$300M Skilled Nursing Project Planned in CA; Strawberry Fields Expands Again

The Yountville Veterans Home in Yountville, Calif., is looking to build a 240-bed skilled nursing facility to replace three state-licensed care facilities on campus, including two SNFs, the Napa Valley Register reported.

The project could cost $300 million, depending on the design process, campus administrator Fred Just told the publication. But he said it would be more expensive to renovate the SNFs than to build a new building, which would combine all three existing facilities — according to a proposal posted online by officials with the Department of Veterans Affairs and CalVet, its state counterpart.

Strawberry Fields Picks up 10th SNF in Arkansas for $6.85M

Strawberry Fields REIT acquired its tenth SNF in Arkansas for a purchase price of $6.85 million — $5.14 million came from a mortgage loan. The facility, the Waters of White Hall, is located in White Hall, Ark.

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The South Bend, Ind.-based Strawberry Fields now owns more than 70 nursing homes throughout the country with the acquisition.

The 120-bed SNF engaged Infinity Healthcare of Arkansas, which along with its sister companies has a long-term relationship with other Strawberry Fields operator tenants, to provide consulting services.

Trinity Health and Live Oak JV Purchases Texas SNF

A joint venture between Trinity Healthcare and Live Oak Healthcare, both based in the Dallas-Fort Worth metropolitan area, purchased the Waterton Plaza at Cowhorn Creek SNF, located in Texarkana, Texas.

The 76-bed SNF was recently valued at $2.9 million, Commercial Property Executive reported.

The seller, Heritage Home Health & Hospice, was represented by real estate services firm CBRE vice president Daniel Morris.

North Carolina Health System Leases Two Nursing Homes to SanStone

Carolinas HealthCare System Blue Ridge, located in Morgantown, N.C., is leasing two of its SNFs to the Arden, N.C.-based SanStone Health and Rehabilitation, The News Herald reported.

The health system will retain ownership of the Grace Heights Nursing and Rehabilitation Center in Morganton and College Pines Nursing and Rehabilitation Center in Rutherford College; the transaction will bring SanStone’s portfolio of long-term care facilities up to 16, Dick Stevenson, vice president of SanStone, told The News Herald. The change will be effective July 1.

Carolinas HealthCare decided to lease the SNFs after officials were alerted to reimbursement changes about six months ago, Carolinas HealthCare System Blue Ridge chief operating officer Jon Mercer told the publication. Billing in the SNF business has become complicated, he said, while reimbursements continue to decline.

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