A 99-bed nursing home connected to a hospital in Missouri was sold to Strawberry Fields REIT. Meanwhile, New York-based ArchCare, a nonprofit Catholic healthcare system, plans to sell one of its skilled nursing facilities (SNFs).
ArchCare sells SNF
ArchCare, a nonprofit Catholic health care system affiliated with the Archdiocese of New York, plans to sell one of its nursing homes in Rhinebeck, New York, to an undisclosed buyer in a transaction that could take up to two years to complete, with the organization continuing to own and operate the facility until required state regulatory approval is obtained and the deal closes, according to a report in a local news outlet.
ArchCare did not disclose the sale price or other financial terms of the transaction nor identified the prospective buyer.
ArchCare said the sale follows years of investment in Ferncliff but that it has struggled to achieve the operating efficiencies needed for the facility’s long-term financial stability.
The organization said it has also reduced the number of beds it operates at the Ferncliff Nursing Home, from its licensed capacity of 309 to 196, the story states.
The planned transaction remains subject to approval by the New York State Department of Health. As of Sept. 24, the department said it had not received the required application for a change in operator.
Ferncliff will remain under ArchCare’s ownership and operation until the regulatory process is completed and the sale closes. ArchCare said the process could take as long as two years, meaning the transaction is not expected to be completed immediately.
99-bed SNF sold in Missouri
The Living Center, a 99-bed skilled nursing facility connected to John Fitzgibbon Memorial Hospital in Marshall, Missouri, was sold Sept. 8 to Strawberry Fields REIT, concluding an approximately six-month sale process in bankruptcy court, a press release noted.
The transaction was conducted under a Section 363 sale process in the Chapter 11 bankruptcy proceedings of John Fitzgibbon Memorial Hospital and Fitzgibbon Health Services. Strawberry Fields REIT initially was selected as the stalking-horse bidder for The Living Center but ultimately acquired the hospital as part of a single combined transaction.
The final purchase price for the transaction exceeded the original stalking-horse bid by approximately $2.3 million. The parties did not disclose the final purchase price.
Healthcare Transactions Group advised Fitzgibbon Health Services as exclusive M&A adviser, assisting with the skilled nursing facility transaction from buyer origination through closing.
Companies featured in this article:
ArchCare, John Fitzgibbon Memorial Hospital, Strawberry Fields REIT
