29-Property Skilled Nursing Portfolio Deal Closes at $36K Per Bed

More than two-dozen skilled nursing facilities in Iowa are under new ownership, following the closing of a historic transaction this month. The sale is the largest SNF deal ever recorded in The Hawkeye State, according to Marcus & Millichap, which closed the transaction. ABCM sold its skilled nursing and assisted living assets to Chicago-based private […]

Invesque Continues Shift Away From Skilled Nursing Assets

Invesque Inc. (TSE: IVQ.U) during its third quarter earnings call highlighted a continued shift to a majority private pay, seniors housing portfolio from when the company first announced its IPO five years ago, diminishing its skilled nursing assets in the process. When the Carmel, Ind.-based company went public in June 2016, skilled nursing made up […]

Invesque is Looking at Portfolio More Closely as SNF Prices Soar

Invesque Inc. (TSE: IVQ.U) admitted that current skilled nursing prices have made it think strategically about how to expand or divest in the space moving forward during its second quarter earnings call last week. It also updated its shareholders on its final series of deals with Symphony Care Network (SymCare). “Transactions have been closed at […]

Pandemic Offers Opportunity for Private Investors in Skilled Nursing

The private sector has become more interested in investing in skilled nursing assets this past year into 2021, thanks to less competition from the public sector and (in some cases) distressed sales due to the pandemic. Public skilled nursing facility (SNF) owners like LTC Properties, Welltower Inc. and Omega Healthcare, meanwhile, are less inclined to […]

Invesque to Lower Symphony Exposure by 50%, Grow Relationship with Cascade

Invesque Inc. (TSE: IVQ.U) on Thursday updated shareholders on its continued separation from Symphony Care Network (SymCare) during its first quarter earnings call, with an intended 50 percent drop in SymCare assets long term. The Carmel, Ind.-based real estate investment firm began the first phase of its divestiture with the $20 million sale of its […]

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, […]

$169M Skilled Nursing Portfolio Deal in N.J.; Legacy Grows with a Pair of SNFs in Chicagoland

Peace Capital and its affiliated operator Complete Care Management acquired a 930-bed senior living and skilled nursing portfolio in the Ocean County, N.J. area in a $169 million deal. The transaction was financed by a $26 million mezzanine loan from the New York City-based private equity firm Northwind Group, and a $131 million senior financing […]

Vendor Objects to Skyline Receivership Transfer Plan in South Dakota

A few weeks after a lender attempted to hold up the transfer of nursing homes formerly operated by Skyline Healthcare in South Dakota to a new permanent provider, a new report reveals that another party has jumped into the fray. Avera, a regional health system based in Sioux Falls, S.D., moved to stop a planned […]

Final Three Skyline Nursing Homes in Massachusetts Close Doors

The final three former Skyline Healthcare nursing homes placed in receivership in Massachusetts have closed. The properties in New Bedford, Fall River, and Dighton, Mass. formally closed Friday, according to a report from the Providence, R.I.-based CBS affiliate WPRI. All of the residents had found new places to receive care, Bedford Village nursing supervisor Grace […]

Transfer of Former Skyline Properties Faces Opposition from Lender

Several former Skyline Healthcare properties in South Dakota could soon be transferred from a court-appointed receiver to a new permanent operator, but one lender involved in the case is arguing that it won’t get paid if the deal happens. The Aberdeen News first reported the news late last week. Skyline fell apart financially in South […]

HHC’s $81M Refinance for Legacy, Cascade; Multiple Bids on 100-Bed SNF in OK

Housing & Healthcare Finance earlier this month pulled off an $81 million refinancing for Cascade Capital Group and its operating affiliate, Legacy Healthcare. The North Bethesda, Md.-based HHC Finance arranged the deal for a six-building portfolio in the greater Chicagoland area, refinancing the buildings through the Department of Housing and Urban Development’s (HUD) 223(f) loan […]

Dwight Capital’s $13M Bridge Loan in Ohio; Marquis & Tryko Expand in Maryland

Tryko Partners on Friday announced the acquisition of Collingswood Rehabilitation & Healthcare Center in the Washington, D.C. suburb of Rockville, Md. The Brick, N.J.-based private equity firm installed its health care affiliate, Marquis Health Services, as the new operator, with plans for $4.5 million in capital improvements and new programming at the site. The 160-bed […]

$41M Nursing Home Sale in New York, $41M Portfolio Sale in MI

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 […]

60 Nursing Homes Change Operators in Multi-State Deal

More than 60 skilled nursing facilities across six states have new operators after a major real estate investment trust (REIT) decided to make a change. The portfolio stretches across six states in the Midwest and Pacific Northwest, with a total of 5,500 beds, according to Cascade Capital Group, which facilitated the deal. The identity of […]

Skilled Nursing Transactions: Strawberry Fields Picks Up Louisville SNF

Ohio Skilled Nursing Facility Sold for $7.5M An Ohio skilled nursing facility (SNF) is under new management after being sold for $7.5 million by Kettering Health Network, a hospital system based in Dayton, Ohio, the Dayton Daily News reported. The former Greene Oaks Retirement Center, now called Harmony Center for Rehabilitation & Healing, was purchased by […]