Lining up in Massachusetts

It was just a matter of time when Skyline Healthcare would enter the Massachusetts skilled nursing market. The Wood Ridge, New Jersey-based owner/operator of facilities in New Jersey and Pennsylvania had been leasing a trio of small dually-certified facilities from a family operator for a year, before closing on the real estate this month. Included in the portfolio was a 30-bed facility in North Dighton, a 26-bed facility in Fall River and a larger 73-bed facility in New Bedford. The smaller buildings were well occupied in the 90s, but the larger one was lagging slightly, with occupancy in the mid-80s. Census mix was heavy Medicaid (about 82%), with the remainder split evenly between Medicare and private pay payors. For the family members who wished to remain part of operations, Skyline was able to make arrangements with them, which should ease the transition. The purchase price came to $3.7 million for the three facilities, or $28,682 per bed, and Toby Siefert of Senior Living Investment Brokerage handled the transaction.

 

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