Blueprint Healthcare Real Estate arranged the sale of a vacant 150-bed skilled nursing facility in Southeast Ohio.
The Chicago-based brokerage worked with a real estate investment trust (REIT) owner and its national skilled operator tenant, which was looking to exit the state.
The property was designated a Special Focus Facility, the federal government’s list of distressed properties, due to operational challenges. This classification precipitated the facility’s closure earlier this year – prompting the REIT and tenant to sell the vacant asset.
Blueprint located an Ohio-based owner-operator experienced in turning over challenged facilities. The buyer plans to rehab and then reopen the facility before bed licenses expire.
Ben Firestone, Michael Segal, and Connor Doherty led the transaction for Blueprint.
Bear Mountain LLC Acquires Hanover Terrace Health & Rehab Center
Bear Mountain Healthcare of Thomaston, Conn. is lined up to purchase Hanover Terrace in Hanover, N.H., a 100-bed nursing home, from NSL Holdings, according to a report in The Valley News.
NSL Holdings LLC, a limited liability company, had owned Hanover Terrace since May 2016 “with ties to Great Neck, N.Y., and Massachusetts,” the Valley News reported.
Hanover Terrace was categorized as a Special Focus Facility when NSL initially acquired it, and according to the outlet, “had a history of persistent poor quality care.”
More recently, Hanover Terrace saw its rating increase from one to four stars overall, and its quality domain rating has increased to five stars, The Valley News reported. Hanover Terrace is also one of the few nursing homes close to Dartmouth-Hitchcock Medical Center, a major hospital in the area.
Mohamed Basha, CEO of TLC Nursing Associates, a nursing service provider for Hanover Terrace, however, expressed concern about the change in ownership, claiming unpaid bills by NSL for his company’s services.
Basha said NSL pointed the finger at the Centers for Medicare & Medicaid Services (CMS) for delaying reimbursements to NSL, according to The Valley News.
Briarcliffe Celebrates Expansion
Briarcliffe Gardens in Johnston, R.I. recently held a groundbreaking ceremony for the construction of the Preserve, a new building at a growing senior living and skilled nursing campus, according to a report in the Johnston Sunrise.
Once complete, the Briarcliffe campus will have a full continuing care retirement community (CCRC), with 122 skilled beds, two memory-care assisted living spaces, and a combination of AL and independent living residences.
Completion is set for April 2021, according to the publication.