First Citizens Bank’s Healthcare Finance business provided $338 million in financing to affiliates of Autumn Lake Healthcare for the acquisition of 12 Maryland skilled nursing facilities with over 1,500 beds. Based in Howell, New Jersey, Autumn Lake Healthcare’s portfolio includes 66 skilled nursing facilities totaling more than 8,200 beds in Connecticut, Maryland, New Jersey, Wisconsin and West Virginia.
The Maryland Commission released a notice detailing the transfer of the real property and bed rights of the following 12 facilities:
- LG-OHI Frederick LLC, d/b/a Autumn Lake Healthcare at Ballenger Creek
- LG-OHI Clinton, LLC d/b/a Autumn Lake Healthcare at Bradford Oaks
- LG-OHI Catonsville, LLC d/b/a Autumn Lake Healthcare at Catonsville
- LG-OHI Cambridge, LLC d/b/a Autumn Lake Healthcare at Chesapeake Woods
- LG-OHI Walkersville, LLC d/b/a Autumn Lake Healthcare at Glade Valley
- LG-OHI Bellona, LLC d/b/a Autumn Lake Healthcare at Homewood
- LG-OHI 8720 Emge, LLC d/b/a Autumn Lake Healthcare at Loch Raven
- LG-OHI East Melrose, LLC d/b/a Autumn Lake Healthcare at Long Green
- LG-OHI 8710 Emge, LLC d/b/a Autumn Lake Healthcare at Parkville
- LG-OHI Wentworth, LLC d/b/a Autumn Lake Healthcare at Perring Parkway
- LG-PHI Annapolis, LLC d/b/a Autumn Lake Healthcare at Spa Creek
- LG-OHI Gambrills, LLC d/b/a Autumn Lake Healthcare at Waugh Chapel
The ownership of the OpCos did not change hands with the transaction. The notice revealed the purchase price to be approximately $330 million, or about $40,200 per bed.
