Skilled Nursing Admissions Dropping in Tandem with Lower Hospital Use

Admissions to skilled nursing facilities have declined in a manner consistent with a drop in inpatient hospital usage, according to the Medicare Payment Advisory Commission’s (MedPAC) most recent data book. That’s just one of the conclusions from the statistics, released last month by MedPAC — a non-partisan agency that advises Congress on Medicare issues.  For […]

CareTrust Builds Strong Skilled Nursing Pipeline as ‘Logjam’ Starts to Break

CareTrust REIT (Nasdaq: CTRE) had a relatively light second quarter for transactions, but the San Clemente, Calif.-based real estate investment trust (REIT) expects to be off the sidelines soon, according to executives on its quarterly earnings call. “Although it was an uncharacteristically quiet quarter for us on the acquisition front, Q2 was one of our […]

Texas Assisted Living Facility Adds Skilled Nursing Beds with a Medicaid Focus

Simpson Place Assisted Living expanded its facility in Dallas, adding 50 skilled nursing beds and celebrating with a ribbon cutting last month.. It’s a move that could seem curious given declining skilled occupancy and Texas’ low Medicaid reimbursement rates, but Simpson Place operator StoneGate Senior Living “kind of bucks the trend” in terms of occupancy, according […]

Griffin-American Enters Agreement to Buy $78.5 Million Skilled Nursing Portfolio

Griffin-American Healthcare REIT IV Inc. agreed to purchase a 24-facility portfolio consisting of 23 skilled nursing facilities and one assisted living facility for $78.5 million, plus closing costs. The DI Wire first reported on the deal, which Griffin-American entered on July 24. Griffin-American is a publicly registered, non-traded real estate investment trust (REIT) sponsored by American […]

Sapphire Care Group to Take Over 21 Preferred Care Locations in Kentucky

Preferred Care Inc., which filed for bankruptcy in November of last year, has transferred its 21 skilled nursing facilities in Kentucky to Sapphire Care Group, The Wall Street Journal reported Monday. Thirty-three of the Plano, Texas-based Preferred Care’s facilities filed for Chapter 11 bankruptcy protection last year in the face of 163 personal injury lawsuits. […]

[UPDATED] Lancaster Pollard Announces $400M Skilled Nursing Refi in California

Lancaster Pollard served as the syndication agent on a $400 million refinance of a credit facility for California-based skilled nursing operator Plum Healthcare Group, marking the latest in a string of big-dollar skilled nursing facility portfolio refinancings. Credit Suisse served as the lender for the transaction, working with the Columbus, Ohio-based Lancaster Pollard to design the […]

REITs Take Surprising Lead Role in Active Year for Skilled Nursing Transactions

More than halfway through 2018, the skilled nursing transactions landscape has mostly met expectations, but there have been more than a few surprises along the way. The recent deal between Welltower Inc. (NYSE: WELL) and the nonprofit ProMedica Health Systems to take over national operator HCR ManorCare made a splash in the skilled nursing sector when […]

Skilled Nursing Facility’s Assisted Living Sell-Off; Greystone Provides $20.6M Loan

Greystone Provides $20.6M Refi to Staten Island SNF Greystone provided a $20.66 million permanent loan insured by the Department of Housing and Urban Development (HUD) to refinance the 238-bed Golden Gate Rehabilitation & Health Care Center in Staten Island, N.Y. The permanent Federal Housing Administration (FHA) financing for the skilled nursing facility carries a 35-year term and […]

HCR ManorCare’s General Counsel Exits Company

HCR ManorCare’s general counsel is departing the troubled skilled nursing operator. Richard Parr, who also served as a vice president and secretary for the Toledo, Ohio-based provider, left ManorCare to pursue a new career opportunity, according to an internal e-mail obtained by Skilled Nursing News. Patricia McCormick, who joined ManorCare in 2001 and was promoted to […]

Tweaks to Bundled Payment Model Open Up New Skilled Nursing Opportunities

The Centers for Medicare & Medicaid Services (CMS) made some tweaks to the most recent bundled payments program that could boost participation by hospitals and physician groups — and skilled nursing providers should be ready, one expert told Skilled Nursing News. The Bundled Payments for Care Improvement Advanced (BPCI Advanced) initiative was first announced in […]

Centers Looks to Continue Skilled Nursing Turnaround Work in Missouri

Centers Health Care’s recent skilled nursing acquisition in Missouri didn’t follow the same pattern as the Bronx, N.Y.-based operator’s growth in the Northeast, but that’s all part of its approach to acquisitions. Last month, the provider acquired three former Serenity Care Group locations in the Kansas City, Mo. market last month, marking the company’s first move into the […]

REIT Sell-Offs, Investor Demand Fuel Strong Skilled Nursing Volume in Q2

Portfolio sales drove seniors housing and care volume in the second quarter, and skilled nursing facilities played a major role in that momentum, according to acquisition data from Irving Levin Associates, Inc. The second quarter saw 106 publicly announced seniors housing and care acquisitions, up 35% from the year-ago period and 30% higher than the first […]

Welltower’s $3B Revolving Credit Facility; $40M Acquisition Financing in Ohio

Welltower Obtains New $3B Revolving Credit Facility Welltower Inc. (NYSE: WELL) entered into a new credit agreement consisting of a $3 billion unsecured revolving credit facility, a $500 million unsecured term credit facility, and a C$250 million unsecured term credit facility, according to a filing with the Securities and Exchange Commission Tuesday. The Toledo, Ohio-based real estate investment […]

Harborview Arranges $196M HUD Loan for Skilled Nursing, Assisted Living Portfolio

Harborview Capital Partners arranged a $196 million Department of Housing and Urban Development (HUD) 232/223(f) refinance loan for a portfolio of 13 skilled nursing and assisted living facilities. The portfolio includes about 1,700 licensed beds. The loan, obtained for a large regional operator who asked to be kept anonymous, was originated by Harborview principals Ephraim and […]

Collaboration on Skilled Nursing Transitions Reduces 30-Day Readmissions

A collaborative initiative between nurse practitioners (NPs), doctors, and other medical staff to help patients discharged from a hospital to a skilled nursing facility lowered 30-day hospital readmissions. The Enhanced Care Program fosters collaboration between medical staff and patients in settings where nurse practitioners were available around the clock; medication reconciliation procedures were also followed at the […]

Voice Tech Has ‘A Long Way to Go’ to Meet the Hype in Skilled Nursing

Voice technology has promise in senior care, but skilled nursing providers and residents need to keep their expectations tempered, one expert says. When it comes to Amazon’s Alexa voice assistant, Elizabeth Mynatt, the executive director of Georgia Tech’s Institute for People and Technology, has a note of caution. “I think the Alexa is unproven,” Mynatt […]

Carnegie Capital Sources $10M for Georgia Acquisition; $11M Skilled Nursing Refi in Illinois

Dwight Capital Provides $4.5M Bridge Financing for Minnesota SNF Acquisition Dwight Bridge Fund, which is managed by the New York-based Dwight Capital’s affiliated investment advisor, financed an assisted living facility (ALF)/skilled nursing facility (SNF) acquisition in Minnesota. DBF provided a $4.5 million bridge loan for the purchase of Caledonia Rehabilitation & Retirement Center in Caledonia, Minn. The 66-bed […]

CareTrust Expands into South Dakota with Acquisition of Former ManorCare SNF

CareTrust REIT, Inc. (Nasdaq: CTRE) acquired a 99-bed skilled nursing facility in Aberdeen, S.D., and added the property to its existing master lease with Salt Lake City-based Eduro Healthcare, LLC. The facility, now known as Prairie Heights Healthcare Center, was formerly operated by an affiliate of HCR ManorCare. Eduro took over operations on Wednesday. The total investment was approximately $9.7 […]

CMS Wants to Probe Opioid Use at Skilled Nursing Facilities

Amid ongoing concerns about overuse of opioids, the federal government wants to survey nursing home operators about drug safety. The Centers for Medicare & Medicaid Services (CMS) proposed a survey of  1,200 nursing home administrators or directors of nursing, community-based pharmacists, and physicians to evaluate its medication safety and adverse drug event prevention programs — with […]