MED Healthcare’s $28.5M Portfolio Pickup; 444-Bed Lease in St. Louis

Regional Health Properties, Inc. (NYSE American: RHE) this week announced an agreement to sell four skilled nursing properties to MED Healthcare Partners, LLC, for a total of $28.5 million.

The 500-bed portfolio consists of Attalla Health & Rehab in Attalla, Ala.; Healthcare at College Park in College Park, Ga.; Northwest Nursing Center in Oklahoma City; and Quail Creek Nursing & Rehabilitation Center, also in Oklahoma City.

The deal currently consists only of a purchase and sale agreement, according to a form filed with the Securities and Exchange Commission, with a risk-free due diligence period through May 15.

The successor to AdCare Health Systems, Inc., Regional Health Properties also this week received a listing non-compliance warning from the NYSE American exchange after failing to file its annual report on time.

Blueprint’s 444-Bed Lease Deal in St. Louis

Blueprint Healthcare Real Estate Advisors this week announced the successful lease of a three-building, 444-bed skilled nursing portfolio in the St. Louis metropolitan area.

After the SNFs’ Illinois-based owner decided to focus on other core assets outside of the region, Blueprint elected to market the buildings — located near key referral source Barnes-Jewish Hospital — as either a lease or purchase opportunity.

The eventual winner of the bid process elected to take a lease with an eventual purchase option, along with a pledge to improve the physical plant.

Ben Firestone, Michael Segal, and Billy Lichtenstein headed the deal for Blueprint.

County Votes to Redistribute Nursing Home Surplus

Leaders of McHenry County, Ill. approved a plan that will return $15 million in surplus funds from a county nursing home to area homeowners, the Northwest Herald reported.

Under the terms of the deal, property owners could see a refund of $150 in taxes associated with the Valley Hi Nursing Home; they will also have the option of returning the money to the facility, according to the Northwest Herald.

McHenry County board members also approved a plan replace 10 Medicaid residents with 10 Medicare-eligible beds, along with successive increases in private-pay rates that will reach a total of $25 per day by June 1, 2020.