Capital Funding Group announced its involvement in a $18.5 million bridge loan used to acquire a four-building skilled nursing portfolio in Texas. The deal, which closed in April, was intended as a step toward eventually refinancing the debt through the Department of Housing and Urban Development’s (HUD) 232(f) program. The portfolio, under the control of […]
Category: Finance
As both government and private payers increasingly move toward value-based reimbursements, skilled nursing providers in particular have struggled to keep up — and shift decades-old operational patterns to suit the new reality. For OnPointe CEO Eric Tanner, the only way forward is by running headlong into risk, primarily by showing payers and hospitals how his […]
In an effort to turn around a string of shaky quarterly financial results and get back in the Nasdaq’s good graces, skilled nursing operator Diversicare (Nasdaq: DVCR) has its sights set on expense-structure changes and supplemental payment programs in Texas. The Brentwood, Tenn.-based operator recorded a net loss from continuing operations of $3.3 million, or […]
CareTrust REIT Inc. (Nasdaq: CTRE) acquired the 118-bed Lakewest Rehabilitation & Skilled Care skilled nursing facility in Dallas, for an initial investment of $10 million, inclusive of transaction costs. The San Clemente, Calif.-based real estate investment trust (REIT) leased the property to Texas SNF operator Next Gen P, LLC, with initial annual cash rent set […]
The Ensign Group (Nasdaq: ENSG) acquired four skilled nursing facilities in California and two post-acute retirement campuses that include skilled nursing units in Arizona, the provider announced Thursday. The move continues Ensign’s active push for expansion, which the company touched on in its fourth-quarter earnings call. Ensign has seen strong growth from its opportunistic acquisitions, […]
Bridgemoor Transitional Care opened to the public a newly built short-term rehabilitation facility in Webster, Texas, with a final price tag of $20 million. Specifically targeting post-acute residents, the new Webster facility features 70 private suites equipped with bathrooms, an in-house pharmacy, and dialysis coordination, along with high-end food options and a salon. “Our Webster […]
Officials in Massachusetts successfully petitioned to have five skilled nursing facilities operated by the troubled Skyline Healthcare placed in temporary receivership. The receivership petition and order appointing the receiver, which the Massachusetts Office of Attorney General provided to Skilled Nursing News, was approved Monday by a Suffolk County Superior Court judge. KCP Advisory Group LLC […]
Executives from Welltower Inc. (NYSE: WELL) have been largely mum about the company’s ongoing integration of HCR ManorCare’s skilled nursing facilities into its overall portfolio, but when pressed Tuesday, leaders hinted that the metrics are moving in the right direction. Occupancy at ManorCare SNFs has increased by more than 100 basis points, Welltower chief investment […]
A pair of private equity firms on Monday announced a new partnership aimed at developing and buying inpatient rehabilitation facilities, with an eye toward underserved communities — and eventually filling gaps in the care continuum beyond the IRF. Blue Wolf Capital Partners and Peloton Equity, LLC have teamed up to form ClearSky Health, with veteran […]
Lancaster Pollard provided a $17.3 million loan insured by the Department of Housing and Urban Development to refinance Willow Springs, a skilled nursing facility in Brick, N.J. Tryko Partners was the borrower, having purchased the community from NuVision Management in 2013, REBusinessOnline reported. The facility had 148 skilled nursing beds and an assisted living (AL) […]
Patients referred to skilled nursing facilities only become residents about 37% of the time, a new set of survey results reveals — with nearly a quarter of those lost referrals going to a direct competitor. Of the potential residents referred to any given SNF, 44% are lost, according to data released last week by Enquire, […]
Ventas Inc. (NYSE: VTR) on Friday announced an extension of its lease arrangement with Genesis HealthCare (NYSE: GEN) — a move that intrigued analysts given other landlords’ moves away from the operator. The real estate investment trust (REIT) granted Genesis five more years under its existing rent and escalator terms, with a few landlord-friendly twists: […]
Industry leaders had reason to cheer the federal government’s decision to boost Medicare rates for skilled nursing facilities, but the gain could end up only papering over the persistent reimbursement problems in the space. The Centers for Medicare & Medicaid Services (CMS) last week proposed a 2.5% increase to the Medicare market basket rate, a […]
The slow-motion collapse of the Skyline Healthcare chain of nursing homes continued this week as the troubled operator surrendered its licenses for five buildings in Massachusetts — while another building that had been placed in receivership in Nebraska is set to shut its doors in May. After local news agencies reported that the provider had […]
Regional Health Properties, Inc. (NYSE American: RHE) this week announced an agreement to sell four skilled nursing properties to MED Healthcare Partners, LLC, for a total of $28.5 million. The 500-bed portfolio consists of Attalla Health & Rehab in Attalla, Ala.; Healthcare at College Park in College Park, Ga.; Northwest Nursing Center in Oklahoma City; […]
A handful of nursing homes in Massachusetts held by the owner of the troubled Skyline chain have seen bounced paychecks in recent weeks — and at least one has had so many nurses’ aides leave that an entire floor had to close, The Standard-Times reported. The Bedford Gardens & Rehabilitation Center in New Bedford, Mass., […]
Non-profit hospital system ProMedica last week announced the layoffs of 100 more administrative and corporate employees, marking the second round of staffing reductions since it took over the operations of nursing home chain HCR ManorCare. The Daily Reporter of Coldwater, Mich. — where ProMedica operates the Coldwater Regional Hospital — initially reported the news, citing […]
Three more skilled nursing facilities operated by Dycora Transitional Health & Living were placed into receivership on Thursday, bringing the total under third-party supervision to 11. The Thomas Seaman Company was appointed receiver for the three latest properties — located in Fresno, Shafter, and Stockton, Calif. — by the San Joaquin County Court. Affiliates of […]
Long Term Care Investments VI is pitching a $7 million skilled nursing facility in Merrillville, Indiana, the Times of Northwest Indiana reported. The development would include five residential buildings, each with 12 beds, a dining area, a spa and a beauty salon; 12 of the units in the development would be designated for dementia patients. […]
Ask any skilled nursing investor about the metrics that get them excited about a potential deal, and you’ll probably hear about the strength of a given operator in a market — along with other common factors such as proximity to a hospital, involvement in local care networks, and relatively young age of plant. In addition, […]
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