TOLEDO, Ohio — Welltower (NYSE: WELL) today announced that it has essentially ended its operating relationship with Genesis HealthCare, terminating the 51 leases for Genesis-operated skilled nursing facilities. Concurrent with the lease cancelation, Welltower has agreed to sell 42 traditional skilled nursing facilities for $680 million to a joint venture with Aurora Health Network, in which Welltower will retain a participating preferred equity position. Welltower will also contribute its nine former PowerBack facilities, which provide higher acuity, short-stay rehabilitation and care, into its 80/20 joint venture with ProMedica at a …
LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures. Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that are operated by Covenant Care. Silver Hills, originally built in 1998 and renovated in 2013, comprises 150 operating beds (80 units) and provides physical, speech …
WASHINGTON, D.C. — The American Health Care Association (AHCA), representing more than 14,000 nursing homes and long-term care facilities across the country, and LeadingAge, the association of more than 5,000 aging services providers including nursing homes, have set a nationwide goal for nursing home staff vaccinations. With the help of the Centers for Disease Control and Prevention (CDC), the D.C.-based organizations recommend that 75 percent of the approximately 1.5 million nursing home staff throughout the country be vaccinated against COVID-19 by June 30, 2021. “With COVID-19 vaccinations being distributed across …
VANCOUVER, Wash. — Bank Leumi USA funded a $23.5 million deal with Prestige Care, a Vancouver-based operator of 80 senior living and rehabilitation centers across eight Western states. The deal will refinance one of Prestige Care’s asset-based lending revolvers and a real estate term loan, which will enable it to support a portfolio of 356 operating beds across four skilled nursing facilities in Oregon and Washington and one assisted living facility in Arizona. The refinancing will allow Prestige to restore its liquidity and continue on a growth trajectory. “As the …
NORRISTOWN, Pa. — Private equity investment firm Tryko Partners has acquired Regina Community Nursing Center, a 121-bed skilled nursing facility in Norristown, for an undisclosed price. Tryko has rebranded the property as Markley Rehabilitation & Healthcare Center and plans to implement a $3.5 million investment in physical plant renovations and specialty programming enhancements. “This facility has significant upside potential,” says Tryko’s Uri Kahanow, director of acquisitions. “It has good bones and is located in a prime market, one in which we have nearly a decade of experience and facilities that …
RENSSELAER, N.Y. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Rosewood Rehabilitation & Nursing Center in Rensselaer, just across the Hudson River from Albany. Totaling 80 beds, the skilled nursing facility was originally developed in the mid-1970s. Prior to the marketing and sale process, the private ownership group completed capital investments including interior renovations, operational equipment upgrades and technological enhancements. The property was consistently above 90 percent occupancy at the time of sale. The buyer and seller were not disclosed.
OAK GROVE, La. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Carroll Nursing Home, located in Oak Grove, in the Northeast corner of Louisiana near the Arkansas border. The skilled nursing facility features 120 beds. It was originally built in 1960, with expansion and renovation projects in 1962, 1976 and 1987. A local family seeking to exit the industry sold the property to a Southeast-based regional owner-operator. The price was not disclosed.
APPLETON, Wis. — Senior Living Investment Brokerage (SLIB) has arranged the sale of ManorCare Health Services in Appleton, approximately 30 miles southwest of Green Bay. The skilled nursing facility features 104 beds. The seller sought to divest of its only skilled nursing facility in the state. The buyer and price were not disclosed.
WEST MEMPHIS, Ark. — Senior Living Investment Brokerage (SLIB) has arranged the sale of West Memphis Health & Rehabilitation, a skilled nursing facility in West Memphis, just across the Mississippi River from Memphis, Tennessee. The property features 85 beds. An Arkansas-based regional owner-operator sold the community to another regional owner-operator looking to expand in the state. The price was not disclosed. Bradley Clousing and Daniel Geraghty of SLIB handled the transaction.
LEOMINSTER and GARDNER, Mass. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Keystone Center and Wachusett Manor, skilled nursing facilities located, respectively, in Leominster and Gardner. Both located north of Worcester near the New Hampshire border, Keystone Center is licensed for 106 beds while Wachusett Manor is licensed for 96 beds. Acquired as part of a larger portfolio transaction in 2016, the private equity owner and its operator partner decided to pursue a strategic exit. The buyer was an in-state ownership group and its operating partner, both …