A new entrant in the post-acute care market made their first acquisition: a portfolio of four skilled nursing facilities in Texas for an undisclosed price. Formed in June 2015 by Michael Wallace, formerly President of Daybreak Ventures, Shady Shores Communities purchased the four facilities, with 424 beds, from three separate owner/operators. The mostly Medicaid census averaged 70% occupancy across the portfolio. Shady Shores is also in the process of developing three other facilities in Texas. To finance the acquisition, Oxford Finance provided a four-year $7 million senior secured term loan and a $1 million revolving line of credit. Mr. Wallace is wasting no time growing the business, planning on announcing four or five other acquisitions by the end of the year, while staying in Texas.
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