A federal lending program for nursing homes and other senior care facilities is once again under the microscope, with Barron’s reporting last week that Washington has backed financing for “dozens of poorly run nursing homes.” The U.S. Department of Housing and Urban Development (HUD)’s Section 232 programSection 232 provides mortgage insurance for long-term care facilities, […]
Rosewood Care Centers
The federal government this week announced a multiple-count indictment against a former Chicago-area nursing home owner, alleging that he and a top executive ran a “Ponzi scheme” that defrauded investors out of $22.8 million. Zvi Feiner, formerly the owner and CEO of the Skokie, Ill.-based FNR Healthcare LLC, stands accused of misleading investors about the […]
Greystone on Monday formally announced its takeover of 13 properties from the federal government, marking a new chapter for the much-publicized Rosewood Care Centers portfolio. The New York City-based investment firm installed an operational affiliate, Greystone Healthcare Management-Midwest, as the operator of the former Rosewood buildings in Illinois and Missouri, which include 12 skilled nursing […]
The Department of Housing and Urban Development (HUD) has reached a deal that will see the New York City-based lending and advisory firm Greystone take over a troubled group of nursing homes and one assisted living facility (ALF) associated with the largest default in the department’s history. The New York Times first reported the news […]
An administrative law judge approved a nearly $1 million penalty against the owner of an Illinois nursing home chain responsible for the worst default in the history of the Department of Housing and Urban Development’s loan program for health care facilities, the New York Times reported on Friday. Under the terms of the deal, Zvi […]
The collapse of a Chicago-area nursing home business resulted in the largest loss in history for the Department of Housing and Urban Development’s (HUD) loan guarantee program for skilled nursing facilities, the New York Times reported Friday — prompting the paper to question the safeguards in place for the program. The nursing home chain in […]