Bain-Backed HealthDrive to Buy New England Geriatrics in SNF Mental Health Push

Fresh off its acquisition by an offshoot of Bain Capital, skilled nursing medical services provider HealthDrive made a move of its own on Wednesday by entering the senior mental health space. The Wellesley, Mass.-based HealthDrive, which provides a variety of specialty medical offerings to skilled nursing operators, announced an agreement to purchase New England Geriatrics […]

CareTrust’s $43.9M Deal in California; Invesque’s $70M Portfolio Sale in Georgia

CareTrust REIT (Nasdaq: CTRE) this week announced the $49.3 million acquisition of four skilled nursing facilities in California operated by Covenant Care, Inc. The 503-bed portfolio comes to the San Clemente, Calif.-based real estate investment trust (REIT) through a sale-leaseback arrangement, with initial annual cash lease payments of $4 million and a 15-year term. The […]

HUD Lending Backlog in Skilled Nursing Could Last Four Months

Even though the federal government shutdown lasted 35 days, the effect on the skilled nursing financing landscape could last well into the spring and summer as officials work through the sizable backlog. The Department of Housing and Urban Development was unable to endorse loans during the partial government work stoppage that lasted from December into […]

Genesis’s Hager: Traditional Skilled Nursing-REIT Structure a ‘Failure’

The traditional relationships between skilled nursing facilities and their real estate investment trust (REIT) partners have come under increasing scrutiny amid high-profile restructuring efforts and bankruptcies — and the leader of one of the nation’s largest care providers said Monday that the existing models just don’t work. “I would argue that the traditional REIT structure […]

Skilled Nursing Telehealth Provider Third Eye Closes $7M Funding Round

A skilled nursing-focused telehealth provider with a presence in more than 200 facilities this week announced a $7.25 million funding influx. The Chicago-based Third Eye Health recently closed its Series A funding round, led by Generator Ventures, with plans to expand beyond its current base of skilled nursing partners. Third Eye provides remote physician coverage […]

Dwight Capital’s $13M Bridge Loan in Ohio; Marquis & Tryko Expand in Maryland

Tryko Partners on Friday announced the acquisition of Collingswood Rehabilitation & Healthcare Center in the Washington, D.C. suburb of Rockville, Md. The Brick, N.J.-based private equity firm installed its health care affiliate, Marquis Health Services, as the new operator, with plans for $4.5 million in capital improvements and new programming at the site. The 160-bed […]

New York Investor Picks Up Pair in Baltimore; SLIB’s $13M SNF Sale in Nevada

A New York-based owner, operator, and investor picked up a pair of nursing homes in Maryland with the help of Healthcare Transactions Group. The Brinton Woods Post Acute Center and the Brinton Woods Health & Rehab Center at Arlington West were sold February 1, according to an announcement from Healthcare Transactions Group, a Reisterstown, Md.-based […]

Ensign Group Takes Victory Lap After Record Quarter for Earnings

Executives at skilled nursing operator The Ensign Group (Nasdaq: ENSG) on Thursday touted record earnings numbers and continued to insist that the post-acute and long-term care space isn’t as difficult as the headlines and headwinds may make it seem. The Mission Viejo, Calif.-based firm set company records for adjusted earnings per share and diluted earnings […]

Four Atrium Skilled Nursing Facilities in Receivership Close in Wisconsin

Four skilled nursing facilities formerly operated by Atrium Health and Senior Living have closed. The four properties have been under the receivership of Michael Polsky since September, when a court approved the transfer of 33 SNFs and assisted living properties amid financial issues. “Our main focus at this time is to stabilize the company and […]

KeyBank: Genesis, Next Healthcare Capital Paid $204M for 15 Welltower SNFs

One day after Genesis Healthcare (NYSE: GEN) announced a joint venture to acquire 15 skilled nursing facilities from its landlord, the main lender in the deal put a price tag on the transaction: $204 million. KeyBank underwrote and closed a $142.1 million loan to help Genesis and its deal partner, the New York City-based Next […]

Skilled Nursing Operator Welcov Folds, Transfers 22 Properties

More than 20 skilled nursing facilities operated by Welcov Healthcare are now under the control of new operators, court documents filed Monday show. The chain reached an agreement to formally transfer oversight of 22 SNFs in Minnesota, Wyoming, Iowa, and South Dakota to new operators. Lighthouse Management Group, Inc., a Brighton, Minn.-based consulting firm that […]

Genesis Teams with Next to Buy 15 SNFs from Welltower, Divests from Seven More

Genesis HealthCare Inc. (NYSE: GEN) on Monday announced the purchase of 15 skilled nursing facilities the operator had previously leased from Welltower Inc. (NYSE: WELL), as well as the provider’s planned departure from seven additional facilities. The Kennett Square, Pa.-based skilled nursing giant bought the 15 buildings in a minority partnership with Next Healthcare Capital, […]

CMS Hints at ‘Calling Out’ Nursing Homes Over Quality Problems

A Centers for Medicare & Medicaid Services (CMS) official last week suggested that the public would benefit from more information about resident safety at nursing homes — including the explicit identification of bad actors. Writing in response to a November study about the correlation between Nursing Home Compare star ratings and safety, CMS chief medical […]

Provider in $1.5M Skilled Nursing Settlement Responds to ‘Inaccurate’ Government Claims

Management at Conway Lakes Health & Rehabilitation in Orlando this week struck back at the federal government’s claims of malfeasance, days after regulators announced a $1.5 million settlement deal to resolve allegations of illegal kickbacks. The Department of Justice accused Clear Choice Health Care, the operator of Conway Lakes, and its employees of giving improper […]

Capital’s $12M Skilled Nursing Loan; Good Sam Sells Two in New Mexico

Capital Funding closed a $12.3 million refinance loan for a 105-bed skilled nursing facility in Baltimore through the Department of Housing and Urban Development’s (HUD) 223(f) program. The borrowers will use the proceeds in part to pay off debt on two other properties in their portfolio of SNFs, according to the Baltimore-based Capital Funding. The […]

CBO: Nursing Homes Account for 15% of All Medicaid Spending as Aging Population Drives Costs

Programs for Americans aged 65 and older will account for nearly half of all the federal government’s non-interest spending in the next decade, a new report from the Congressional Budget Office found, as the baby boom population continues to age into both Medicare and certain Medicaid benefits. Medicare, Medicaid, and Social Security spending will balloon […]

Orlando Skilled Nursing Facility, Executives to Pay $1.5M to Resolve Federal Kickback Allegations

The operator of an Orlando skilled nursing facility, along with several executives and a third-party doctor, earlier this month agreed to pay $1.5 million to settle federal allegations of an illegal kickback scheme. Federal prosecutors accused the Melbourne, Fla.-based Clear Choice Health Care, operator of the Conway Lakes Health & Rehabilitation facility, of paying doctor […]