State Nursing Home Giant Sells 5 Nursing Homes; IDB Bank Arranges $201.5M Financing for 21 Facilities

Athena Health Care Systems, once the largest owner of nursing homes in Connecticut, sold five nursing homes for an undisclosed sum to a New-York based provider.

The buyer agreed to pay back taxes and debts owed to vendors and contribute $2.6 million to its employees’ health care insurance fund to cover all medical bills, according to an article in the CT Mirror.

Athena owed nearly $47,000 in back taxes to four of the communities where the nursing homes are located, records show.


Athena still owns 14 nursing homes – a reduced footprint from 22 facilities a year ago.

The state Department of Public Health recently approved the deal, transferring the five facilities to National Health Care Associates, a long-time nursing home provider based in New York.

The five nursing homes have 67% occupancy, compared to a statewide average occupancy of 86% occupancy. The facilities had about 500 residents combined as of the end of May, according to state Department of Social Services data.


The terms of the DPH licensure agreement highlight some of the financial difficulties that have challenged Athena, the article noted.

IDB Arranges $201.5M Loan for 21 SNFs

IDB Bank, a New York-based private and commercial bank, acted as an intermediary for a $201.5 million Bridge-to-HUD loan for a national portfolio of 21 skilled nursing facilities, with locations in North Carolina, Michigan, Georgia and Texas.

The recent financing activity signals both the Bank’s robust financing capabilities and strengthening presence across high-opportunity domestic markets, IDB said in a press release from Thursday.

“As an active lender in the health care space, we continue to leverage our unique market position and customized financing solutions to execute for our clients, said Michael Palermo, National Head of Healthcare & Not-For-Profit Lending. “Serving as Administrative Agent on the successful syndication of this transaction further demonstrates the bank’s capabilities as we continue to grow our health care platform.”

Ignite Medical Resorts Starts New SNF in Illinois

Ignite Medical Resorts and Leo Brown Group hosted a groundbreaking ceremony for start of construction on Ignite Medical Resort Batavia, which will become Kane County’s first state-of-the-art medical resort and the first newly developed skilled nursing facility in over a decade, the company said in a press release. 

Residents of Batavia, Geneva and the surrounding Fox Valley communities who undergo a medical procedure or a hospital stay for an illness, will soon be able to heal and recover close to home in a state-of-the-art medical resort.

This project will create over 200 construction jobs and once open, will additionally create about 150 health care and facility positions. 

The facility will include specialty clinical programs for Orthopedic, Stroke and Cardiac recovery, in-house employed physical, occupational and speech therapists, and the latest technology such as robotics and virtual reality therapy, live patient vital monitoring, and hospitality tablets.