Legacy Buys $5M Building in Illinois; Former Skyline Facility to Sell Soon

Legacy Healthcare Buys Elgin, Ill., SNF for $5M, Plans Millions in Renovations Legacy Healthcare purchased the Advocate Sherman West Court skilled rehabilitation and nursing facility in Elgin, Ill., and plans to invest $2 million in renovations, The Daily Herald reported. Most or all of the 75 staff members are expected to keep their jobs. The renovations […]

Bloomberg: Long-Term Care Leads Health Care Deal Surge

It’s been an active year for long-term care transactions, and a leading financial publication has taken notice. Long-term care led all health care segments tracked by investment bankers in deals for the third quarter of 2018 and the entire year to date, Bloomberg News reported. Out of 287 transactions announced or closed in the quarter, […]

Leaders Hint at Occupancy, Bed Price Mismatch in Skilled Nursing Amid Speculation

Over the last half-decade, there have been two consistent and opposing trends in the skilled nursing world: Occupancy keeps declining as seniors find other options for long-term care, but bed prices have kept steadily chugging upwards. And while there are solid reasons for those seemingly counterintuitive threads, there are questions in the operational and investment […]

Greystone to Develop $21M Skilled Nursing Facility; Lancaster Pollard Secures $6.7M Refi

Greystone Healthcare Management to Develop $21M SNF in Florida Greystone Healthcare Management will develop a $21 million, 80-bed skilled nursing facility in Clermont, Fla. The 60,250 square-foot center will have 40 private suites and 20 semi-private rooms. Services will include specialized orthopedic, cardiac, and stroke rehabilitation programs, with an emphasis on higher-end “health care resort” touches. “The cornerstone […]

Ohio SNF Sells for $1.7M; Pittsburgh SNF Gets $19.5M Bridge Financing

Dayton, Ohio, Skilled Nursing Sells for Almost $1.7M The Forest View Care and Rehabilitation Center in Dayton, Ohio, was sold for almost $1.7 million, WHIO-TV reported on Oct. 11, citing property records. The facility was sold to Forestview Propco LLC by Sabra Health Vcare, according to the records. Forestview Propco has a Chagrin Falls, Ohio mailing address. Another nursing facility in […]

Private Investment, Demographics Driving Skilled Nursing Deals Despite Stress

Private investors continue to drive interest in the skilled nursing industry despite knowing full well the pressures that operators face, according to a new analysis from real estate brokerage and advisory firm Marcus & Millichap. Over the last year, nursing homes have accounted for about half of the deal volume in the senior living space […]

Genesis Sells 15 Skilled Nursing Facilities as Texas Exit Continues

Genesis HealthCare (NYSE: GEN) this week sold 15 skilled nursing facilities in Texas and handed off the operations of a 16th leased facility in the state. The transaction, announced late Tuesday, leaves seven Genesis SNFs in the state, with the company planning to sell all seven during the fourth quarter of this year. Previously, the […]

Lancaster Pollard Secures $16.8M Refi; Welltower Continues Florida Sell-Off

Lancaster Pollard Facilitates $16.8M Refi in Pennsylvania Lancaster Pollard, a lender based in Columbus, Ohio, facilitated a $16.8 million refinance of the Mountain View SNF for Complete Healthcare Resources. The 271-bed facility, located in Coal Township, Pa., also has eight independent living units. The refinance was closed through the Federal Housing Administration’s Sec. 232/223(f) program; it decreases overall […]

Mom-and-Pop Skilled Nursing Facilities Could Find Safety in Numbers Under PDPM

Standalone skilled nursing facilities are likely to depart in droves under the new Medicare payment system, at least according to several executives with major skilled nursing players. In fact, the new Patient-Driven Payment Model (PDPM) is likely to force many mom-and-pops out of the space altogether, CareTrust chief investment officer Mark Lamb said in the […]

Fundamental, Senior Care Development to Form $1 Billion Skilled Nursing Joint Venture

Alternative asset management firm Fundamental Advisors LP on Monday announced the formation of a skilled nursing-focused joint venture, with an eventual goal of snapping up $1 billion in skilled nursing assets. The other half of the billion-dollar partnership will be Senior Care Development, a developer with a historic focus on continuing care retirement communities (CCRCs) […]

Diversicare, Omega Agree to New Master Lease on 34 Skilled Nursing Facilities

Diversicare Healthcare Services (Nasdaq: DVCR) on Monday announced a new lease deal with landlord Omega Healthcare Investors (NYSE: OHI), which will see 34 skilled nursing facilities consolidated under a single agreement. The Brentwood, Tenn.-based skilled nursing provider previously had 23 facilities — scattered across Texas, Kentucky, Alabama, Florida, Ohio, and Tennessee — under one lease […]

Non-Profits Exit Skilled Nursing Amid Consolidation, Strong M&A Activity

Non-profits have felt particularly squeezed by recent skilled nursing pressures on multiple fronts, prompting them to sell off their skilled facilities — typically to for-profit entities. Many of them are feeling the pressures of staffing, Luann Gutierrez, Greystone & Co.’s managing director for bridge finance, told SNN. In addition, the non-profits that have just one or […]

Genesis CEO Hager on Leadership, PDPM, and the ‘Medicaid Problem’

Genesis Healthcare (NYSE: GEN) has been working to optimize its portfolio in a year of troubles both for the company and the skilled nursing industry at large — with a goal of properly positioning for the future as changes loom large in the space. Leading that effort is CEO George Hager Jr., who has served […]

Invesque Sees Bright Skilled Nursing Future Even as it Diversifies $1.4B Portfolio

Since going public two years ago, Invesque Inc. (TSX: HLP.U) — the former Mainstreet Health Investments — had steadily moved to diversify away from the skilled nursing assets that had previously dominated its portfolio. But that doesn’t mean that CEO Scott White has a bearish outlook on institutional care going forward. “Definitively, there is a […]

South Florida Shuffle: Welltower Sells Building for $15.4M, Two-SNF Portfolio Nets $24 Million

Welltower Offloads Broward County SNF for $15.4M Welltower Inc. (NYSE: WELL) recently sold the Heartland of Tamarac skilled nursing facility for $15.4 million, the South Florida Business Journal reported. The real estate investment trust offloaded the building to 5901 Tamarac LLC, a company associated with Millennium Management of Miami, according to the publication. The facility […]

White Oak’s $33M Skilled Nursing Refinance; State Takeover in Kansas

White Oak Lands $33M Refinance for Granite Group White Oak Healthcare Finance this week announced the funding of a $33.2 million senior credit facility for Granite Investment Group; in turn, Granite used the funds to refinance a four-building skilled nursing portfolio in Texas. A subsidiary of White Oak Global Advisors, the health care finance firm […]

As Underperforming Skilled Nursing Assets Sell, Private Equity Makes a Move

Amid all the shakeups in the post-acute and skilled nursing sector, private equity funds and others have seen an opportunity to move into the space — and they haven’t hesitated to take advantage. Much of the focus for private equity and institutional investors has been on senior housing, according to an August report from Fitch […]