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 […]
Category: Finance
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, […]
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 […]
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 […]
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 […]
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 & 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 […]
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 […]
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 […]
Orianna Health Systems, a skilled nursing operator that entered a protracted and litigious bankruptcy last year, will effectively cease to exist after its plan of liquidation was confirmed last week. In a separate process, the company also transferred the ownership and the operations of 15 remaining facilities owned by the bankrupt operator, legally known as […]
Adding skilled nursing provider Evangelical Lutheran Good Samaritan Society could make hospital network Sanford Health even more attractive to other health systems – even as the newly combined non-profit tries to dismantle the silos between acute and post-acute care. That’s according to David Horazdovsky, Good Samaritan’s CEO, and Randy Bury, who transitioned to the role of […]
A behavioral telehealth company focused on caring for Medicare populations in rural areas — including skilled nursing residents — closed a Series A Preferred growth equity funding round led by Spring Lake Equity Partners. The Novato, Calif.-based Forefront Telecare also added Rob Rebak, who previously served as president and CEO of behavioral telehealth platform AbleTo, […]
The partial government shutdown has brought a multi-billion-dollar program for skilled nursing facility acquisitions and refinances to a halt, and the backlog could complicate deals long after the impasse eventually ends. The Department of Housing and Urban Development (HUD) has stopped endorsing loans, the final step toward closing deals through the Federal Housing Administration’s (FHA) […]
Continuing Healthcare Solutions, a network of senior living communities based in Middleburg Heights, Ohio, took over seven skilled nursing facilities and an assisted living property that used to be operated by Zanesville, Ohio-based Zandex as of December 28, 2018. The Times Recorder reported the news. Zandex reached a purchasing agreement with CHS after almost three […]
While remaining relatively mum on the status of his company’s major skilled nursing play, Welltower Inc. (NYSE: WELL) CEO Tom DeRosa this week presented a vision of the future in which health care assets replace retail as the cornerstone of real estate development. “For generations, we thought of anchors as retail — it’s retail that […]
Skilled nursing rents must decline by about 10% across the board in order to ensure the facilities’ long-term stability, a Wednesday report from Green Street Advisors has concluded. Real estate investment trusts (REITs) must achieve rent coverage of around 1.9 times to achieve stability for their tenants, the real estate research firm’s analysts Lukas Hartwich […]
Citadel Healthcare Acquires Illinois ManorCare SNF Citadel Healthcare acquired ManorCare of Northbrook in Northbrook, Ill., for an undisclosed amount, The Daily Herald reported. The facility, which has been renamed The Citadel of Northbrook, is the 10th location for Citadel, according to the publication. The company is based in Morton Grove, Ill., according to its LinkedIn […]
Welcov Healthcare, a nursing home and senior living operator based in Edina, Minn., is in the process of “winding down operations,” according to local media reports. The company is going through a reorganization and is in the process of shutting down operations, though it remains committed to two facilities in Torrington, Wy., Welcov president Tom […]
It’s been a common refrain in the industry: To survive in a health care system increasingly moving to value-based payment models, skilled nursing facilities will have to form strong partnerships with hospitals, health systems, and accountable care organizations (ACOs). But doing that will be difficult if acute care facilities and ACOs aren’t interested in forging […]
A subsidiary of Bain Capital made a major move into the skilled nursing world this week, acquiring a provider of specialty medical services to heavy hitters like Genesis Healthcare (NYSE: GEN) and HCR ManorCare. Bain Capital Double Impact on Thursday announced the acquisition of HealthDrive, a Wellesley, Mass.-based firm that offers dentistry, optometry, podiatry, and […]
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