Plains Commercial Real Estate facilitated the sale of a skilled nursing facility in Oklahoma. The SNF was under legacy ownership and management, but the seller opted to divest to enter retirement and effectively exit the sector. Built in the 1960s, Latimer Nursing Home in Wilburton features 48 beds and occupancy hovered around 63% at the time of closing. Despite being cash flow negative, the facility was approaching breakeven.
Daniel Morris handled the transaction, which had a competitive bidding process. The selected buyer was a local investor with other operations and ancillary businesses in the area. To facilitate the operational transition, both parties agreed to an interim management agreement for the buyer while the certificate of need transfer was pending approval by the state. Additionally, regulatory and physical plant issues emerged, such as the roof needing to be replaced. Despite all these challenges, the transaction ultimately crossed the finish line to reach a successful close.
