IPA Ratifies Constitution State Sale

Charlie Hilding, along with Mark Myers, Joshua Jandris and Alex Vice, of IPA Seniors Housing handled the sale of a skilled nursing facility in rural Ohio. Representing the seller, IPA sold the facility, which features over 150 beds and several specialized care services (including a designated ventilator unit), for nearly $165,000 per occupied bed and approximately $116,000 per licensed bed, which is especially high for a rural location.

The buyer is a growing regional owner/operator that is entering the Ohio market with this purchase. They recently purchased their first facility, an 80+ bed skilled nursing facility in northern Kentucky, with IPA also representing the seller in that transaction.

Then, working on behalf of a large private owner of senior care properties, Messrs. Jandris and Myers successfully completed a court-directed sale of a 90-bed skilled nursing facility in Windham, Connecticut. The facility was previously owned by Affinity Healthcare but went into receivership following Affinity’s bankruptcy filing in 2016, its second in just six years. 

IPA worked with the court-appointed receiver to conduct an RFP process, with family-owned Ryders Healthcare Management, which owns a portfolio of six other SNFs throughout Connecticut, emerging as the buyer. To acquire the property and invest $1.55 million in capital improvements, Ryders obtained a $1.454 million mezzanine loan from Contemporary Healthcare Capital and a $4.725 million senior loan from CoastalStates Bank.

 

 

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