Helios Healthcare Advisors announced the sale of a 63-bed skilled nursing facility in northwest Massachusetts.
The facility was previously owned and operated by a family-run organization that was looking to retire from the industry, according to a news release announcing the deal.
The closing was put together in the first quarter of 2020 under the initial purchase price of $55,555 per bed, however, the COVID-19 pandemic and regulatory changes in the state impacted census and the timing of the closure. The per bed price was unchanged despite the delays, according to the release.
“During this process, Massachusetts DPH proposed and implemented regulation to limit the number of beds to a maximum of two per room in skilled nursing facilities which had a material impact on the operations of this asset,” Helios Managing Director Bill Janis said. “The buyer was able to work with the state to obtain waivers that allowed them to convert these units into semi-private rooms and ensure compliance post-close.”
Blueprint announced the sale of a Dayton, Ohio, skilled nursing facility for a roughly $83,000 per bed purchase price. The owners, in getting rid of their only nursing home, took advantage of the state’s “red-hot acquisition market,” according to a news release.
The SNF was built in the 1960s and “thoroughly renovated” in the 1990s. It had historically stable cash-flow and the buyer, an experienced private equity owner/operator based in New York, sees opportunity to create value through higher acuity care.
Cambridge Realty Capital Companies announced it closed a $10,665,565 Department of Housing and Urban Development-insured loan for the refinancing of Pine Acres Healthcare & Rehabilitation Center, a nursing home in Madison, N.J.
The 102-bed facility offers private and semi-private rooms.
Tryko Partners acquired Brighton Gardens of Tuckerman Lane, a 140-bed assisted living and skilled nursing facility in Rockville, Md.
The acquisition was announced along with a deal to acquire the Sunrise of Carroll, a 62-bed assisted living and memory care community, in Westminster, Md.
Both properties will be rebranded and renamed with significant capital improvement set to begin.
“We know this market area well and are pleased to grow our investment footprint in a region where we have an established presence – one that offers exceptional demographics and top-notch hospital networks,” Uri Kahanow, Tryko’s director of acquisitions, said in a news release. “The facilities fit well with our strategic growth in key mid-Atlantic locations and across the full continuum of care.”
An immediate, multi-million-dollar modernization of Brighton Gardens is planned, including the introduction of a secure memory care unit, according to Kahanow.
Blueprint Healthcare Real Estate Advisors, Cambridge Realty Capital Companies, Helios Healthcare Advisors, Tryko Partners
A native of Lincoln Park, Chicago, Alex has worked as a reporter since graduating from the University of Denver with a journalism degree in 2015, covering the COVID-19 pandemic extensively since the news first broke in March, 2020. A former Colorado resident and avid skier, he enjoys playing golf and watching Da Bears in his free time. Contact: 708-320-0772, [email protected]
Skilled Nursing News is the leading source for news and information covering the skilled nursing industry. Skilled Nursing News is part of the Aging Media Network.
© Skilled Nursing News . All rights reserved.