ESI Closes California SNF Deal for $25M; Blueprint Advises Sale of Pennsylvania Nursing Home to Tryko Partners

Evans Senior Investments (ESI) arranged the sale of a 138-bed skilled nursing facility in Anaheim, Calif. for $25 million or $181,159 per bed. The buyer, an East Coast real estate holding company, structured the lease with a local owner/operator in the state, according to the real estate brokerage firm. Operating long-term care assets in today’s […]

Health System, Hospital Acquisitions Show Nursing Homes Still a ‘Critical Ally’

A number of new partnerships have formed between health systems and skilled nursing facilities centered on offering consumers access to new services or services that require specialized skill sets. “A high-performing SNF is a critical ally for health systems, particularly those that are focused on performance in value-based care arrangements or looking to enable earlier […]

Tryko Partners Adds 2 New Jersey Nursing Homes; $6.5M For 73-Bed SNF in Iowa

Tryko Partners continues to expand its New Jersey skilled nursing portfolio after acquiring two facilities from one of the state’s largest health systems. Purchased from Virtua Health, the two facilities will be renamed Berlin Rehabilitation & Healthcare Center and Mount Holly Rehabilitation & Healthcare Center, according to a news release announcing the deal. The standalone […]

CIBC Bank Closed 2 SNF Deals; Tryko Partners Adds New Jersey Nursing Home

CIBC Bank USA closed a $73.4 million acquisition loan for a four-home senior care portfolio in Pennsylvania and a $21 million cash-out refinance for a three-home portfolio in Nebraska last month. The Pennsylvania portfolio, which includes approximately 675 skilled nursing beds and 100 senior living units, received a five-year mortgage loan and a $6 million […]

Cambridge Provides $12M HUD Loan; 120-Bed SNF Sold in Florida

Cambridge Realty Capital Companies announced last month that it provided a $12,722,300 Department of Housing and Urban Development lean loan to refinance a 249-bed skilled nursing facility in Cicero, Ill. The facility, Alden Town Manor, offers a wide range of health care services and programs, including orthopedic, cardiac, pulmonary and stroke rehabilitation, as well as […]

Better training, Career Paths Key to Rebuilding Nursing Home Workforce

Skilled nursing facilities will need solutions to better retain and attract operational staff like New York-based New Jewish Home’s Geriatric Career Development program. Nevertheless experts say that investment in a universal direct care workforce may be needed. The direct care workforce, which includes certified nursing assistants (CNAs) in nursing homes, typically provide between 60-to-80% of […]

Bank Leumi, Prestige Care Team for $23.5M Rehab Deal; Hill Valley’s $21.7M, Three-Building Growth Move

Bank Leumi USA this week announced the completion of a $23.5 million deal covering four skilled nursing facilities and one assisted living property operated by Prestige Care. The family operator used the cash to refinance an existing asset-based loan revolver and a real estate term loan, with the goal of boosting liquidity and funding future […]

Tryko Expands Again with PA Pickup; Monticello Provides $41M for Two-SNF Refinance

Tryko Partners, a private equity firm based in Brick, N.J., purchased the Harlee Manor and Springfield Commons campus in Springfield, Pa., adding 173 skilled nursing beds and personal care units to the firm’s Philadelphia regional portfolio, according to a statement announcing deal. The campus and its facilities were renamed Springfield Enhanced Senior Living and are […]

Greystone Closes $43.9M Portfolio Deal; Tryko Picks Up 200-Bed SNF from Receivership for $14.5M

Greystone this week announced the closure of $43.9 million in Department of Housing and Urban Development (HUD)-backed financing for three affiliated skilled nursing facilities operated by Centers for Care. The three properties in upstate New York — the Ontario Center for Nursing and Rehabilitation in Canandaigua, the Steuben Center for Nursing and Rehabilitation in Bath, […]

Sale of Six Absolut Facilities Approved in Bankruptcy Court; $23M SNF Opens in Detroit

The U.S. Bankruptcy Court for the Eastern District of New York approved RCA Healthcare Management to take over six Absolut Care nursing home sites, starting with a consulting agreement beginning March 1 with the current owners of Absolut. Buffalo Business First reported the news last week. Absolut filed for Chapter 11 bankruptcy protection last fall, […]

Monticello Lands $32M Refinance on Single SNF; Greystone’s $62M Skilled Nursing Portfolio Deal

MONTICELLOAM, LLC and its affiliates this week announced the completion of a $32 million refinance for a 177-bed skilled nursing facility in Maryland. The New York City-based private real estate lender and asset manager, collectively known as Monticello, also provided a $2 million working capital loan through its asset-based lending arm, Monticello Commercial Capital, LLC. […]

Blueprint Pulls Off Seven-SNF Sale in Alabama; Tryko Grows Portfolio in Philadelphia

Blueprint Healthcare Real Estate Advisors late last week announced the successful sale of a seven-building skilled nursing portfolio across Alabama. The Chicago-based brokerage didn’t name the buyer or seller, though Blueprint did indicate that the portfolio went to a long-term care provider with an existing footprint in the state. The new operators plan to capitalize […]

$17.3M Refi for New Jersey SNF; $180M Redevelopment Includes 102 Skilled Units

Lancaster Pollard provided a $17.3 million loan insured by the Department of Housing and Urban Development to refinance Willow Springs, a skilled nursing facility in Brick, N.J. Tryko Partners was the borrower, having purchased the community from NuVision Management in 2013, REBusinessOnline reported. The facility had 148 skilled nursing beds and an assisted living (AL) […]

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 […]

Private Equity Must Be Nimble, Innovative to Succeed in Skilled Nursing

Tempted by demographic trends and a new reimbursement system, private equity has taken a keen interest in the skilled nursing industry over the past year. But executives at these investment vehicles would be foolish to think they can plug their existing models into nursing home business and expect the same kind of success they may […]

As Underperforming Skilled Nursing Assets Sell, Private Equity Makes a Move

Amid all the shakeups in the post-acute and skilled nursing sector, private equity funds and others have seen an opportunity to move into the space — and they haven’t hesitated to take advantage. Much of the focus for private equity and institutional investors has been on senior housing, according to an August report from Fitch […]

Tryko Adds ManorCare Building in New Jersey; Sale-Leaseback in Chicago

Interra Brokers $6M Sale-Leaseback of SNF in Chicago’s West Loop Interra Realty brokered the sale-leaseback of Chicago skilled nursing facility Monroe Pavilion, located in the city’s West Loop, for $6 million, REBusinessOnline reported. The buyer, JK Equities, was represented by David Goss and Lucas Fryman of Interra. The seller, Symphony Post Acute Network, was represented by Jon […]

Tryko Partners Acquires Two Baltimore SNFs, Plans Multimillion Upgrades

Tryko Partners acquired two skilled nursing facilities totaling 254 beds and plans to launch renovations and programming expansions at both properties. Marquis Health Services, Tryko’s health care affiliate, has assumed operations of the facilities. Tryko is a private equity group based in Brick, N.J., while Marquis has 10 SNFs in the Mid-Atlantic region, with additional […]