Capital’s $12M Skilled Nursing Loan; Good Sam Sells Two in New Mexico

Capital Funding closed a $12.3 million refinance loan for a 105-bed skilled nursing facility in Baltimore through the Department of Housing and Urban Development’s (HUD) 223(f) program. The borrowers will use the proceeds in part to pay off debt on two other properties in their portfolio of SNFs, according to the Baltimore-based Capital Funding. The […]

iCare Sees Potential in Skilled Nursing Facility Bought Out of Receivership

A skilled nursing facility in Hartford, Conn., is getting a second life after receivership, with iCare Health Network assuming operations this past Friday. The 150-bed SNF, which used to be known as Park Place Health Center, will operate under the name Parkville Care Center. The facility was part of Spectrum Healthcare, which underwent bankruptcy twice, […]

Sabra Cuts Number of Senior Care Centers Properties for Sale from 38 to 28 [UPDATED]

Sabra Health Care REIT (Nasdaq: SBRA) late Sunday night announced that it would retain 10 Senior Care Centers-operated properties it had previously agreed to sell amid the skilled nursing provider’s bankruptcy proceedings. Just two days after the Dallas-based Senior Care Centers entered Chapter 11 bankruptcy protection in early December, landlord Sabra announced that it had […]

Skilled Nursing Operators, Owners Predict Private Buying Boom in 2019

After an intense period of restructuring at the publicly traded real estate investment trusts (REITs), skilled nursing operators and owners believe private buyers are likely to pick up the slack in 2019. Private equity firms topped the list of likely buyers in the 2019 Skilled Nursing Outlook Report from SNN, with 38% predicting the companies […]

Blueprint’s Four-Building Play in Boston, Georgia; Ascentria Grows in Mass.

Blueprint Healthcare Real Estate Advisors arranged the sale of four skilled nursing facilities with 400 beds on the East Coast, the Chicago-based brokerage announced last week. The four properties — three in greater Boston and one between Atlanta and Savannah, Ga. — had occupancy of 88% and annual revenues of $20 million at the time […]

County Nursing Home Gets $6M for Back Bills; Welcov Facility in SD Sold

The Champaign County Board approved roughly $6 million in nursing home expenses for the Champaign County Nursing Home in Urbana, Ill., The News-Gazette reported. The board on January 15 voted to appropriate $1.98 million to pay off bills to nursing home vendors that dated as far back as fiscal 2015; it also voted to write off […]

PwC: Welltower-ManorCare Deal Drives Record Year for Health Care M&A

The blockbuster deal by Welltower Inc. (NYSE: WELL) to acquire skilled nursing provider HCR ManorCare with hospital non-profit ProMedica helped drive a record year for health care mergers and acquisitions, according to a new report from auditing and accounting firm PwC. The Toledo, Ohio-based real estate investment trust (REIT) closed on the acquisition in July […]

Focus on PDPM Could Distract Skilled Nursing Operators from Current Risks

With a new payment model just eight months away, the skilled nursing industry has trained a laser-guided focus on maximizing patient outcomes and reimbursements under the system. But smart providers would be wise not to let the Patient-Driven Payment Model (PDPM) distract them from the pressing issues facing them between now and October 1. “Any […]

Receiver to Close Four Former Skyline Skilled Nursing, Senior Care Facilities

Four more nursing and senior care facilities previously operated by troubled provider Skyline Healthcare in Nebraska are set to close. Klaasmeyer and Associates, the firm that state officials installed to run the properties during a receivership process, has asked for permission to shutter the four buildings, according to a report in the Lincoln Journal Star. […]

MedPAC Unanimously Calls for $2 Billion in Skilled Nursing Payment Cuts in 2020

After floating a proposed recommendation to slash nursing homes’ Medicare reimbursements for fiscal 2020, a leading legislative voice on health care issues made it final last week. The Medicare Payment Advisory Commission (MedPAC) called on Congress to reduce funding for skilled nursing facilities by up to $2 billion in the next fiscal year, citing sufficient […]

Strawberry Fields Buys Two Illinois SNFs for $5.9M

Strawberry Fields REIT this week announced the acquisition of two skilled nursing facilities in southern Illinois for $5.9 million, $4.3 million of which was provided in cash. The properties — Integrity Healthcare of Alton in Alton, Ill., and Integrity Healthcare of Belleville in Belleville, Ill. — have a combined 361 beds. Strawberry Fields has been […]

PwC: Private Equity Will Pick Up Non-Core Assets, Drive Innovation in 2019

National health care operators would be wise to consider selling non-core assets to expansion-minded private equity firms in 2019, according to a recent report from Big Four audit and accounting company PwC — while also looking to the investors as partners for growth and innovation. “For years, private equity firms have invested in health care, […]

Predicting Skilled Nursing Winners, Losers Has Never Been Tougher for Lenders

Despite optimism about the Patient-Driven Payment Model (PDPM) and demographic trends, there’s never been a more difficult time for investors to determine which operators will win and lose in the skilled nursing space — at least according to the leader of a major lender in the industry. Capital One Healthcare Real Estate closed 95 deals […]

Investing in Specialized Care Will Drive Skilled Nursing Occupancy in 2019

Adding specialized services could be a daunting task for skilled nursing providers coming off of a year of occupancy rate freefall, at least for most of 2018. But as they prepare for the new Medicare reimbursement system, the role of specialization in driving occupancy will only grow. That’s according to a webinar hosted Wednesday by […]

NHI Sees Rehab-Heavy Skilled Nursing Development as ‘Home Run’

National Health Investors (NYSE: NHI) has made multiple pushes into skilled nursing as the calendar shifted from 2018 to 2019, with a specific eye toward higher-end rehab — and new construction. Before announcing its $50.3 million pickup of a Massachusetts senior housing complex with 164 skilled nursing beds this week, the real estate investment trust […]

Skilled Nursing Industry Split on Whether PDPM Will Boost or Cut Revenues

Leaders from multiple segments of the post-acute and long-term care industry have expressed optimism about increased reimbursements under the new Patient-Driven Payment Model (PDPM), but a survey of Skilled Nursing News readers revealed a much murkier picture. In the month of December, SNN asked our readership — which includes executives and other leaders at operators, […]

Greystone Lands $78.5M for New York Skilled Nursing Property; Eduro Enters Idaho

Greystone & Co. on Wednesday announced the origination of $78.5 million in financing for a 585-bed skilled nursing facility in the New York City suburb of Woodbury, N.Y. The firm originated the loan for the Cold Spring Hills Center for Nursing & Rehabilitation through the Department of Housing and Urban Development’s (HUD) health care lending […]

Florida Hospital Opens Standalone Nursing Center; County Takes Over Skilled Nursing Facility in PA

Lehigh County in Pennsylvania will take over the management of daily operations at Cedarbrook Senior Care & Rehabilitation from Good Shepherd Rehabilitation Network, WFMZ 69 News reported. Good Shepherd was in charge of the daily operations at Cedarbrook’s centers in Fountain Hill and South Whitehall Township in Pennsylvania for the past three years, but decided […]

Plum Healthcare Lands $22.5M for New Development; $18.4M Bridge Financing for Kentucky Portfolio

Lancaster Pollard Mortgage Company arranged $22.5 million in development financing for Plum Healthcare Group, LLC to build a new skilled nursing facility in Walnut Creek, Calif. The Columbus, Ohio-based firm worked with a local banking partner on the transaction; Grant Goodman led the transaction for Lancaster Pollard Mortgage Co., along with Joe Munhall, who leads […]