Mozart Healthcare acquired a struggling skilled nursing facility in Savoy, Illinois, from a regional owner/operator. Evans Senior Investments handled the transaction, which did not disclose a price. Built in 1975, Champaign Urbana Nursing & Rehab has 213 beds on four acres. It had been struggling with occupancy as a result of the pandemic, with census dropping as low as 38% in 2021. However, occupancy rose to 49% at the time of marketing and 67% by closing.
This demonstrated the upside potential to the buyer, which was able to obtain traditional financing for the facility, despite it being a Special Focus Facility Candidate. The facility also received an Immediate Jeopardy (IJ) and a few tags, but the IJ was resolved and the deal closed in mid-August. Mozart will utilize Accolade Healthcare to operate the facility going forward.
