With the skilled nursing market hotter than ever, SavaSeniorCare recently moved a 29-asset long-term care portfolio in a deal that Erik Howard, executive managing director of Capital Funding Group, said was one of the more complicated ones the financial provider has completed this year. The deal included a $262.6 million term loan for the refinancing […]
Category: Finance
The cost of providing long-term care services has increased faster than the rate of inflation since 2004, according to a report issued this month by the Bipartisan Policy Center, with the annual costs ranging from $19,240 for adult day health care to $105,850 for a private room in a nursing home. Cost increases — which […]
Idaho-based operator Cascadia Healthcare plans to “grow intentionally” in existing states — the predominantly post-acute skilled nursing operator has 25 facilities across six states, with plans to add four more facilities by the end of the year. Three of its new SNFs will be in Washington and the fourth will be in a state Cascadia […]
The Biden-Harris Administration late Friday announced a $2.1 billion investment geared toward infection prevention and control activities in nursing homes, among other U.S. public health and health care sectors. In October, $500 million of the initial $1.25 billion issued will go toward the staffing, training and deployment of state-based nursing home and long-term care “strike […]
Specialty investment bank Ziegler announced it closed on $80 million Series 2021 Bonds for a Florida not-for-profit corporation in Winter Park, six miles from downtown Orlando. The community includes 60 skilled nursing beds. The deal marks the second phase of a two-phase repositioning of the campus. The first phase was financed in November, with $60,135,000 […]
The Texas Health Care Association (THCA), in a joint proposal with aging services organization LeadingAge Texas, this week requested $400 million in funding to help providers staff buildings amid the skilled nursing workforce shortage. That’s less than 3% of the total federal aid funding allocated to the state, THCA said in a letter to Texas […]
While the release of the Provider Relief Funds has been recently celebrated in the sector, Cambridge Realty Capital Companies CEO and Founder Jeffrey Davis thinks the skilled nursing industry still needs a lot of help as it rebounds from the COVID-19 pandemic. Department of Housing and Urban Development (HUD) funding has remained a lifeline for […]
Though fears of a massive staff exodus following the Biden’s administration vaccination mandate have likely been tempered with the recent inclusion of all health care providers, recruitment for nursing homes remains a challenge as the need for direct care workers in long-term care settings will nearly double in the next decade. “When I worked in […]
Sabra Health Care REIT (Nasdaq: SBRA), in a Monday statement to shareholders, said it will use an $11.9 million letter of credit to fund rent for Avamere Family of Companies from September through November. Wilsonville, Ore.-based Avamere leases 27 skilled nursing facilities and one continuing care retirement community (CCRC) with Sabra. The portfolio made up […]
Capital Funding Group announced on Monday it closed a $262.6 million term loan for the refinancing of a 29-asset long-term care portfolio. The portfolio spans across Colorado, California and Wyoming and includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds. Owned by SavaSeniorCare, a […]
A bill that would require skilled nursing operators in California to report their finances to the state and the public is headed to to the governor. Senate Bill 650, also known as the Corporate Transparency in Elder Care Act of 2021, cleared both bodies of the state’s legislature after it passed in the Senate on […]
Value-based care management company AllyAlign Health last week announced it will offer two new co-branded Medicare Advantage plans to members of LeadingAge California, thanks to a partnership with the senior advocacy state group. The plans — institutional equivalent special needs plan (I-SNP) Align Thrive, and chronic conditions special needs plan (C-SNP) Align Connect — will […]
Evans Senior Investments (ESI) announced the sale of a 120-bed SNF in New Jersey for $24 million, or $200,000 per bed. Despite a modern design that included all private or semi-private rooms, the community was not profitable at the time it went to the market, with census averaging 77%, resulting in a net operating loss, […]
The average price per bed for nursing homes rose almost 22% year over year for the first quarter of 2021, as staffing shortages and slow occupancy recovery has done little to cool an already heated market, leaving some real estate investment trusts most active in the space disconcerted of what the future may hold. “If […]
DigitalBridge Group, Inc. (NYSE: DBRG), announced on Wednesday that it will be selling its wellness infrastructure business, which includes 83 skilled nursing facilities and other health care assets, in a transaction valued at $3.2 billion. The global infrastructure REIT, formerly known as Colony Capital, announced its sale to an investment group composed of two real […]
There’s a strong possibility that Medicare will move to mandate value-based payment models (VBP) for the nursing home industry in the years to come, according to industry executives. Dr. René Lerer and Brian Cloch, CEOs for Longevity Health Plan and Transitional Care Management, respectively, spoke at a panel on the future of VBP models during […]
Real estate investment trust LTC Properties (NYSE: LTC) late Tuesday announced it entered into a settlement agreement with Senior Care Centers and Abri Health Services, collectively known as the “Lessee,” among others. The settlement — approved in the U.S. Bankruptcy Court for the Northern District of Texas, Dallas Division — includes a one-time payment of […]
Strawberry Fields REIT this week announced the acquisition of six skilled nursing facilities (SNFs) in Kentucky and Tennessee. The purchase price was $81 million for the six facilities. Due to rising prices going into COVID-19, and lofty expectations and valuations in the skilled nursing space, the REIT became less active in the SNF market during […]
New York City-based health care lender and asset manager MONTICELLOAM, LLC announced it provided $58.13 million in debt financing for the refinancing of five skilled nursing facilities in Florida. The facilities consist of a total of 607 beds. The transaction’s sponsor is reportedly an experienced owner/operator with a current portfolio of more than 35 buildings […]
As skilled nursing providers look for ways to better position themselves to participate in accountable care organizations (ACOs) in a world increasingly interested in value-based care, post-acute transparency is key when hospital systems look to establish a preferred skilled nursing facility (SNF) network. “Not all of your SNFs are created equal,” Phyllis Wojtusik, executive vice […]