Despite a general lack of new construction in the skilled nursing space, one owner/operator stands out for building three brand-new skilled nursing facilities in the Chicagoland area. And when many companies are paring down staff and consolidating, Brad Haber, principal owner and operator at Innovative Health, LLC, is midway through spearheading three SNF construction projects […]
Blueprint Healthcare Real Estate arranged the sale of a vacant 150-bed skilled nursing facility in Southeast Ohio. The Chicago-based brokerage worked with a real estate investment trust (REIT) owner and its national skilled operator tenant, which was looking to exit the state. The property was designated a Special Focus Facility, the federal government’s list of […]
Among properties in the senior housing and care space, skilled nursing facilities tend to be the oldest, with new construction largely constrained to higher-end rehab facilities — sometimes called “medical resorts.” While rehab continues to drive new development in the nursing home space, Skilled Nursing News found a variety of unique projects across the country, […]
Berkadia announced its involvement in a $76.8 million portfolio deal that saw a nursing facility operator take ownership of nine buildings it had leased since 2004. The New York City-based lender’s Seniors Housing & Healthcare Group extended the financing for an affiliate of an unnamed Tennessee-based owner-operator of skilled nursing facilities. The nine properties — […]
The Department of Housing and Urban Development’s (HUD) lending program for skilled nursing facilities grabbed some negative headlines earlier this year, but a key financial player in the space says that demand for the products remains strong — though the government has placed increasing focus on star ratings and care quality when underwriting deals. “The […]
With capital chasing upside and new development dominated by high-end “medical resorts,” the availability of long-term care beds has emerged as a big-picture issue for the skilled nursing industry. While it may not be a nationwide problem just yet, certain markets — from Wisconsin to California — have begun to show the early signs of […]
Formation Capital remains a heavyweight in the private investment space for senior housing and care, but its CEO says that its skilled nursing tastes have become more opportunistic as capital continues to aggressively chase available properties. The Atlanta-based Formation this past spring sold off a 12-property skilled nursing portfolio in Virginia and Pennsylvania, and CEO […]
Symphony Post Acute Network expanded its footprint into the Michigan market this week with the acquisition of Caretel Inns of Brighton and Caretel Inns of Lakeland, a pair of skilled nursing and assisted living facilities. Located in Brighton and St. Joseph, Mich., respectively, the facilities blend high-end post-acute care with assisted living units, according to […]
Officials at the University of Kansas Health System recently found themselves facing a familiar issue for hospital groups: To bolster their post-acute presence, and reduce costly readmissions, should they partner with an external operator or do it themselves? Each option comes with its own pros and cons. Some major health systems have gone all in […]
Peace Capital and its affiliated operator Complete Care Management acquired a 930-bed senior living and skilled nursing portfolio in the Ocean County, N.J. area in a $169 million deal. The transaction was financed by a $26 million mezzanine loan from the New York City-based private equity firm Northwind Group, and a $131 million senior financing […]
Capital Funding, LLC last week announced its involvement in a $36.9 million deal that saw The Portopiccolo Group pick up a pair of skilled nursing facilities in Virginia and Maryland. The transaction covered the Iliff Nursing and Rehabilitation Center, a 130-bed facility serving both pediatric and geriatric residents in Dunn Loring, Va., and the Fox […]
When LTC Properties (NYSE: LTC) announced a $38 million deal to buy a pair of high-end transitional rehab facilities in Missouri, it marked the end of a multi-year planning process that saw a skilled nursing developer try to plug holes in the area’s health care system. The transaction covered a completed skilled nursing facility in […]
LTC Properties (NYSE: LTC) on Friday announced a $38 million pair of transactions that will see the real estate investment trust (REIT) strike up a new relationship with transitional-care operator Ignite Medical Resorts. The two separate agreements consist of a $19.5 million deal to purchase a recently constructed 90-bed skilled nursing facility in the Kansas […]
Hackensack Meridian Health, a New Jersey-based hospital system, acquired a trio of nursing homes in a $60 million deal designed to bolster its post-acute footprint. The Bergen Record first reported the news Tuesday. The 17-hospital network will operate the properties — Prospect Heights Care Center and Regent Care Center in Hackensack, N.J., and the West […]
Developer Michael Catanzarite received rezoning approval from city officials on July 1 to build a $20 million skilled nursing and rehab center in Strongsville, Ohio, Cleveland.com reported. Catanzarite had initially told Cleveland.com that the development would include independent living, assisted living, and long-term care, but he later said that the project will only be a […]
The Elderwood chain has been on an acquisition kick in the upstate New York region over the past year, with purchases ranging from assisted living to skilled nursing — and backing from a corporate parent that took a unique route into the SNF world. Post Acute Partners co-founders and co-CEOs Warren Cole and Dr. Jeffrey […]
Strawberry Fields REIT on Thursday announced the acquisition of the 231-bed Landmark of Des Plaines, a skilled nursing facility in the Chicago suburb of Des Plaines, Ill., for $15 million. The current team from operator Landmark, which took over the property in January 2018, will remain in place at the facility under the terms of […]
As the skilled nursing industry continues to move toward higher-acuity residents, many senior living operators have abandoned the space entirely, preferring to leave the increasingly medical business to standalone buildings and rehab partners. But one family-owned operator in Northeast Ohio — which started out in the SNF world five decades ago — believes the future […]
CareTrust REIT (Nasdaq: CTRE) expanded its existing relationship with operator Cascadia Healthcare with the $12.8 million purchase of a transitional care facility in Nampa, Idaho. Cascadia of Nampa, a 99-bed facility one block away from the Saint Alphonsus Medical Center, became the 12th building from the Eagle, Idaho-based operator to enter the CareTrust portfolio. “We […]
The federal government’s lending program for nursing homes has come under national scrutiny in the wake of a record-setting default, but financial leaders in the space say the initiative is vital to the overall health of the industry. The Department of Housing and Urban Development’s (HUD) Section 232 program gives skilled nursing operators and investors […]