Two 120-bed skilled nursing facilities in Houston and Lubbock, Texas — both formerly operated by Senior Care Centers — were leased to two regional operators based in the Lone Star State.
The transaction, which was facilitated by the Chicago-based advisory firm Helios Healthcare Advisors, was structured at market lease rates and with pre-negotiated purchase options.
The Dallas-based Senior Care Centers filed for Chapter 11 bankruptcy protection back in December, with the proceedings still ongoing; the operator cited unsustainable lease costs when announcing the move. Sabra Health Care REIT (Nasdaq: SBRA) has moved to sell the vast majority of its Senior Care Centers-operated buildings in its portfolio; Wendy Simpson, CEO of landlord LTC Properties, Inc. (NYSE: LTC), predicted in March that the operator would not survive bankruptcy as a going concern, and described plans to transfer the properties to new owners.
$7M SNF Plan Approved in Indiana
The Merrillville Town Council approved a zoning change that would allow the development of a $7 million, 60-bed SNF in Merrillville, Indiana, the Post-Tribune reported. Dr. Ralph Inabnit of Long Term Care Investments LLC plans to build five small houses with 12 beds each, as well as a community building, according to the publication.
Groundbreaking for the facility could take place in July, according to earlier reports. The pitch was the third attempt by Long Term Care Investments to build a SNF project in the location; the earlier tries had been for a larger, one-building site, the Post-Tribune noted last month.
Summit Healthcare REIT Finances Four Texas Properties for $20.7M
Lancaster Pollard Mortgage Company helped facilitate $20.7 million in financing for four Texas properties with more than 400 SNF beds.
The facilities were Twin Oaks Health & Rehabilitation, Pine Tree Lodge Nursing Center, Granbury Care Center, and Dogwood Trails Manor; Lancaster Pollard pulled off the deal through the Federal Housing Administration’s (FHA) Section 232/223(f) program.
Jason Dopoulos led the transactions for the Columbus, Ohio-based Lancaster Pollard.
Minnesota SNF with 22 Residents to Close
The board of directors of Henning Rehabilitation & Healthcare Center in Henning, Minnesota, decided to close the facility because of occupancy issues, the Perham Focus reported. There are currently 22 residents at the SNF.
The facility is working with the Minnesota Department of Health on the closure process, and collaborating with other government representatives on location plans for the residents. It will also arrange employment opportunities at other SNFs for the staff, according to the publication.