Evans Senior Investments was engaged by a not-for-profit organization in its divestment of the real estate of a skilled nursing facility in Indiana, Pennsylvania. After the not-for-profit defaulted on its existing bond debt, ESI was brought on to market the property as part of the Section 363 bankruptcy process. A select group of skilled nursing buyers were targeted and nine competitive offers were procured. The selected buyer offered the most advantageous terms for all parties involved. Law firm Duane Morris LLP also handled the transaction.
Built in the 1970s with two major renovation projections completed since then, Beacon Ridge comprises 118 beds and offers private units, semi-private units and three-bed wards. At the time of marketing, the facility was 63% occupied and operating with a negative net operating income. Prior to the pandemic, it maintained stabilized occupancy rates in the 80s for over 12 consecutive months. The purchase price was $4.2 million, or $35,600 per bed.
