Greystone Healthcare Management Corp. formally took over ownership of a portfolio of 13 senior care facilities in Illinois and Missouri, and entered two new states as a result. Before February 3, the skilled nursing owner/operator managed over 30 long-term care and rehab facilities, all in Florida. But it has expanded into two new states in a big way.
Comprising 1,662 total beds, there are 11 skilled nursing facilities and one supportive living community in Illinois, and one SNF in St. Louis, Missouri, all of which have been renamed. They were formerly operated by Rosewood Care Centers but were taken over by HUD after Rosewood defaulted on $146 million in FHA-backed loans. The default made the front page in The New York Times on June 3, 2019, but don’t get us started on how the article covered the HUD program.
No purchase price was disclosed, but the facilities were valued by HUD at $95 million, or $57,200 per bed, and had received almost $30 million in repairs and other expenses from HUD since the agency took over ownership. That should help in turning around operations.
