National HealthCare Corporation (NYSE: NHC) plans to acquire the White Oak Senior Living portfolio, with facilities across North and South Carolina.

White Oak consists of six skilled nursing facilities in North Carolina, three of which are continuing care retirement centers, and including one leased facility. In South Carolina, the portfolio consists of nine skilled nursing facilities, one of which also includes assisted and independent living units.

NHC announced Monday that it entered a Purchase and Sale Agreement to acquire the White Oak portfolio on May 31, 2024. The transaction is expected to close in the third quarter of 2024.

With this acquisition, North Carolina will be a new state for NHC, which currently operates multiple skilled nursing facilities in South Carolina as well as a long-term care pharmacy. The White Oak acquisition will add 1,928 skilled nursing beds, 48 assisted living units, and 302 independent living units to NHC’s current operations.

“We are excited to make a strategic move into North Carolina and expand our offerings in South Carolina,” Steve Flatt, CEO of NHC, said in a press release. “We expect this acquisition to be accretive to NHC’s earnings and create several long-term operational efficiencies and synergies inside our operating networks. The culture at White Oak is outstanding, so we know it will be harmonious with our NHC culture.”

White Oak has been a family-owned company since 1964 and is headquartered in Spartanburg, South Carolina.

“As a family-owned company, finding the buyer that had the right cultural fit with White Oak was critical. We are pleased that we found that with NHC,” said Doug Cecil, president of White Oak.

NHC affiliates operate for themselves and third parties, with 65 skilled nursing facilities and 8,421 beds. NHC affiliates also operate 24 assisted living communities with 1,365 units, five independent living communities with 475 units, three behavioral health hospitals, 34 homecare agencies, and 30 hospice agencies.

NHC’s other services include Alzheimer’s and memory care units, pharmacy services, a rehabilitation services company, and provides management and accounting services to third party post-acute operators.

ESI arranges sale of 8-property portfolio in Connecticut for $60M

Evans Senior Investments (ESI) successfully arranged the sale of an 8-property skilled nursing portfolio across the Hartford Metropolitan Area of Connecticut. The transaction, executed on behalf of a real estate investment trust (REIT) from the West Coast, amounted to $60 million, or $54,249 per bed for the real estate only.

Made up of eight communities built between 1966 and 1990, this portfolio represents a significant share of the Connecticut skilled nursing market, with a total of 1,106 skilled nursing beds. The portfolio has an average 4-star CMS rating across all eight communities.

Upon marketing, the portfolio’s average census was 90% and the portfolio was anticipating a large Medicaid rate increase to take effect as of July 2024, ESI said in a press release. The sale of the portfolio was subject to a triple net lease with the existing operator, with an additional 8.5 years remaining and two 5-year renewal options.

ESI highlighted the appealing terms of the leases and favorable returns anticipated by the prospective buyer. The ESI team conducted a confidential marketing process, procuring over 10 offers in under a month. The transaction closed within four months of Evans Senior Investments’ marketing campaign.

“By selecting the existing operator as the buyer, we have prioritized continuity of care for residents while also maximizing returns for our clients,” Jeremy Stroiman, CEO at ESI, said.

Ignite Medical Resorts acquires Indiana-based Symphony of Chesterton

Ignite Medical Resorts is expanding in Indiana with its acquisition of Symphony of Chesterton. The facility will now be known as Ignite Medical Resorts and will be Ignite’s third resort in Indiana.

Ignite specializes in short-term rehabilitation and nursing care, offers varied clinical specialty programs and enhanced services in a five-star medical resort environment.

“We’re excited to bring LuxeRehab to Chesterton and to the greater Valparaiso area and to grow in Indiana our vision of offering top-tier hospitality,” Tim Fields, CEO and co- founder of Ignite Medical Resorts, said in a press release. “We look forward to working with the Chesterton team to make this resort the preferred place to go after a hospital stay or surgical procedure and the preferred place to work.”

Symphony of Chesterton was built just over 8 years ago and features a range of amenities, décor and private rooms. Ignite will help add enhancements including clinical and therapeutic technological advancements, robotics equipment and a LuxeCafe, Ignite said.

With the acquisition, Ignite will now employ over 3,500 people across its 22 resort locations in six states, including in Illinois, Missouri, Kansas, Oklahoma, Texas, and Indiana.

Blueprint advises private investor for the divestiture of Oklahoma skilled nursing portfolio

Birchwood Healthcare Partners, a Chicago-based private investor and owner-operator, sold its skilled nursing portfolio located in eastern Oklahoma.

The 7-facility portfolio consists of 561 total licensed skilled nursing beds providing immediate scale and operating infrastructure, and the sale was overseen by Blueprint.

The regionally clustered portfolio also benefited from the recent Medicaid rate increases and steady census rebounds, Blueprint’s press release said.

“Showcasing attractive assumable HUD debt on select facilities, proof of concept and improved performance tracking towards historical highs, and generally close geographic proximity for operating efficiencies, Blueprint … generated multiple competing offers and rounds of bidding,” Blueprint’s statement said. “The seller selected a familiar Missouri-based provider as the ultimate buyer, advancing its strategic expansion in the state.”

Blueprint noted irregular market conditions and headwinds in successfully completing bifurcated closings upon final HUD approval for the loan assumptions.