White Oak Provides $161M For Allegiant Healthcare’s 17-SNF Acquisition White Oak Healthcare Finance made another major financing for a skilled nursing transaction to kick off 2019. The affiliate of White Oak Global Advisors, LLC acted as sole lender and administrative agent for the funding of a $161 million senior credit facility for Allegiant Healthcare and […]
The Evangelical Lutheran Good Samaritan Society, one of the largest non-profit senior living and care providers in the U.S., on Wednesday officially completed its marriage to Sanford Health. As a result of the combination, Sanford Health now employs almost 50,000 people. As of June 2018, when the combination of Good Samaritan and Sanford was approved […]
Benedictine Health System Buys Nursing Home It Operates in Minnesota The ownership transfer of Benedictine Living Community, a nursing home in St. Peter, Minn., to Benedictine Health System was finalized by the City Council last week, The Mankato Free Press reported Tuesday. The move also terminated the old lease for the property. Benedictine Health System […]
CareTrust REIT, Inc. (Nasdaq: CTRE) on Thursday announced the acquisition of a 154-bed skilled nursing facility in Parker, Colo., which will be operated by the Salt Lake City-based Eduro Healthcare, LLC — the latest step in a growing partnership between the operator and the real estate investment trust (REIT). The SNF, which was built in […]
The sale of the county-run Pleasant Acres Nursing and Rehabilitation Center nursing home in York County, Penn., generated about $33.5 million — and while most of that money has to be used for unfunded retirement benefits for nursing home employees, the York Dispatch reported, the county still came out ahead. Of the proceeds of the sale […]
Gary Blake, the co-founder of the Texas skilled nursing operator Creative Solutions in Health Care, sees history repeating itself as the year turns over and the industry prepares for the new Patient-Driven Payment Model (PDPM). He started the company with Malisa Blake-Deane in the year 2000 with one facility. Now the company manages 62 skilled nursing […]
Birchwood Sells West Virginia SNF/ALF to Public REIT Blueprint Healthcare Real Estate Advisors announced the sale of a skilled nursing and assisted living facility, Madison Park Healthcare in Huntington, W.V., to a public real estate investment trust (REIT). Blueprint arranged the sale for the seller, Birchwood Healthcare Partners, which focuses on seniors housing and nursing […]
Escalating drug costs have made headlines in the health care sector at large in recent months, and as patient length of stay (LOS) declines, skilled nursing facilities are particularly feeling the pinch due to their unique supply requirements. For Transitional Care Management, which has two skilled nursing locations in Illinois, the average cost of medications […]
With the Patient-Driven Payment Model (PDPM) looming in 2019, some skilled nursing facilities have already decided to make their exit rather than deal with the challenges of the new Medicare payment system. “I know of a number of buildings in northern California that have already started to transition,” Mark Lamb, the chief investment officer at […]
Mozart Healthcare acquired seven skilled nursing facilities in Texas with 1,004 beds, for $32 million, the Skokie, Ill.-based company announced this week, adding to its presence in the Lone Star State. The facilities were acquired from a national operator, which was not disclosed. The transaction is the fifth deal Mozart has closed in the state, as […]
Five Star Senior Living (Nasdaq: FVE) president and CEO Bruce Mackey is stepping down at the end of December, the Newton, Mass.-based provider announced Tuesday. Katherine Potter, who currently serves as Five Star’s executive vice president and general counsel, will assume the roles of president and CEO effective New Year’s Day. Potter first joined Five Star in 2012; […]
The Centers for Medicare & Medicaid Services (CMS) on Tuesday provided details on the upcoming transition to the new Medicare payment model for skilled nursing facilities — as well as its key areas of scrutiny as the industry makes the switch. In a Medicare Learning Network call, CMS officials discussed the inner workings of the […]
National Health Investors, Inc. (NYSE: NHI) entered into an agreement to finance the development of a 144-bed skilled nursing facility near Milwaukee, a $25.35 million commitment with a 9.5% initial yield. Under NHI’s commitment, initial funding totaled $4.7 million. The yield earned during construction will be capitalized into NHI’s investment, according to a statement announcing the […]
As occupancy levels continue to fall in skilled nursing facilities, some providers will have to think outside the box — and sometimes outside their walls — to make the best use of their space and their resources. But they might have more flexibility to do that in part because of the different roles that rural […]
Greystone Provides $31.5M Bridge Loan for SNF Portfolio in Texas Greystone provided a $31.5 million bridge loan for a portfolio of four skilled nursing facilities in Texas. The non-recourse loan carries an initial term of 24 months with two six-month extension options; it also includes a floating interest rate and interest-only payments for the entire term. […]
Almost half of Medicare patients experience either adverse events or temporary harm events inside the walls of a long-term care hospital (LTCH) according to a November report from the Department of Health and Human Services (HHS). The Office of Inspector General (OIG) found that 21% of Medicare patients in LTCHs — also known as long-term […]
KeyBank Provides $36M for Ohio SNF Deal KeyBank Real Estate Capital provided Foundations Health Solutions, a long-term health care company based in North Olmstead, Ohio, with $36.3 million in funding to acquire a four-property skilled nursing portfolio in Ohio. RE Journals first reported the transaction. The loan proceeds, funded through the Federal Housing Administration (FHA) 232/223(f) […]
Medicare Advantage (MA) plans are trying to reduce post-acute care spending by limiting the skilled nursing facilities in their networks, and by capping the lengths of stay — and SNFs and hospitals aren’t taking it well. That’s according to a study published Monday in the American Journal of Managed Care, which tracked the opinions administrative […]
Senior Care Centers announced Tuesday that it is filing for Chapter 11 bankruptcy in the U.S. Bankruptcy Court for the Northern District of Texas. The move will allow Senior Care Centers, which has almost 10,000 residents and nearly 11,000 employees, to address “burdensome debt levels and expensive leases,” according to a press release announcing the […]
Curavi Health, a post-acute telemedicine provider with the backing of health giant UPMC, has acquired fellow skilled nursing-focused telehealth operator TripleCare. Terms of the acquisition, announced Tuesday and effective immediately, were not disclosed. The Chicago-based specialty investment bank Ziegler served as advisor to TripleCare in the transaction. The combined entity of Curavi and the Long […]