Toby Siefert of Senior Living Investment Brokerage got a skilled nursing sale in New Jersey over the finish line after survey issues caused a buyer switch-up. Built in 1980, Medford Care Center is located in the town of Medford (about an hour east of Philadelphia) and features 180 beds on an 11-acre campus. Operations were not strong, and the private owner decided to sell. The facility was marketed in the spring of 2024 and received several bids. However, just prior to closing the transaction in December 2024, there was a health survey that resulted in an admissions ban, receivership and the original buyer losing interest.
With Siefert at the helm of the transaction process, the deal was put back together with a back-up buyer, albeit at a price discount due to the census decline, negative public image and deferred physical plant investment. That buyer was an investor with a skilled nursing presence in multiple East Coast states.
