North Shore Manor Inc. in Loveland, Colo. is awaiting approval for a proposed five-year repayment and reorganization Chap. 11 bankruptcy plan submitted to the U.S. Bankruptcy Court in Denver.
Majority stakeholders of the 120-bed nursing home said they could repay the majority of obligations and shore up operations over five years, according to a report from the Loveland Reporter-Herald. The alternative would be Chap. 7 liquidation – winding down operations and placing patients in other facilities.
Finances took a negative turn in 2018, according to the report, and worsened at the beginning of the pandemic.
North Shore’s primary creditor Columbine Health Systems and its owner Robert Wilson in early 2022 had a plan to buy out the other shareholders for $12 million and then sell the rest of Columbine to an undisclosed third party, but that deal fell through, reports said.
Wilson was eventually removed as managing partner for North Shore later that year, and in early 20203 the North Shore board of directors started looking for bankruptcy counsel.
The five-year plan would pay secured claims and unsecured claims at a 61% level, according to the bankruptcy filing. North Shore would set aside $12,150 per month in the first year for debt repayment, followed by $18,634 in the second year all the way up to $30,783 in the fifth year of repayment.
Walker & Dunlop Arrange $30.9M Refinance for Illinois Nursing Home
Commercial real estate firm Walker & Dunlop early this month arranged a $30.9 refinance for Clark Manor, a nursing home in Chicago, Ill.
Joshua Rosen and Brad Annis with Walker & Dunlop led the origination team, which has “considerable experience with seniors housing and health care facilities across the country, the team said in a statement.
Rosen and Annis leveraged their knowledge of financing products offered by the U.S. Department of Housing and Urban Development to refinance the existing commercial debt; the deal closed on June 30.
Clark Manor offers short-term, post-hospital rehabilitation as well as full-time physical, occupational and speech therapists for residents. A secure dementia and Alzheimer’s floor is another offering at the Chicago nursing home.
Eads Arranges Sale of Missouri SNF Portfolio
Eads Investment Brokerage represented the seller in a six-SNF portfolio deal out of Missouri.
Patrick Byrne, principal at Eads, facilitated the deal for the unnamed Missouri operator, which was looking to pull back to a more local footprint within the state, according to a report from the SeniorCare Investor.
The six facilities are located in central and western Missouri.