PASADENA, Texas — Evans Senior Investments (ESI) has arranged the sale of Pasadena Care Center, a 116-bed skilled nursing community located in Pasadena. An independent owner sold the asset to a national owner-operator looking to expand in Texas for $6.5 million, or $56,000 per bed. The operator is Sava Senior Care. Built in 1975, Pasadena Care Center is located 15 miles southeast of Houston. At the time of merketing, the community was 80 percent occupied and was producing approximately $750,000 in net operating income annually. While under contract, occupancy and …
POINT PLEASANT, N.J. — Marquis Health Consulting Services has completed a $3 million renovation project at Crest Pointe Rehabilitation & Healthcare Center. The centerpiece of the renovation was the addition of a 3,000-square-foot rehab therapy gym and the incorporation of a activities of daily living (ADL) suite. Other renovation highlights also include a lobby/reception area redesign and expansion; reconfigured and updated dining area and lounges; and updates to resident rooms. During the renovation process, Crest Pointe and Marquis also enhanced the facility’s specialized programming in partnership with regional healthcare providers. Physician-led …
FORT WORTH, ROUND ROCK, SAN ANTONIO and WEBSTER, Texas — LTC Properties Inc. (NYSE:LTC), a real estate investment trust that primarily invests in seniors housing and healthcare properties, has acquired four LuxeRehab centers for approximately $52 million. The properties, which are located in Texas and have a combined total of 339 beds primarily in private rooms, will be operated by Ignite Medical Resorts, a current LTC operating partner. Although the specific properties were not named, the only four Ignite locations in Texas are in Fort Worth, Round Rock, San Antonio …
ST. LOUIS and TAMPA — EmpowerMe Wellness, a St. Louis-based integrated healthcare provider serving senior living communities nationwide, has acquired Salus Physical Therapy, one of Florida’s largest providers of outpatient therapy to senior living communities. Based in Tampa, Salus serves 45 senior communities across the state of Florida. All of Salus’ 175 employees have been offered positions by EmpowerMe Wellness, including therapists and corporate office staff. With this acquisition, EmpowerMe Wellness will now serve over 450 senior living communities across more than 20 states. “Through our partnership, EmpowerMe will make …
MOULTRIE, Ga. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Cobblestone Rehabilitation & Healthcare Center, a 59-bed skilled nursing facility in the Southwest Georgia city of Moultrie. The seller was a New York-based investment firm, and the operator recently filed for bankruptcy. The buyer was local community-based teaching hospital Colquitt Regional Medical Center. The price was not disclosed. “Acquiring Cobblestone will allow us to expand our continuum of care and provide additional services to our patients and this community,” says Jim Matney, Colquitt’s president and CEO. “It …
NEW PROVIDENCE, N.J. — Marquis Health Consulting Services has completed a $4 million renovation and modernization project at Spring Grove Rehabilitation & Healthcare Center. “Spring Grove’s reintroduction is the culmination of a vision four years in the works,” says Ugochi Opara, regional director of market development for Marquis Health Consulting Services, which supports the facility and spearheaded the renovation. “Spring Grove has been completely transformed into a modern, home-like environment for residents.” The Spring Grove renovation included a full-scale retrofit of the facility’s dedicated subacute unit and enhancements throughout its …
PENNSYLVANIA — As part of a larger restructuring between a public REIT and its regional operator, Blueprint has arranged the re-tenanting of six skilled nursing facilities and an assisted living community in Pennsylvania. A regional operator was selected to manage the communities under a new master lease with the REIT owner. This is the first partnership between the two companies. Further details were not disclosed.
BISMARCK, N.D. — Dallas-based Preston Hollow Community Capital (PHCC) has arranged a $78 million, tax-exempt bond transaction for a skilled nursing facility in Bismarck. The borrower is Missouri Slope Lutheran Care Center, which built the property on its existing campus. The bonds were issued through Burleigh County. Colliers Securities underwrote the bonds. The bonds will provide permanent financing for the 192-bed facility. Missouri Slope undertook the project nearly eight years ago following a strategic planning session that identified the need for more private rooms, better parking and additional community services …
OHIIO and PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has brokered the sale of five skilled nursing facilities totaling 347 beds in Ohio and Pennsylvania. The seller was a public REIT and its operating partner. The seller and price were not disclosed.
MADISON, N.J. — Cambridge Realty Capital Cos. has provided a $10.7 million HUD-insured loan for Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing facility in Madison, approximately 40 miles west of Manhattan. Pine Acres is a long-term care facility and rehabilitation center offering a variety of post-operative services and amenities, including private and semi-private rooms. The loan refinances existing debt.