A skilled nursing facility that had been in receivership for most of the year recently found a buyer for nearly $8 million. Eden Springs Healthcare Center in Green Springs, Ohio, will soon be sold to a subsidiary of the New Jersey-based Cedarcare Holdings, LLC, according to a report this week in the local Fremont News-Messenger. […]
Category: Finance
The release of a so-called “secret” list of nursing homes considered for inclusion in a program for the nation’s worst properties sent shockwaves through the industry early last month — but the man in charge of the for-profit space’s primary trade group says the sunshine is ultimately a good thing for operators. As the skilled […]
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 […]
When a skilled nursing provider enters receivership or bankruptcy, the safety and wellbeing of the residents is the top priority for all parties involved. The financial struggles raise questions about the continued provision of necessary care, and the safe transfer of operations becomes paramount. But in many recent SNF bankruptcies, or cases where a SNF […]
A pair of buildings owned by affiliates of Omega Healthcare Investors (NYSE: OHI) have entered court-ordered receivership after their operators failed to pay more than $7 million in rent and other expenses. A Virginia circuit court judge ordered the third-party takeover of Blue Ridge Rehab Center and Blue Ridge Manor — a skilled nursing and […]
The federal government on Wednesday unveiled a new proposed payment model for certain kidney-related conditions, and several providers in the space say it could have serious potential for skilled nursing operators. Under the proposed End-Stage Renal Disease (ESRD) Treatment Choices (ETC) model, Medicare would expand coverage of care for kidney diseases and offer financial incentives […]
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 […]
Dwight Capital pulled off a $7.75 million bridge loan for a pair of skilled nursing facilities in northwestern Tennessee: Douglas Health and Rehabilitation Center in Milan, Tenn. and Palmyra Health Care Center in Palmyra, Tenn. The two-SNF portfolio consists of 145 total units, with 73 skilled nursing beds at the Palmyra facility and a mixture […]
The skilled nursing world has seen its share of bankruptcies over the last few years, and this past week a vendor with a heavy concentration in the space blamed the industry’s woes for its own filing. Joerns, a private-equity owned company that makes medical equipment, began Chapter 11 bankruptcy proceedings late last month, citing post-acute […]
Outpatient software provider Net Health on Tuesday announced a plan to acquire Optima Healthcare Solutions, expanding its presence into the post-acute marketplace. The Pittsburgh-based Net Health — which offers software platforms for about 3,000 urgent care, physical therapy, and other outpatient clinics across the country — positioned the move as a strategic push to extend […]
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 […]
Skilled nursing-focused telehealth provider Call9 attracted $34 million in venture capital from sources as diverse as the former chairman of tech incubator Y Combinator to actor Ashton Kutcher. But in the end, that cash and high-profile attention wasn’t enough to carry Call9, which is in the midst of suspending its operations, to success in today’s […]
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 […]
A month after the last Skyline Healthcare-operated nursing homes in Massachusetts closed their doors, the state’s attorney general hit the company with multiple citations over unpaid wages and missing payroll documentation. Skyline leaders Joseph and Michael Schwartz failed to pay nearly $65,000 owed to 106 employees in a timely fashion, AG Martha Healey’s office alleged […]
Private equity interest and investment in the skilled nursing space is growing as the sector goes through rounds of tumult and transformation. The trend was apparent in 2018, even though most of the private equity interest focused on senior housing. As real estate investment trusts (REITs) sold off their underperforming SNF assets, private equity buyers […]
Commercial real estate lender Berkadia landed a $104 million loan for a skilled nursing facility in the Bronx, N.Y., the company announced Monday. Berkadia secured the financing for the Workmen’s Circle Multicare Center, operated by the Woodbury, N.Y.-based Cassena Care, through the Department of Housing and Urban Development’s 232/233 program; the loan closed just 13 […]
Medicaid-rate shortfalls and other struggles have claimed more than 30 nursing homes in Washington state since 2010, and at least one lawmaker thinks that the pruning is necessary. State Rep. Eileen Cody, who chairs the state’s House Health Care and Wellness Committee, said a drop in available nursing homes beds is “what we wanted as […]
Merging two overarching storylines in the nationwide coverage of skilled nursing facilities, the New York Times on Monday identified 74 properties on a list of potentially troubled nursing homes that have received federally backed loans. The facilities appeared in a previously unreleased collection of more than 400 SNFs considered for inclusion on the Special Focus […]
The out-of-pocket cost of receiving care in a nursing home has consistently grown faster than gains in consumer and medical care prices, raising questions about the affordability for seniors without Medicaid coverage or long-term care insurance, according to a study published in the journal Medical Care Research and Review. The study — which drew from […]
A court in South Dakota approved the transfer of 16 skilled nursing facilities formerly managed by Skyline Healthcare to Cascade Capital Group, the Aberdeen News reported Thursday. The facilities are currently under the temporary management of Black Hills Receiver, which was appointed in May of last year to stabilize 18 SNFs and one assisted living […]