Oxford Finance announced its role in funding SRZ Management’s (Reach LTC) acquisition of a large skilled nursing facility in the St. Louis suburb of Town & Country, Missouri. The buyer received a $7.4 million senior credit facility and revolving line of credit to support the purchase and general working capital. Jeff Binder and Patrick Byrne of Senior Living Investment Brokerage represented the seller, National HealthCare Corporation (NHC), in the deal. Built in the 1960s, the facility was set to be replaced by a 187-unit senior living community, which would be developed by Ryan Companies at a cost of about $60 million. However, NHC couldn’t get the project through planning and zoning and slated the facility, which had been plagued by census and quality of care issues for years, for sale.
SRZ Management owns 16 other skilled nursing facilities across Missouri and will continue to operate the Town & Country as a SNF. However, they will investment in some improvements, thanks to the Oxford financing, and better integrate the facility with surrounding hospital systems. SRZ will also roll out its Employee Partnership Bonus Structure to reward its front-line staff for quality outcomes.
