Shareholders of Quality Care Properties (NYSE: QCP) on Wednesday voted to approve the company’s acquisition by fellow real estate investment trust Welltower Inc. (NYSE: WELL), marking the latest milestone in a mega-deal that will shake up the skilled nursing industry. The Bethesda, Md.-based QCP’s investors will receive $20.75 per share as part of the deal. […]
Portfolio sales drove seniors housing and care volume in the second quarter, and skilled nursing facilities played a major role in that momentum, according to acquisition data from Irving Levin Associates, Inc. The second quarter saw 106 publicly announced seniors housing and care acquisitions, up 35% from the year-ago period and 30% higher than the first […]
Welltower Obtains New $3B Revolving Credit Facility Welltower Inc. (NYSE: WELL) entered into a new credit agreement consisting of a $3 billion unsecured revolving credit facility, a $500 million unsecured term credit facility, and a C$250 million unsecured term credit facility, according to a filing with the Securities and Exchange Commission Tuesday. The Toledo, Ohio-based real estate investment […]
Dwight Capital Provides $4.5M Bridge Financing for Minnesota SNF Acquisition Dwight Bridge Fund, which is managed by the New York-based Dwight Capital’s affiliated investment advisor, financed an assisted living facility (ALF)/skilled nursing facility (SNF) acquisition in Minnesota. DBF provided a $4.5 million bridge loan for the purchase of Caledonia Rehabilitation & Retirement Center in Caledonia, Minn. The 66-bed […]
$4.7 Million Raised for New County Skilled Nursing Facility The Door County Medical Center in Sturgeon Bay, Wis., held a groundbreaking ceremony for a new 25,000-square-foot skilled nursing facility, the Door County Daily News reported. The facility is expected to be completed in the next year. Mike Herlache, executive director of the Door County Medical Center […]
Quality Care Properties (NYSE: QCP) last week announced steps to clear up a pair of lawsuits surrounding its impending acquisition by fellow real estate investment trust (REIT) Welltower Inc. (NYSE: WELL). The two class-action lawsuits — Sanderson v. Quality Care Properties and Kent v. Quality Care Properties — alleged that the REIT violated the Exchange […]
Post-Acute Continuum in Washington, D.C., Sold to Brooklyn-Based Buyer Healthcare Transactions Group facilitated the sale of the assets of VMT Long-Term Care Management, Inc., a for-profit post-acute services continuum in Washington, D.C. The assets included the leasehold operations of the 230-bed Unique Residential Care Center skilled nursing facility and a Medicare- and Medicaid-certified licensed home […]
Tryko Partners acquired two skilled nursing facilities totaling 254 beds and plans to launch renovations and programming expansions at both properties. Marquis Health Services, Tryko’s health care affiliate, has assumed operations of the facilities. Tryko is a private equity group based in Brick, N.J., while Marquis has 10 SNFs in the Mid-Atlantic region, with additional […]
Sabra Health Care REIT (Nasdaq: SBRA) completed the sale of nine facilities leased to Genesis Healthcare (NYSE: GEN) for $81.4 million and one facility leased to Signature HealthCARE for $7 million. The Genesis facilities included seven skilled nursing facilities, one senior housing community and one continuing care retirement community (CCRC). As a result of the sale, […]
The aging population is a major force in the booming health care mergers and acquisitions market, which saw 579 deals for U.S. health care targets last year. West Monroe Partners, a Chicago-based business and technology consulting firm, conducted a survey of 100 market practitioners in collaboration with Mergermarket for a new report on how competition […]
Recent deals by nonprofit health systems ProMedica and Sanford Health to acquire skilled nursing facility operations have put the sector on notice — and one CEO can understand why. Eric Mendelsohn, the President and CEO of National Health Investors (NYSE: NHI), said he hasn’t seen health systems coming to the table for senior living and care […]
Blueprint Announces Eight-Property SNF Portfolio Sale in Pennsylvania Blueprint Healthcare Real Estate Advisors announced the sale of an eight-property skilled nursing portfolio in southeast Pennsylvania with 1,050 beds; some of these facilities offered high-acuity, specialty care. The seller sought to divest non-core assets, which included a portion of high-barrier-to-entry locations in the Philadelphia area, according […]
The recent megadeals involving popular consumer brands and health care giants haven’t touched skilled nursing yet, but the moves are sending ripple effects through the industry as a whole — and SNF providers would be wise to listen up. When CVS acquired insurance giant Aetna and Amazon teamed up to form a health care company with […]
Housing & Healthcare Finance Closes on HUD Loan for Tryko Facility in PA The Washington, D.C.-based Housing & Healthcare Finance closed on a 232/223(f) Department of Housing and Urban Development (HUD) loan for New Eastwood Healthcare & Rehabilitation Center. The 97-bed skilled nursing facility in eastern Pennsylvania is owned by Tryko Partners, which acquired it in […]
The Evangelical Lutheran Good Samaritan Society and Sanford Health took a key step forward in their plans to merge, signing an affiliation agreement Tuesday to combine the two Sioux Falls, S.D.-based non-profit organizations. Pending regulatory review, hospital chain Sanford and senior care heavyweight Good Samaritan expect to combine by Jan. 1, 2019. The result — if everything […]
The Evangelical Lutheran Good Samaritan Society, one of the largest non-profit senior care providers, on Tuesday announced a vote to approve a merger with Sanford Health, a not-for-profit health system. Good Samaritan has more than 200 locations across the U.S. with about 80 skilled nursing facilities, while Sanford has 44 hospitals. Both organizations are based in Sioux […]
SNF for Parolees Proposed in Fulton, Missouri The Georgia-based company CorrectLife, which provides assisted living to parolees or people eligible for parole with no alternate living arrangements, visited Fulton, Mo., to explore the potential construction of 150-bed skilled nursing facility, the Fulton Sun reported on Thursday. Carlo Musso, who founded CorrectLife, is interested in opening […]
$20M Sub-Acute SNF Comes to El Paso, Texas Center at Zaragoza, LLC, based in Colorado Springs, Colo., plans to build a $20 million sub-acute nursing facility in El Paso County in Texas, El Paso Inc. reported on June 15. County commissioners approved a tax incentive agreement totaling $416,965. The three-story facility will be the first sub-acute nursing […]
Quality Care Properties (NYSE: QCP) has set a date for shareholders to vote on its proposed acquisition by Welltower Inc. (NYSE: WELL) and the ProMedica hospital system — and despite rumblings about a potentially better offer, QCP continues to tell shareholders to approve the deal. The real estate investment trust (REIT) will convene a meeting […]
The Ensign Group (Nasdaq: ENSG) this week announced the acquisition of a new office building for its Service Center employees. The 115,000-square-foot space in San Juan Capistrano, Calif. will replace a leased space in Mission Viejo, Calif., where the skilled nursing provider is currently based. “After considering dozens of possibilities over the last 18 months, […]
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