A Houston-based nursing home sold for $15 million following a court-approved bankruptcy sale. Meanwhile, a multistate provider secured a $30 million healthcare receivables financing facility to support operations across its 18 skilled nursing and post-acute care facilities.
Multistate post-acute care provider gets $30M in financing
A multistate post-acute care provider secured a $30 million healthcare receivables financing facility from eCapital, providing additional capital to support operations across its 18 skilled nursing and post-acute care facilities, a press release noted.
The financing is designed to strengthen the provider’s financial flexibility, support continued expansion and fund investments in its facilities and resident care. The additional capacity allows management to focus on care delivery, facility improvements and long-term growth.
eCapital worked with the provider’s management team to structure a customized receivables financing solution aligned with its operating model and business objectives.
$17M for New Hampshire SNF acquisition
An experienced owner-operator secured $17 million in bridge financing for the acquisition of a skilled nursing facility in New Hampshire with more than 100 licensed beds.
The transaction marks the seventh mortgage loan between the owner-operator and MONTICELLOAM, LLC, a seniors housing and multifamily bridge lending platform. Loan proceeds will fund the acquisition of the facility.
The financing was originated by Karina Davydov, head of health care originations at MONTICELLOAM.
“We’re pleased to have successfully closed another financing transaction with a valued repeat borrower. Long term relationships are built on trust, consistency, and execution,” Davydov said in a press release.
Houston SNF sells for $15M
Fallbrook Rehabilitation & Care Center in Houston, Texas, sold for $15 million following a court-approved bankruptcy sale process led by Blueprint, clearing the outstanding debt held by the secured creditor.
The facility is licensed for 202 beds, including 91 dually certified for Medicare and Medicaid at the time of sale. With a newer nearby facility capturing much of the local Medicare census, Fallbrook’s payer mix was weighted toward Medicaid, creating an opportunity for a well-capitalized buyer to invest in the property and reposition it for higher-reimbursing Medicare admissions.
The facility was also on the Centers for Medicare and Medicaid Services’ (CMS) Special Focus Facility Candidate List and featured an on-site dialysis unit and ventilator-capable infrastructure that were not being utilized by the outgoing operator, providing additional opportunities for repositioning.
The sale process began with a $12.25 million stalking horse bid that was approved by the U.S. Bankruptcy Court, subject to an auction, Blueprint said in a press release. Two additional qualified bidders competed against the stalking horse bidder through multiple rounds of bidding, ultimately driving the purchase price to $15 million.
The transaction closed July 6 at approximately $74,300 per bed, representing a roughly 22% premium over the initial stalking horse bid
South Carolina SNF sold to NY-based investor
Aiken Rehabilitation and Care Center in Aiken, South Carolina, was sold to a New York-based investor in a confidential transaction. The facility represented a geographic outlier for its former ownership and the operator’s only location in South Carolina.
Dually certified for Medicare and Medicaid, the 125-bed facility operated at full licensed capacity and maintained a stable census exceeding 90%. Originally constructed in 1991, the facility underwent more than $2 million in strategic upgrades and renovations in 2022, including improvements to resident rooms and bathrooms, the main dining room, lobby and therapy gym. The facility also generated meaningful operational cash flow.
The transaction attracted multiple competitive offers from in-state and out-of-state prospective acquirers. The sale marked the buyer’s first acquisition in South Carolina and achieved a market-clearing price for a standalone skilled nursing facility in the state.
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