March 25, 2018, Maggie Flynn, Skilled Nursing News - Pennsylvania ManorCare Facility Purchased by Tryko Partners - Brick, NJ based private equity group Tryko Partners purchased ManorCare Health Services at Mercy Fitzgerald Hospital in Yeadon, PA, The Philadelphia Inquirer reported. The 129-bed nursing home was renamed Providence Rehabilitation and Healthcare Center at Mercy Fitzgerald.
The price was not disclosed, but Tryko said it is planning a $2.5 million renovation that Marquis Health Services, its health care arm, will carry out. Marquis manages 18 facilities in Maryland, Massachusetts, New Jersey, Pennsylvania, and Rhode Island.
According to the application, Britthaven plans to acquire the property, which is adjacent to the Jewish Community Center, for approximately $3.9 million. Britthaven would pay more than $16 million in acquisition and renovation, planning, equipment, and financing costs, the document indicated.
The 122 beds were approved for Kindred Nursing and Rehabilitation Center — Bashford, which closed in June 2016.
Maryland Nursing Home Purchased for $15.55M - Sterling Senior Care purchased a 148-bed nursing home in Boonsboro, MD, for approximately $15.55 million from FC-THC Leasing LLC, Herald-Mail Media reported. The property was renamed Sterling Care at South Mountain.
Sterling Senior Care, owned by licensed nursing home administrators Nathan Jakobovits and Jeff Kagan, also recently purchased properties in Frostburg and Sailsbury, MD.
CNH Finance Acquires Triumph Healthcare Finance - Greenwich, CT based CNH Finance acquired Triumph Healthcare Finance, a division of TBK Bank, SSB, which is a subsidiary of Portland, Ore.-based Triumph Bancorp, Inc. The price was not disclosed.
CNH specializes in middle-market and lower-middle-market asset-based lending in several industries, including the nursing home sector.
MidCap Financial Closes Loan on 10 Pennsylvania SNFs - MidCap Financial, based in Bethesda, MD, closed a $38.5 million floating-rate first mortgage loan with a private investment sponsor to refinance the existing debt on 10 Pennsylvania SNFs. Four facilities will be subject to a 10-year master lease with Saber Healthcare Group; the others will be subject to a master lease with an undisclosed operator.
New York Nursing Homes Sold Due to Industry Pressures - The Bartholomew Health Care Group of Rochester sold two skilled nursing facilities to a group of downstate New York owners, citing financial difficulties mainly related to Medicaid funding, Buffalo Business First reported.
Eastside Opco LLC is the proposed new operator of the 80-bed East Side Nursing Home in Warsaw, NY. The 80-bed Crest Manor Living and Rehabilitation Center Inc. in Fairport, NY will transfer to Crest Opco. Barco Holdings LLC owns the real estate for both sites and agreed to sell them to the same buyers.
Developer Buys $5M Office Building to Convert to SNF - Health care developer Community Healthcare Associates (CHA) in Bloomfield, NJ, purchased an 80,807-square-foot office building in East Hanover, NJ, ROI-NJ reported. CHA plans to redevelop the property, which was acquired from pharmaceutical company Novartis, into a skilled nursing and rehabilitation center.
Blueprint Announces Sale of Central Illinois SNF Portfolio - Blueprint Healthcare Real Estate Advisors announced the portfolio sale of three SNFs in central Illinois, with more than 450 total licensed beds. Blueprint sourced a tenured investor and a Chicago-based operator to acquire and operate the portfolio, respectively. Michael Segal and Ben Firestone handled the transaction.
Fundamental Advisors Acquires $112M Loan - Fundamental Advisors acquired for $112 million a mezzanine loan secured by interests in skilled nursing and long-term care (LTC) portfolio Tandem Health Care from HCP (NYSE: HCP). The portfolio comprises 41 senior care facilities in Florida, Pennsylvania and Virginia.