Senior Living Investment Brokerage Sells Skilled Nursing Facility Azalea Gardens
Senior Living Investment Brokerage, a leader in the senior housing transaction market, recently announced it facilitated the sale of Azalea Gardens at $11 million.
The 170-bed and 137 operational bed skilled nursing community is located in Mobile, Alabama, and remains in a long-term lease with Mobile Infirmary, the local hospital.
The buyer is reportedly familiar with the Mobile market and plans to utilize that knowledge to build census and fully stabilize the operation.
CareTrust REIT Adds the El Centro Post-Acute Center to its Imperial Valley Portfolio
Publicly traded real estate investment trust CareTrust REIT announced another big purchase this week as it acquired El Centro Post-Acute Center located adjacent to the El Centro Regional Medical Center in El Centro.
The 123-bed skilled nursing facility is the fifth to be added to CareTrust’s existing lease with San Diego-based Bayshire Senior Communities.
CareTrust sees tremendous opportunity in the El Centro facility found in a community that sends over 25% of its local Medicare referrals to Yuma and San Diego, both more than an hour away, and has just 250 skilled nursing beds despite seeing 9,500 annual discharges from its two hospitals. CareTrust reportedly sourced the off-market transaction and closed the transaction in 45 days. CareTrust financed and closed the deal.
Centers Health Care Groups Hopes to Turn Creekview Nursing and Rehabilitation Center Around
After being named one of the Centers of Medicare & Medicaid Services Special Focus Facilities, a list of nursing homes with a high number of citations and other metrics over a three-year span, the new owners of Creekview Nursing and Rehabilitation Center are looking to make major improvements to the facility.
The nursing home, located in Gates, received 198 complaints from 2017 through 2021 and received 120 citations, five times the statewide average, WXXI News reports.
In June 2019, the facility reportedly received over $50,000 in fines, and its most severe complaints were related to infection prevention and control or lack thereof.
Facilities placed on the SFF list receive increased oversight and frequent inspections and must meet improvement.
New ownership plans to start with facility-wide reeducation of infection control and working with families and residents and is looking for better scores by the end of the year. The Centers Health Care Group took over Creekview in February.
Aldersgate Village Plans to Expand Skilled Nursing Facility Under New Ownership
Aldersgate Village announced this month that it plans to build two new 12-unit homes and a 60-unit apartment complex to address the growing and changing needs of seniors in the area.
Construction of the expansion will reportedly begin this summer.
Aldersgate Village, a 423 unit 168-acre campus, plans to expand some of its existing programs and services as well as add new ones, such as Comprehensive Orchestrated Services, and as such Shawnee-based Recover-Care Healthcare will be taking over ownership of the 196-bed SNF by July, the Topeka Capital-Journal reports.
Harborview Capital Partners Arranges $24M Bridge Loan
Harborview Capital Partners, a commercial real estate finance, equity, and advisory firm based in Lawrence, N.Y., arranged a $24,050,000 acquisition loan for a skilled nursing facility in New Jersey.
The 202-bed skilled nursing facility is found in Monmouth County.
The terms of the HUD loan include nine months interest and a 25-year amortization, according to Harborview Capital Director of Marketing Rayzee Brecher.
Companies featured in this article:
Aldersgate, CareTrust REIT, Centers Health Care, Harborview Capital Partners, Senior Living Investment Brokerage
