beds and collectively generate more than $19 million in total revenue annually. Two of the facilities had nearly stable cash flows, but at one, designated a Special Focus Facility by the Centers for Medicare & Medicaid Services starting in March 2017, census levels were below market average.

The resulting deal allowed the buyer to close the transaction and take over operations while retaining staff from EPIC Group, the previous operator. Ben Firestone and Michael Segal of Blueprint handled the transaction.

Athena Health Care Systems Buys SNF in Receivership

Athena Health Care Systems, based in Farmington, Conn., bought the Crestfield Rehabilitation Center and Fenwood Manor in Manchester, Conn., the Journal Inquirer reported.

The facility had been operated by Vernon, Conn.-based Spectrum Healthcare LLC, which owned six nursing homes until it filed for bankruptcy protection in 2012 and again in 2016. Crestfield entered state-controlled receivership in May after financial losses, the publication reported, citing documents filed in Hartford Superior Court.

Athena operates 48 nursing homes and assisted living facilities in southern New England, 23 of which are in Connecticut. It is the largest for-profit, privately owned long-term care management company in New England, according to the Journal Inquirer.

The sale was finalized Tuesday, with no cash transfer involved, according to the publication. The purchase price is Athena’s assumption of liabilities related to employees, Jon Newton, who served as counsel to the court-appointed receiver, told the Journal Inquirer.

Written by Maggie Flynn

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