The future is looking brighter for 16 South Dakota skilled nursing facilities formerly owned by Golden Living and operated by Skyline Healthcare, as Cascade Capital Group acquired the portfolio. The facilities had been operated by a receiver since last Spring, after Skyline infamously ran nearly empty on basic food and medical supplies for them.
Houlihan Lokey Capital represented Golden Living in the transaction, which included more than 1,000 beds across the state from Rapid City to Sioux Falls. To fund the deal, Cascade secured financing through its long-standing lending partner, CIBC Bank USA.
Cascade’s operating partner, Legacy Healthcare, will take over the operations; no easy task. It will take a lot of work and not just a simple rebranding to regain the trust of the local communities. But, if they can do the work, it should result in a successful investment. The acquisition also creates a second regional base for the Chicago-based Legacy, which has locations mainly in Illinois but a few others in Montana and Utah.