Eduro Acquires 7 Texas SNFs; White Oak Structures Financing for 5 Nursing Homes

Utah-based skilled nursing company Eduro Healthcare recently acquired seven facilities in the San Antonio, Texas area, bringing the total count in the state to 15.

Eduro first entered the Texas market in April 2021, and has seen success as operational and delivery of care changes are implemented, according to a news release.

“Having worked in Texas some years ago I am excited to get back to such an operator friendly market that allows the good companies to stand out,” Eduro President Christopher Thompson said in a statement. “With 15 facilities now in the state we are encouraged by the opportunity to build out a strong regional platform that can serve our patients and employees.”

Managing Director Michael Bewsey said Texas has been a target for the operator as the team executed on its growth goals last year.

“In the current SNF market it is both exciting and unusual to acquire well performing assets,” Bewsey said. “I believe our robust operating team now in Texas will enable us to take these assets to the next level and continue to build upon our platform. Texas will continue to be a major focus for the Eduro team.”

Eduro currently operates 40 SNFs across 10 states.

White Oak Structures $75.65M in Financing for 5 SNF Portfolio

White Oak Healthcare Partners, the HUD affiliate of White Oak Healthcare Finance, structured $75.65 million in acquisition financing for a private investment firm to fund its purchasing of five California nursing homes.

The debt was structured as a unitranche loan and included $22,250,000 million in junior capital through an agreement with San Clemente, Calif.-based CareTrust REIT (NYSE: CTRE).

White Oak served as the administrative agency for the deal.

The West Coast portfolio includes approximately 600 beds, according to CareTrust.

“On the heels of our recent loan funding in the Mid-Atlantic last month, we are excited to support the acquisition of this five facility California skilled nursing portfolio where both the borrower and operator groups have long-established relationships with CareTrust,” CareTrust CEO David Sedgwick said in a statement.

The facilities lie within some of the best markets in the state, he added.

The loan term carries a three-year maturity with two, one-year extensions and an annual Secured Overnight Financing Rate (SOFR)-based interest rate; the loan also has a minimum floor of about 8.5%.

Carefeed Secures $3M Financing Round

Cincinnati, Ohio-based software company Carefeed closed on a $3 million financing round led by Reformation Partners, with participation from existing investors Allos Ventures and M25.

Carefeed, a provider of cloud-based and HIPAA-compliant digital communication solutions, plans to use the funding to accelerate adoption of its platform by SNFs and senior living communities in the U.S. and Canada.

“This investment supports our goal to make life easier for care communities and to help them instill trust with their patients, residents and families through improved communications,” Terry Wall, founder and CEO of Carefeed, said in a statement.

The platform automates paper admission agreements and calendars, phone-based safety announcements, care conference schedules, among other tasks and distributes them electronically via text, email or voice. Carefeed’s technology is already being used by some of the largest senior living companies in the country.

Blueprint Executes on 4-Facility Texas Portfolio

Blueprint sold a four-facility SNF portfolio to an incoming operator for $28 million, or approximately $40,000 per licensed bed.

The four Texas facilities, totaling 704 licensed beds, were built in the mid-to-late 1960s and are located in the Waco, Houston and Dallas Fort-Worth metro areas.

Blueprint positioned the deal as a unique opportunity to acquire a well-positioned portfolio for “significantly below” the replacement cost, according to a news release. The incoming operator will likely be able to capitalize on expense control measures and leverage an existing geographical footprint in the state, Blueprint said.

Blueprint had six written offers, ultimately recommending a national owner who will be leasing the facilities via multiple operators.

Netsmart Acquires Zimmet’s CORE Analytics Product

Kansas-based Netsmart has acquired CORE Analytics, a skilled nursing facility claims data analytics product from Zimmet Healthcare Services Group.

With the addition of CORE Analytics, Netsmart is the only solution suite in the market capable of calculating quality measures and five-star ratings that leverage the Minimum Data Set (MDS), Payroll-Based Journaling (PBJ) and UB-04 claims data, according to a joint statement from Zimmet and Netsmart.

With the Zimmet addition, Netsmart’s CareFabric platform will expand data solutions in the areas of quality measures reporting, benchmarking, assessment data and scrubbing, while increasing quantity and quality of data needed for Medicare and Medicaid health plans, according to Netsmart.

“By combining the claims and MDS data set we can help our clients tell a complete story of the value of the care they deliver,” Netsmart CEO Mike Valentine said in a statement.

Netsmart said it will provide technology and services to more than 50% of SNFs across the country with the acquisition.

Netsmart and ZImmet have also entered into a collaboration to offer consulting services and referrals.

“Through this collaboration with Netsmart, we can expand the capabilities of our comprehensive tools to unite the clinical, claims and staffing data to provide a holistic view of an organization,” Marc Zimmet, Zimmet president and CEO, said in a statement. “Our clients will be able to rely on the same tools and support they’ve come to expect, with the ability to leverage solutions across the Netsmart CareFabric platform.”