Credit, Lease Defaults Send 14-SNF Cornerstone Healthcare into Bankruptcy

An operator with several skilled nursing facilities in the states of Washington, Oregon, and Idaho has filed for Chapter 11 bankruptcy protection, citing issues with its secured debt and — in chorus with other bankrupt operators across the country — problems with its leases. Cornerstone Healthcare Services operates 14 SNFs in the states of Washington, […]

Citing ‘Crushing Rent Burden,’ Skilled Nursing Operator Absolut Care Files for Bankruptcy

Skilled nursing provider Absolut Care — and some of its subsidiaries — filed for Chapter 11 bankruptcy on September 10 in the U.S. Bankruptcy Court for the Eastern District of New York. The East Aurora, N.Y.-based company operates six SNFs and one assisted living facility in the Empire State, with approximately 975 employees, according to […]

New York’s Top-Rated Nursing Homes Less Likely to Admit Poor Patients

Five-star nursing homes in the state of New York are less likely to admit low-income residents than one-star facilities in the state, according to an investigation by The Buffalo News published on Sunday. Using data from the state Department of Health (DOH) from 2017, the publication found that those who enter New York nursing homes […]

Welltower’s $3B Revolving Credit Facility; $40M Acquisition Financing in Ohio

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 […]

N.Y. Operator to Sell Off a Third of Skilled Nursing Facilities

Absolut Care, a skilled nursing operator based in upstate New York, will sell off four facilities, reducing its footprint in the area by a third. New operator Personal Healthcare will take over a pair of 40-bed facilities in Eden and Dunkirk, N.Y., along with a 120-bed nursing home in Salamanca and a 100-bed facility in […]