Specialty investment bank Ziegler this week announced the successful closing of $200.6 million in bonds to fund the acquisition and renovation of skilled nursing facilities and continuing care retirement communities (CCRCs). The Trousdale Foundation Properties Series 2018 bonds were issued in various series. Trousdale is a Massachusetts chartered not-for-profit corporation formed in 1989 that, before this […]
Three out of four members of the lesbian, gay, bisexual, transgender, and intersex (LGBTI) communities said they wished there were more LGBTI-specific retirement homes and nursing homes, according to a survey conducted by banking giant Barclays and Gay Star News. The survey drew from more than 2,300 respondents, and was conducted for Gay Star News’s inaugural LGBTI Founders […]
Northwind Group, a real estate owner-operator based in Manhattan, acquired a portfolio of seven skilled nursing facilities with a total of 1,037 beds in Ohio and northern Kentucky. Along with one 110-unit assisted living property, the total acquisition price was $182.5 million. All of the facilities are operated by Carespring Health Care, a Loveland, Ohio-based […]
Texas SNF Plans $4.5M Expansion, Including Gym and Private Rooms Arbor Grace Skilled Nursing and Rehabilitation in Kilgore, Texas is planning a $4.5 million expansion that will add 15,000 square feet to its footprint, the Longview News-Journal reported. The project will include a 2,200-square-foot therapy gym and 20 private rooms, which will bring the total number of beds […]
Skilled nursing providers in the state of Washington, facing financial headwinds in the form of low Medicaid reimbursements, have started reassessing the services they offer to try to stay afloat — with some looking to diversify into behavioral health, and others looking to leave the skilled sector entirely. The state’s current Medicaid system, which took […]
The state of Kansas took over management of a skilled nursing facility in Nortonville, Kan. after reports of insolvency, the Atchison Daily Globe reported. Tim Keck, secretary for the Kansas Department for Aging and Disability Services (KDADS), was granted a a temporary appointment of receivership for several care and residential locations operated by Pinnacle Management Company. The […]
Skilled nursing provider Signature HealthCARE faced a a series of financial headwinds over the past two years. The provider’s problems ranged from issues paying the rent to major landlords Sabra Health Care REIT (Nasdaq: SBRA) and Omega Healthcare Investors, Inc. (NYSE: OHI) to a government investigation related to the False Claims Act (FCA). The Louisville, Ky.-based operator, […]
Amid all the shakeups in the post-acute and skilled nursing sector, private equity funds and others have seen an opportunity to move into the space — and they haven’t hesitated to take advantage. Much of the focus for private equity and institutional investors has been on senior housing, according to an August report from Fitch […]
Greystone & Co.’s health care bridge loan volume hit a record high of $103.22 million in August, accounting for 39% of the company’s year-to-date health care volume. That compares with with a total volume of $128 million in health care bridge loans for Greystone for the entire year of 2017. As of August 2018, the […]
Several small cities in Oklahoma now hold the licenses to operate dozens of nursing homes in the state, in the hopes of getting funds from a federal bonus payment program offered through the Centers for Medicare & Medicaid Services (CMS), Oklahoma Watch reported this week. Licenses for 46 nursing homes in the state are now owned by […]
It’s unlikely that the state of Washington intended to put its skilled nursing facilities on the brink of disaster when it overhauled its Medicaid system in 2016, but leaders of both LeadingAge Washington and the Washington Health Care Association (WHCA) said that’s exactly what has occurred as providers across the state try to keep their […]
Maryland Facility Sells for $17.25M Marcus & Millichap’s Knapp Group Seniors Housing Advisors facilitated the sale of a 145-bed skilled nursing facility in Burtonsville, Md., for $17.25 million. After facing increased management challenges, the not-for-profit Michigan-based owners sold the 62,500 square-foot facility to a Maryland-based LLC that owns and operates several SNFs. Jim Knapp and Joseph […]
California Gov. Jerry Brown on Friday signed a bill that requires skilled nursing owners and leaders to disclose certain business ties, some months after a report by the state auditor that found California “has not adequately addressed ongoing deficiencies related to the quality of care that nursing facilities provide.” The bill, introduced by Democratic Assemblyman Jim […]
The three-day hospital stay rule required for Medicare to cover subsequent skilled nursing facility stays may have generated millions in extra payments to SNFs, a new working paper from the National Bureau of Economic Research suggests. Medicare will not pay for fee-for-service care provided in a SNF unless the patient has stayed in a hospital for […]
Interra Brokers $6M Sale-Leaseback of SNF in Chicago’s West Loop Interra Realty brokered the sale-leaseback of Chicago skilled nursing facility Monroe Pavilion, located in the city’s West Loop, for $6 million, REBusinessOnline reported. The buyer, JK Equities, was represented by David Goss and Lucas Fryman of Interra. The seller, Symphony Post Acute Network, was represented by Jon […]
As major players in the skilled nursing space prune their assets or exit the industry altogether, a new crop of owner-operators is stepping up to fill the void. They tend to be young and to have a background in nursing homes, whether as a nurse or as administrator. And though their focus is regional, many […]
An affiliate of the private equity firm H.I.G. Capital acquired Reliant Rehabilitation Holdings, Inc., which provides therapy services to more than 800 skilled nursing facilities in 40 states. “We’re excited to partner with H.I.G. for the next phase of Reliant’s growth,” Reliant CEO Chris Bird said in a press release announcing the acquisition. “H.I.G.’s healthcare knowledge […]
A new skilled nursing facility in College Township, Pa. received a direct loan commitment of $34 million from an interesting partner: the U.S. Department of Agriculture (USDA). The USDA approved the commitment for the new Centre Care Health Center, which will be operated by the non-profit Centre Care and replace the existing Centre Crest facility […]
A new analysis from a group of more than 300 accountable care organizations (ACOs) argues that the groups generated much more in savings than official estimates would suggest. The announcement from the National Association of ACOs (NAACOS) claims that ACOs generated gross savings of $1.84 billion for Medicare, almost double the $954 million estimated by […]
Investor sentiment on nursing care in the first half of 2018 held steady from the year-ago period, but the sector has potential for the future, according to commercial real estate services firm CBRE. “As this segment goes through a much-needed transformation, long-term opportunity for yield is abundant,” the firm said in its Senior Housing & […]
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