In Center Point and Jonesville, Louisiana, two properties comprising 244 licensed skilled nursing beds, operated by CommCare, have been successfully sold to Omega Healthcare REIT and their operator, Venza Care.
According to Blueprint, who facilitated the sales, the facilities have stable performance levels, and experienced a significant financial boost following Louisiana’s Medicaid rate adjustment effective from July 1, 2023.
Multiple Ohio Skilled Nursing Transactions Completed by Blueprint
Blueprint Healthcare Real Estate Advisors has recently concluded several transactions in Ohio, signaling activity in the state’s healthcare real estate market.
In Dayton, a long standing facility with 118 licensed skilled nursing beds faced challenges, including survey issues leading to financial disruption. Blueprint facilitated the sale on behalf of the regional owner-operator, who sought to shift focus to other asset classes.
Blueprint said the sale process attracted multiple offers, with a respected Ohio-based owner-operator emerging as the buyer. The transaction closed swiftly after obtaining HUD approval.
Meanwhile, in Columbus, Blueprint managed the sale of a facility grappling with occupancy challenges and escalating staffing costs. The facility, operational since 2001, comprised 125 skilled nursing beds and 32 senior housing units.
In a press release, Blueprint said that despite market turbulence, their marketing efforts yielded four offers from reputable groups. The buyer, another established Ohio operator, aimed to expand their presence in the Columbus area, leveraging recent Medicaid reimbursement rate increases. The deal concluded in less than 80 days from the acceptance of the Letter of Intent.
In addition to the facilities in Dayton and Columbus, Blueprint also oversaw the sale of a 180-bed skilled nursing facility situated in Lancaster, Ohio. The facility, which was family-owned, had encountered operational hurdles amplified by staffing shortages and occupancy issues during the pandemic.
In a press release Blueprint said they selected an owner-operator keen on leveraging the Ohio Medicaid Rate increase implemented in 2023.
Virginia Nursing Home Portfolio Secures $67 Million Mortgage Facility
A Virginia owner-operator secured a mortgage facility totaling $67.0 million for a portfolio of nursing homes, which were built 20 years ago, with 480 skilled nursing beds.
CIBC Bank USA acted as the sole lender in the transaction.
According to CIBC Bank, the buyer has been operating the portfolio since 2021, and the financing arrangement pertains to a purchase option. Historical occupancy rates have hovered around 85%, with an EBITDAR margin averaging approximately 15%.
New Owner Takes Helm as Limecrest Subacute and Rehabilitation Center Transitions Ownership
The owners of Limecrest Subacute and Rehabilitation Center in New Jersey sold their skilled nursing facility in compliance with a state mandate, after the facility received multiple survey infractions.
The Sussex County facility is now under the ownership of Judy Kushner of Bemet LLC, a for-profit entity.
According to NJ Spotlight News, Kushner, who operates multiple nursing centers in the region, assumed immediate control of the facility.
The acquisition comes after Limecrest’s suspension from New Jersey’s Medicaid program by the state comptroller, citing a range of infractions at the facility and at another establishment under the same ownership.