Avante Group, a nursing home group based in Hollywood, Fla., is selling all six of its facilities in North Carolina, with an effective closing date of June 1. SentosaCare, based in Webster, N.Y., is the proposed buyer, the Winston-Salem Journal reported, and the number represents a reduction in Avante’s footprint by half. Avante submitted a Worker […]
Greystone Real Estate Advisors Closes $6.3M SNF Sale in Texas Greystone Real Estate Advisors closed the sale of Nazareth Living Care Center, which was purchased by Chicago-based Mozart Healthcare, LLC for $6.3 million. Nazareth Hall, a non-profit Texas corporation, was the seller. The skilled nursing facility in El Paso, Texas, has 124 licensed beds, and Paramount Healthcare […]
Headwinds are ripping the skilled nursing industry from the ground up, and financing is no exception, according to a debt financing panel at the National Investment Center for Seniors Housing & Care Spring Investment Forum in Dallas. “We are being selective in our approach to skilled nursing and there’s no two ways about it,” Jeff […]
MidCap Financial Closes First Mortgage Loan on 18 Genesis SNFs MidCap Financial, a middle market-focused commercial finance company, closed a $75 million first mortgage loan with Genesis HealthCare, Inc. (NYSE: GEN). The floating rate loan is secured by 18 skilled nursing facilities across eight states with 2,153 operating beds, and is part of a $630 […]
The headlines for the skilled nursing sector include such uplifting topics as bankruptcies, lawsuits, and declining occupancy — to name just a few — and are enough to make any investor think twice about putting money in the industry. But “the perceived risk is higher than actual risk” in the sector, at least according to […]
Post-acute giant Genesis Healthcare, Inc. (NYSE: GEN) will completely exit the skilled nursing space in Texas, selling 23 facilities and transferring operations of a 24th by the middle of this year. The Kennett Square, Pa.-based operator announced the deal late Wednesday night, with the buyer identified as Regency REIT, LLC. That New York City-based real […]
Blueprint Announces Wisconsin SNF Sale Blueprint Healthcare Real Estate Advisors announced the sale of the skilled nursing facility Nu-Roc Community Healthcare in Forest County, Wis. The community was stabilized at the time of the sale, with occupancy of more than 95% and a rating of five stars from the Centers for Medicare & Medicaid Services (CMS). Blueprint […]
StoneGate Announces Eight New Contracts in Oklahoma StoneGate Senior Living, a senior care and housing company based in Lewisville, Texas, added eight new properties to its lineup in Oklahoma, contracted from Southwest Healthcare. The communities offer a range of services, including skilled nursing and rehabilitation. As a result of the additions, StoneGate now contracts with […]
Shareholders of Kindred Healthcare (NYSE: KND) on Thursday approved the sale of its home health business to insurance giant Humana Inc. (NYSE: HUM) and a pair of private equity firms. The Louisville, Ky.-based post-acute provider announced the $4.1 billion deal last December, a few months after it began its planned exit from the skilled nursing […]
Welltower Subsidiary Pays $130M for South Florida Senior Living Facility Welltower Jefferson Propco TRS, a subsidiary of the Toledo, Ohio-based Welltower (NYSE: WELL), purchased the 527-bed senior living complex Stratford Court near Boca Raton, Fla., for $130 million, or $246,679 per unit. The site spans 447,948 square feet and includes independent living, assisted living, skilled nursing, and memory care. […]
Harborview Arranges $63M Bridge-to-HUD Loan for Brooklyn SNF Harborview Capital Partners arranged a $63 million bridge-to-HUD loan for a skilled nursing facility and two adult day care centers in Brooklyn, N.Y., REBusinessOnline reported. The loan refinances existing debt, and the borrower, who was undisclosed, plans to add a new rehabilitation gym to the facility. Kalesta Health Care […]
Pennsylvania ManorCare Facility Purchased by Tryko Partners Brick, N.J.-based private equity group Tryko Partners purchased ManorCare Health Services at Mercy Fitzgerald Hospital in Yeadon, Penn., The Philadelphia Inquirer reported. The 129-bed nursing home was renamed Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald. The price was not disclosed, but Tryko said it is planning a $2.5 million renovation […]
Skilled nursing occupancy rates, already sitting at record lows, will continue to plummet in 2018 according to the most recent projections from Marcus & Millichap. The commercial real estate brokerage predicts that skilled nursing occupancy will fall to 85.3%, a dip of 80 basis points and a new low for the decade. “The skilled nursing […]
ESI Arranges $7.2M Sale of Pennsylvania SNF Evans Senior Investments (ESI), a real estate brokerage firm with locations in Chicago and Boulder, Colo., represented the sale of the 66-bed Bloomsburg Rehab & Wellness Center, a skilled nursing facility in Pennsylvania for $7.2 million, or $117,000 per bed. The buyer and the seller were publicly traded real estate investment […]
The recent bankruptcies of the HCR ManorCare and Orianna skilled nursing chains seemed to validate an industry-wide opinion that the future belongs to the smaller, regional operator. But there are still advantages to scale in the skilled nursing industry — even if they remain under the radar. The Ensign Group (NASDAQ: ENSG) has a nationwide […]
Despite all the doom and gloom in the skilled nursing industry in recent years, at least one major financial player thinks the time is ripe for operators and investors to expand. “We, as an industry, need to be at parity in the health care delivery system,” Formation Capital Founder and Chairman Arnold Whitman said during […]
If Health and Human Services secretary Alex Azar has his way, the health care consumer of the future will select providers the way they currently decide where to eat or which knockoff iPhone charger to buy. “Imagine a day when health care delivery in the United States functions the way other parts of our economy […]
Recently filed bankruptcy documents reveal that HCR ManorCare’s total missed rent to Quality Care Properties, Inc. (NYSE: QCP) topped $445 million — while its former CEO is set for a handsome payday. Paul Ormond, who left the embattled provider in September, could receive a settlement in excess of $100 million, according to a letter from ManorCare […]
When Quality Care Properties, Inc. (NYSE: QCP) announced an agreement to take over its troubled tenant HCR ManorCare late last week, it capped a long struggle between the landlord and the skilled nursing provider. The Bethesda, Md.-based QCP is expected to lose its status as a real estate investment trust (REIT) as a result of the deal, […]
Non-Profit Sells Queens Nursing Home to For-Profit for $41M CenterLight Health System, a non-profit based in the Bronx, N.Y., will sell its Margaret Tietz Nursing and Rehabilitation Center in Queens to a group of limited liability companies for $41 million. The owners of those companies include Cassena Care principals Pasquale DeBenedictis and Alex Solovey and Workmen’s […]
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