Long-term care deals dominated the health care mergers-and-acquisitions landscape in February, clocking in at 32 transactions, according to a Friday report from Bloomberg Law’s transactions advisory board. That number is double the next-closest sector, health care information technology and software, which racked up 16 deals for the month, according to the list compiled for Bloomberg […]
Category: Finance
A federal bankruptcy court this week approved a settlement agreement between Sabra Health Care REIT (Nasdaq: SBRA) and embattled tenant Senior Care Centers, the real estate investment trust (REIT) announced Friday. Under the terms of the deal, the Irvine, Calif.-based Sabra will receive $9.5 million from the bankrupt operator. Of that amount, Senior Care Centers […]
Major real estate investment trusts (REITs) with stakes in the skilled nursing world almost universally expressed optimism about the coming change in Medicare Part A reimbursement — and several predicted changes in mergers and acquisitions as a result. But the expected wave of small mom-and-pops exiting the skilled nursing industry because the Patient-Driven Payment Model […]
Southern Health Corporation of Ellijay, Inc., a subsidiary of SunLink Health Systems (NYSE American: SSY), sold its Parkside Ellijay Nursing Home and related real estate for about $7.3 million. The net proceeds, about $6.4 million, will be retained for working capital and general corporate purposes. SunLink expects to recognize a pre-tax gain of about $2.1 […]
The Evangelical Lutheran Good Samaritan Society has sold a pair of skilled nursing facilities to for-profit industry leader The Ensign Group (Nasdaq: ENSG), Skilled Nursing News has learned, marking the latest in a series of recent dispositions by the non-profit provider. The two properties in Mesa and Peoria, Ariz., branded as Good Shepherd, will be […]
Pressured by already light coffers and razor-thin margins, skilled nursing facilities could see an even wider gulf grow between top and bottom performers under the new Medicare payment model. That’s at least according to Cain Brothers director Taaha Shaikh, who this week wrote a commentary calling the coming Patient-Driven Payment Model (PDPM) “the next great […]
Skilled nursing providers might be able to reap financial gains under the new Medicare payment model taking effect in October of this year if they can cut their average patient length of stay (LOS). But the gains will only hold until a certain point, and providers that already have shorter LOS —- such as short-term […]
Housing & Healthcare Finance earlier this month pulled off an $81 million refinancing for Cascade Capital Group and its operating affiliate, Legacy Healthcare. The North Bethesda, Md.-based HHC Finance arranged the deal for a six-building portfolio in the greater Chicagoland area, refinancing the buildings through the Department of Housing and Urban Development’s (HUD) 223(f) loan […]
Northwind Group, a private equity firm based in New York, last week announced a new health care lending platform for providing debt and preferred equity capital to seniors housing and skilled nursing real estate owners and operators. The offerings will include first mortgage-secured loans for acquisitions, refinancings, and other bridge needs for two- to five-year […]
Summit Healthcare REIT, Inc. acquired an interest in 14 skilled nursing and assisted living facilities in Indiana for $125 million, with plans to lease them back to the seller on a triple-net basis. The acquisition, announced Wednesday, was made through a newly formed joint venture among a wholly-owned subsidiary of Summit, a real estate holding […]
Despite persistent industry headwinds, an investment firm with a strong skilled nursing footprint is expanding its reach in the space. White Oak Healthcare Finance on Tuesday announced the launch of a real estate investment trust (REIT) vehicle for investing up to $500 million in initial acquisitions in senior housing and skilled nursing properties, primarily focusing […]
The Illinois Department of Corrections is building a $150 million mental health and general medicine treatment center in Joliet, Ill., to provide care for incarcerated patients who have mental illnesses or require long-term skilled nursing care. WSPY FM 107.1 reported the news. The 200-bed facility will provide services to both male and female patients and […]
Genesis HealthCare (NYSE: GEN) struggled overall in 2018, but managed to cut its net loss in half from the year before — and executives described the previous 12 months as a “pivotal year” for the beleaguered skilled nursing provider. For the fourth quarter of 2018, Genesis reported a net loss of $68.95 million, or 67 […]
A new survey of older Baby Boomers goes against some of the common perceptions about what adults in the 60-to-72 age bracket want as they get older — and depending on their circumstances, that could include skilled nursing care. The survey was conducted by LeadingAge, a group which represents non-profit senior living providers, in conjunction […]
Skilled nursing operators can’t control day-to-day Medicaid rates in their states, but they do have a broad toolbox that can help them avoid eligibility errors and oversights that can cause millions in losses. In an era of constricted Medicaid reimbursements, frontline staff can still play a crucial role in maximizing dollars, sb2 Inc. CEO and […]
CNH Finance announced a $3.5 revolving line of credit to a skilled nursing and rehab provider, to be secured by accounts receivable. The line of credit will support working capital needs for a newly acquired skilled nursing facility. The operator manages and operates more than 80 SNFs in 13 states, and expects to continue to […]
Housing & Healthcare Finance rode strong demand for bridge financing to a record-setting 2018 for its skilled nursing and assisted living lending practice, and while the government shutdown may lead to a 2019 slowdown, the company’s chief investment officer still sees strong demand ahead. The North Bethesda, Md.-based HHC Finance clocked more than $1 billion […]
The Washington, D.C.-based Love Funding secured a $10.5 million loan for the development of a new 41-bed transitional rehab facility in Yuma, Ariz. The planned 32,000-square-foot facility will include high-end amenities, with 41 private suites targeted exclusively at Medicare and managed care residents. Love Funding, a subsidiary of Midland States Bank, originated the loan through […]
Investment in skilled nursing facilities has remained steady despite industry pressures, and one leading operational and investment firm has begun to look abroad for cash as it looks to expand. Greystone & Co., Inc. is pitching potential investors in India on a 180-bed skilled nursing development in the Orlando area under the federal government’s EB-5 […]
Skilled nursing operators saw static occupancy between the third and fourth quarters of 2018 — a notable, if moderate, bit of good news for an industry that had seen four straight years of declines. The nation’s nursing homes were approximately 82.4% full during the fourth quarter of last year, according to the most recent set […]