July 25, 2019, Maggie Flynn, Skilled Nursing News - Two groups of buyers are involved in the transition of a skilled nursing facility located in Warsaw, N.Y., Buffalo Business First reported.
Bartholomew Health Care Group of Rochester’s decision to sell the 80-bed East Side Nursing Home came after financial problems primarily stemming from Medicaid funding, owner A. John Bartholomew told the publication.
The initial plan, which was withdrawn in January, called for the Eastside OPCO LLC – doing business as East Side Nursing & Rehab – to operate the facility and own the real estate, but new plans filed July 11 with the New York State Department of Health will introduce a second group as the SNF operator.
The real estate for both sites sold in a separate deal for $10 million, Bartholomew told the publication. Both sides signed an asset purchase agreement in late 2017 for East Side and for the Crest Manor Living and Rehabilitation Center in Rochester, N.Y.
The deal, when approved, calls for the Eastside OPCO LLC operating company to enter a lease agreement with Eastside Propco LLC, the property owner, Buffalo Business First reported, citing the application. A simultaneous application was filed for Crest Manor. Eastside OPCO LLC would pay $100,000 each for the operations.
The proposed new members of the operating entities signed a subsequent deal with Milrose National Trust LLC, which was intended as the original operator, the publication noted. Forty-five percent of ownership went to Moshe Steinberg, who has ownership interests in facilities across the state, including Safire Rehabilitation of Southtowns and Safire Rehabilitation of Northtowns.
The same buyer group is also working on a second attempt to acquire the 140-bed LeRoy Village Green Residential Health Care Facility, which is also owned by Bartholomew Health.
Groundbreaking for New SNF in Ohio
Otterbein Marblehead broke ground for a small house for providing long-term nursing care, Fremont News Messenger reported. The facility will have 10 private rooms and complement Otterbein Marblehead’s Jane Baker House, which is dedicated to rehabilitative and post-acute care.
Otterbein Marblehead is a continuing care retirement community, offering independent living, assisted living and skilled nursing care.
Chicago-based Owner-Operator Buys Turnaround SNF in Arizona
A Chicago-based owner-operator purchased the 103-bed short-term rehab and transitional care facility Santé of Tucson and rebranded it as Sapphire Estates Rehab Centre. That owner-operator was recently successful with a different turnaround in the same city.
The facility, built in 2017, struggled with occupancy and was placed in receivership under the supervision of Thomas Seaman and Associates. The new operator assumed operations on May 1.
Blueprint Healthcare Real Estate Advisors’ Amy Sitzman, Jacob Gehl and Humair Sabir worked on the transaction.