Invesque (TSX: IVQ) sold seven skilled nursing facilities in Illinois for $101.3 million to an unnamed buyer as it continues its push towards focusing on private pay seniors housing, the company said on Monday. The company’s CEO and chairman, Scott White, spoke to Skilled Nursing News on the company’s latest move amid its ongoing business […]
Symphony Care Network
While so many nursing home trends have been altered by the pandemic, one has interestingly stayed in line with pre-pandemic statistics: Medicare Advantage’s (MA) growth trajectory. MA is still expected to cover 52.9% of all Medicare beneficiaries by 2031, according to Fred Bentley, managing director at ATI Advisory. Bentley spoke about Medicare’s evolution and its […]
Several recurring topics crept up while chronicling Skilled Nursing News’ most-read stories of the year – occupancy, staffing, acquisitions and the industry’s place in value-based care – among others. Of course, the COVID-19 vaccine rollout and subsequent mandate were top-of-mind the entire year as well. The Biden administration sought to boost lagging staff vaccine rates […]
Greystone announced it closed a $450 million commercial real estate collateralized loan obligation (CLO) backed exclusively by bridge loans for health care projects. It marks the largest health care CLO ever recorded as Greystone bested its own mark of $300 million set back in 2018. The assets in the CLO consist of skilled nursing, assisted […]
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 […]
As the skilled nursing market continues to heat up with larger corporations adding smaller operations to their portfolio, Symphony Care Network launched a new division Monday designed to give small- to mid-sized skilled nursing facilities (SNFs) the tools and insight they need to not only survive but thrive post-COVID. The launch is paired with a […]
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 […]
Respiratory service vendors have seen a boom in business due to the pandemic, with respiratory therapists sometimes filling in when COVID unit staff on a nursing home campus became scarce. RTs became indispensable when facilities were experiencing a surge in COVID-19 cases, and continue to be needed to treat virus “long-haulers,” administering high-flow oxygen without […]
Symphony Care Network, a Midwest operator with more than 30 properties throughout Illinois, Indiana, Wisconsin and Michigan, is expanding its mental health services to better address a patient population that is more complex and sicker post-COVID. The Chicago-based company formed a new geriatric mental health service — Serenata Geropsychiatric Care program — that helps identify […]
Despite low occupancy rates and uncertainty around federal funding, experts say the market for nursing homes has not slowed, as buyers want to get in on the frenzy and are willing to pay near stabilized rates to do so. Some, like Symphony Care Network, with a portfolio that totals more than 30 properties throughout Illinois, […]
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 […]
The overall market for health services assets shows no signs of slowing, as investors continue to aggressively seek deals. The long-term care dealmaking landscape, in particular, remains robust, though transaction volume is down slightly compared to recent stretches. “We expect deal activity to remain strong, building on the resurgence that began in June 2020,” John […]
Chicago-based specialty investment bank Ziegler last week announced it closed on $44,415,000 Series 2021 Bonds for a 47-acre CARF Accredited not-for-profit continuing care retirement community in Durham, North Carolina. Based just south of Duke University in Durham, North Carolina, The Forest at Duke opened in 1992 and serves as a Type B life care community […]
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 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 […]
Invesque Inc. (TSE: IVQ.U) on Thursday indicated that talks to finalize the details of a transaction to cut its exposure to Symphony Care Network, its largest skilled nursing operator tenant, continue — while recognizing no revenue from Bridgemoor Transitional Care. In the third quarter of 2020, Invesque reported that it was taking steps to reduce […]
Invesque Inc. (TSE: IVQ.U) this week reported significant COVID-19 strains on a pair of its post-acute care tenants, with the skilled nursing landlord taking steps to reduce its exposure to Symphony Care Network and reporting no revenue from Bridgemoor Transitional Care. The real estate investment firm will either sell or transition operations at half of […]
The prospect of a COVID-19 vaccine sits at the center for the public’s hope of any return to pre-pandemic normalcy: With no effective treatments and outbreaks rising alongside relaxed lockdown rules, it’s difficult to imagine any real change without a proven vaccine. But in a twist of dark irony, the population most susceptible to COVID-19 […]
Pharmaceutical giant Eli Lilly and Company (NYSE: LLY) will soon begin a phase-three clinical trial of a potential coronavirus treatment in the long-term care setting, with nursing home operator Symphony Care Network as a partner. Up to 2,400 residents and staff of nursing homes and assisted living properties will participate in the on-site study, the […]
Symphony Care Network this week announced the successful completion of a deal to take over three skilled nursing and assisted living properties — previously operated by the non-profit Caretel Inns — in Michigan. The Chicago-based Symphony had previously announced the deal last September, immediately assuming operations at a pair of former Caretel facilities and starting […]
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