Chartwell Sells Ontario LTC Portfolio For $446.5M; Preston Hollow Community Capital Finds Funds For New SNF

Chartwell Retirement Residents announced last week it will transition 16 of its Ontario long-term care homes, totaling 2,418 beds, to AgeCare Health Services and Axium Infrastructure Inc. for $446.5 million. 

The deal equates to $358,456,029.93 in American currency.

Chartwell’s management platform, which serves these 16 homes and another six homes with 866 beds, will be transitioned to AgeCare as well.


AgeCare and Axium will also acquire, under a forward purchase agreement, another Ontario LTC home with 224 beds, upon completion of its development in 2023, according to the news release.

Chartwell expects its net proceeds after expenses, debt repayments and other costs to be approximately $277 million.

“Substantial growth in our retirement portfolio over the years resulted in our Ontario long-term care operations comprising less than 10% of our business. As we made the strategic decision to focus on our growing retirement business, it was critical for us to partner with strong and reputable organizations which hold similar values, to ensure a smooth transition for our residents and employees,” Vlad Volodarski, Chartwell’s Chief Executive Officer, said in a news release.


Preston Hollow Community Capital Gets $78M For New SNF

Dallas-based Preston Hollow Community Capital announced it completed a $78 million tax-exempt bond transaction for a new skilled nursing facility in Bismarck, N.D.

Missouri Slope Lutheran Care Center is the borrower and the bonds were issued through Burleigh County.

“This project was years in the making and Colliers Securities was thrilled to partner with PHCC to create a tailored financial solution in order to make Missouri Slope’s vision become a reality,” Kurt Apfelbacher, senior vice president of underwriter Colliers Securities, said in a news release. “The modern facility will serve a new generation of Missouri Slope residents for years to come.”

The bonds will provide permanent financing for a new 192-bed nursing facility. Missouri Slope identified the need for more private rooms, better parking and additional community services in the area. Construction on the new facility broke ground in October 2019 and was completed over a 15-month period, the news release said.

“This state-of-the-art facility will allow Missouri Slope to continue as a leader in the community by providing exceptional care to its residents. We are proud to support Missouri Slope’s mission and the local community in Bismarck,” Preston Hollow President and CEO Jim Thompson said in the news release.

Prior to this project, Missouri Slope operated a 250 licensed bed nursing home facility and a 64-unit assisted living facility located in Bismarck, N.D. Missouri Slope has operated as a non-profit organization since 1962 and opened its first facility in 1967. Missouri Slope provides long-term care, memory care, assisted living, adult day care and therapy services to the residents of Bismarck and the surrounding communities.

CIBC Bank Closes on 3 SNFs

CIBC Bank USA closed on a $1.5 million revolving line of credit in February that will provide working capital to support the acquisition of three skilled nursing facilities in Texas totaling 316 beds.

The seller was local and looking to divest some of their skilled nursing assets.

The homes performed with strong operating margins and census between 55-60% throughout 2020 and 2021, according to the news release.

The buyer sees significant opportunity to improve the operations and quality of the homes, with a focus on increasing census while maintaining healthy margins.

Blueprint Sells 5 SNFs in Ohio and Pennsylvania

Blueprint recently worked with an undisclosed public REIT and its operating partner for the strategic sale of a 347-bed skilled nursing portfolio located in Ohio and Pennsylvania.

Blueprint procured multiple offers for the portfolio through a competitive bidding process and after targeting both regional providers and industry investors, the ultimate buyer was chosen for its high offer and existing operating platform across both states.

Ascension Illinois Rebrands Under Ascension Name

Ascension Illinois announced that it will bring all its health care facilities in the Chicagoland area under the Ascension name starting this month.

One of the largest health systems in the state – with 14 hospitals and more than 150 care sites previously identified as Alexian Brothers Health System and Presence Health – launched the new marketing and advertising campaign to introduce Ascension Illinois to the area.

Ascension hopes consistent naming across its geographical footprint will make it easier for people to get the care they need, when and where they need it and, in the way, most convenient for them, according to a news release.

​“Working together as part of Ascension will allow Ascension Illinois to bring the knowledge and resources of thousands of medical professionals across the country to our own physicians and caregivers in order to improve care,” Keith Parrott, Ascension Illinois Ministry Market Executive, said in the news release.

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