Fall from Grace

Ten years ago, when a 143-bed skilled nursing facility in Liberty, Missouri sold as part of a portfolio to a large undisclosed operator, it was one of the more successful facilities in Clay County. Built in 1992, it is located next to Liberty Hospital and so had a steady stream of referrals. However, after nearly a decade of neglectful ownership, the facility was only 77% occupied by the end of 2014. Genesis Healthcare bought the facility in early 2015 but inherited some operational challenges, and CMS moved to close it by that summer. In the midst of those troubles, Liberty Hospital was developing a CCRC on an adjacent lot, which would include an 80-bed skilled nursing unit. Patrick Byrne, Toby Siefert and Matthew Alley of Senior Living Investment Brokerage were brought in to market the property in November 2015. Because the new SNF in development should attract a large Medicare population, this facility can target the Medicaid population in a county with one of the largest senior care demands in the state. A private equity group was the buyer. Its regional operating partner leased the facility, received the licensure, and began filling the facility before the transaction closed. The purchase price came to $2.0 million, or $13,986 per bed.

 

 

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