Legacy Healthcare’s near-term growth strategy is centered around fine-tuning internal systems and processes to adjust for the ‘constant battle’ of the two Rs – reimbursement and regulation. And so, amid expectations of tighter scrutiny on private equity investment and legislation that could squeeze margins, the organization is betting big on AI to alleviate the operational […]
Legacy Healthcare
A specific type of collaboration between skilled nursing facilities (SNFs) and hospitals is gaining traction due to the financial benefits and quality improvements it can deliver. Known as the Post Acute Network (PAN) program and focused on patients discharged to SNFs, these initiatives are prompting nursing home operators to partner more closely with hospital systems […]
Petersen Health Care’s sale of the majority of its properties to Cascade Capital Partners, a Skokie, Ill.-based real estate investment firm, was approved by a federal bankruptcy court on Wednesday. The sale allows Petersen Health Care to move forward with a significant reorganization following its bankruptcy filing in March, enabling it to stabilize its financial […]
The Future Leaders Awards program is brought to you in partnership with PointClickCare. The program is designed to recognize up-and-coming industry members who are shaping the next decade of senior housing, skilled nursing, home health and hospice care. To see this year’s future leaders, visit https://futureleaders.agingmedia.com/. Kate Gilday, administrator at Legacy Healthcare, has been named […]
There is no one way to fill the gap left behind by the more than 400,000 caregivers that have exited the industry since the start of the pandemic. Nursing homes have implemented a number of recruitment and retainment strategies over the past year to curb the worsening staffing crisis, but it may not be as […]
Despite improvements to the Medicaid rate in recent years, the state of Illinois’ reimbursement hasn’t kept up with rising costs for skilled nursing facilities — especially at a time when operators need to keep upping their wages to compete with other industries. While the next wave of the Provider Relief Funds is expected to infuse […]
The Future Leaders Awards program is brought to you in partnership with PointClickCare. The program is designed to recognize up-and-coming industry members who are shaping the next decade of senior housing, skilled nursing, home health and hospice care. To see this year’s future leaders, visit https://futureleaders.agingmedia.com/. Kevin McInerney, chief personnel officer and government affairs at […]
New York City-based health care lender and asset manager MONTICELLOAM, LLC announced that it provided a $70 million, five-year loan to refinance a seven skilled nursing facility portfolio. That portfolio consists of 953 beds throughout Arkansas. The sponsors of the transaction have a total portfolio of approximately 1,200 beds in Arkansas and have a proven […]
Harborview Capital Partners arranged a $32.4 million Department of Housing and Urban Development (HUD) Section 232/223(f) loan for the refinancing of a 210-bed skilled nursing facility for the Chicago-based operator Legacy Healthcare. The loan features a 35-year term and “amortization at an extremely aggressive rate,” according to a statement announcing the deal. Ephraim Kutner, Jonathan […]
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 […]
CareTrust REIT (Nasdaq: CTRE) expanded its existing relationship with operator Cascadia Healthcare with the $12.8 million purchase of a transitional care facility in Nampa, Idaho. Cascadia of Nampa, a 99-bed facility one block away from the Saint Alphonsus Medical Center, became the 12th building from the Eagle, Idaho-based operator to enter the CareTrust portfolio. “We […]
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 […]
Cascade Capital Group expanded its footprint in a major way over the last month, buying a total of 15 skilled nursing and assisted living facilities in two separate transactions with a total purchase price of $130 million. The first deal, which closed May 1, saw Cascade pick up five skilled nursing buildings in Southern California, […]
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 […]
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 […]
Legacy Healthcare Buys Elgin, Ill., SNF for $5M, Plans Millions in Renovations Legacy Healthcare purchased the Advocate Sherman West Court skilled rehabilitation and nursing facility in Elgin, Ill., and plans to invest $2 million in renovations, The Daily Herald reported. Most or all of the 75 staff members are expected to keep their jobs. The renovations […]
Cascade Capital Group snapped up a pair of skilled nursing facilities in the Chicago metropolitan area for less than $10 million — a deal that its leaders say indicates a downward per-bed pricing trend both locally and nationally. With 230 beds, the portfolio — consisting of Avantara of Elgin in Elgin, Ill. and The Grove […]
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 […]
As operators in the skilled nursing industry seek to offer higher-end services, some providers have turned to outside-the-box rehabilitation equipment geared toward residents’ lifestyles — from putting greens to throat-controlled video games to a decommissioned city bus. For Legacy Healthcare, that means branding one of its rehab units as a “penthouse.” The Lincolnwood, Ill.-based firm provides transitional, […]
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