Arnie Whitman, Omega, Ziegler Lead $9M TSOLife Series A; ESI Closes Ohio SNF Deal

TSOLife completed a $9 million Series A funding round for its AI-based business intelligence platform that translates and transcribes resident interviews and converts the information into consumable data. Data dashboards can be utilized by skilled nursing staff to look for actionable trends and insights. “TSO is the tip of the spear in gathering social insights […]

With ‘Mask’ of Federal Support Dropped, SNF Financial Troubles Will Soon Become Apparent

Skilled nursing leadership believes the sector won’t be receiving any more significant funding support from the federal government moving ahead, despite a dragging occupancy rebound and historic labor shortage. The SNF market will become increasingly more financially stressed as operators struggle to pay back Medicare advances and payroll tax deferrals as well, according to Brian […]

Formation Capital CEO Exits Firm After Almost 10 Years On the Job

Brian Beckwith, who has served as CEO of the Atlanta-based private equity firm Formation Capital for almost a decade, is departing the firm. Formation specializes in senior housing and care investments and has sponsored about $2 billion of equity across senior living, skilled nursing and other post-acute services since it was founded in 1999. The […]

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 Quality Concerns, Senators Demand Answers from Major Private Equity Owners of Nursing Homes

The structure and finances of private equity investors in the skilled nursing space have come under the federal microscope, with two U.S. senators and a U.S. representative demanding answers from four major firms about their investment in nursing homes. Presidential hopeful Sen. Elizabeth Warren, along with Sen. Sherrod Brown and Rep. Mark Pocan, sent strongly-worded […]

Formation Focuses on Strategic Skilled Nursing Sales as Capital Continues to Drive Demand, Prices

Formation Capital remains a heavyweight in the private investment space for senior housing and care, but its CEO says that its skilled nursing tastes have become more opportunistic as capital continues to aggressively chase available properties. The Atlanta-based Formation this past spring sold off a 12-property skilled nursing portfolio in Virginia and Pennsylvania, and CEO […]

Greystone’s $72M Portfolio Deal; Formation’s 12-SNF Sale in VA; Strawberry Fields Grows to 70 SNFs

Greystone on Tuesday announced the successful closing of a nearly $72 million bridge loan used in the acquisition and refinance of a seven-building skilled nursing portfolio across North Carolina and Kentucky. The New York City-based lending and advisory firm extended 24-month payment terms on the $71.9 million bridge financing, along with a pair of six-month […]

Formation Chairman: New Models for Skilled Nursing are Emerging

Formation Capital has a long history in skilled nursing and based on our conversation with Arnold Whitman — its founder and chairman — the company continues to see a big opportunity for the industry to take advantage of the shift to value-based care. During the National Investment Centers for Seniors Housing & Care (NIC) conference in […]

Must-Reads: Fortis in Receivership, SNFs’ Cloudy CCRC Future

Each week, we round up the most-read stories on Skilled Nursing News in one place — perfect for catching up on the top headlines you may have missed amid the health care reform collapse and other news out of Washington. Fortis Management Group, an operator of 60 skilled nursing facilities in the Midwest and Pacific […]

Skilled Nursing Operator Fortis Files for Receivership

A group of skilled nursing properties that changed hands in a sizable transaction two years ago has seemingly fallen on hard times. Fortis Management Group announced on July 12 it filed for a receivership in an agreement with its landlords. The company operates 60 skilled nursing and five assisted and independent living facilities spread across Wisconsin, Michigan, Minnesota, Oregon, Idaho […]