Institutional Property Advisors announced it closed on a deal for a skilled nursing portfolio in Iowa last month.

The portfolio, Pearl Valley Rehab & Healthcare, includes ten assets in the state for a total of 568 beds, sold for $24.2 million, for $42,606/a bed.

The seller, a private owner-operated out of the East Coast, decided to take profits to focus more on their East Coast holdings, Ryan Fleming, senior associate with IPA, who represented the seller told SNN.

The buyer, Tampa Bay-based Beacon Health, was looking to establish its regional footprint in the Midwest.

The broker in the deal was Todd Lindblohm.

BOK Financial Funds $52M for California-based Aspen Skilled Healthcare

BOK Financial announced that it has funded a $52 million credit for Aspen Skilled Healthcare, Inc.

The credit was secured by six California-based skilled nursing facilities.

The loan was used to structure two advances and went to the refinance of existing debt on four Aspen properties, as well as the acquisition of two additional properties.

The structure allows Aspen to leverage equity in its existing portfolio to facilitate new acquisitions.

Aspen’s independent affiliates that operate their SNFs across the state.

ESI Helps with $6M Sale of Ohio SNF

Evans Senior Investments (ESI) announced the sale of Lincoln Park Manor, a 60-bed skilled nursing and 30-unit assisted living community for $6 million ($67,000 price per functional bed).

Built-in 1988, the community received a $1.3 million renovation that included a move to all private or semi-private rooms.

Lincoln Park Manor was not profitable at the time of the marketing offer, with skilled nursing census averaging 37% and assisted living census averaging 45% for a loss of over $1.5 million in net operating income.

The skilled nursing portion was also not licensed for Medicaid, operating as a private pay and Medicare-only community to start the pandemic.

ESI received seven offers within 26 days of going to market.

The seller, an independent owner/operator, was looking to exit the long-term care industry and the buyer was a Midwest-based owner/operator of skilled nursing communities who wanted to grow their presence in Dayton.

Mercy Ministries Moves on From SNFs

Bon Secours Health Board and Bon Secours Mercy Ministries recently approved a complete sale and divestiture and sale of its operations and facilities involving skilled nursing in Ohio, Virginia and Florida, transitioning them to a for-profit company.

Rev. Joseph P. Cardone said the skilled nursing service line is capital-intensive and requires a significant investment to remain high quality and competitive, TribToday reports.

Members of the Roman Catholic Diocese of Youngstown expressed concern over this transition for facilities like The Assumption Village, North Lima and Humility House.