Blueprint Healthcare Real Estate Advisors arranged the sale of four skilled nursing facilities with 400 beds on the East Coast, the Chicago-based brokerage announced last week.
The four properties — three in greater Boston and one between Atlanta and Savannah, Ga. — had occupancy of 88% and annual revenues of $20 million at the time of the sale, attracting a single Southeast-based real estate investor. The new owners will lease the properties to a pair of operators.
Steve Thomas and Trent Gherardini led the process for Blueprint.
Ascentria Expands in Boston Market
Ascentria Care Alliance has acquired its second skilled nursing facility in the metropolitan Boston market, GoLocalWorcester reported last week.
The Worcester, Mass.-based Ascentria acquired the Presentation Rehabilitation and Skilled Care Center in Brighton, Mass., a neighborhood in Boston; the facility also serves residents of nearby Brookline, Allston, Newton, and Watertown, according to the publication.
“While our non-profit is headquartered in Worcester, we are growing our presence in the Boston area,” Ascentria president and CEO Angela Bovill said in a statement. “The needs are great in our region’s largest city, but so are the opportunities for our approach to elder care solutions.”
Ascentria also owns the Laurel Ridge Rehabilitation and Skilled Care Center in the Boston neighborhood of Jamaica Plain.
$10 Skilled Nursing Property Transfer Stirs Controversy
A plan to transfer the ownership of an upstate New York nursing home for $10 has raised opposition among local officials.
Centers Health Care bought the Westmount Health Facility in Queensbury, N.Y. for $2.3 million in 2015, with employee David Greenberg listed as the official buyer under state rules that do not allow corporations to own nursing homes directly, according to the Post Star of Glens Falls, N.Y.
Greenberg has now proposed to sell 51% of his stake in the building to Centers CEO Kenneth Rozenberg, which has prompted complaints from lawmakers; back in 2015, Greenberg stepped in for Rozenberg after it was determined that the latter executive could not purchase the property due to violations at other nursing homes in his portfolio, the Post-Star reported.
“Is this something we should interject ourselves in, because they are our residents?” local official Michael Wild said at a recent meeting on the subject, the paper reported.
The state Department of Health must review the planned 51% sale.