A for-profit buyer is taking over ownership of a not-for-profit skilled nursing facility in an affluent north Chicago suburb. Ziegler acted as advisor to the Illinois-based not-for-profit seller, with Managing Director Nick Glaisner leading the transaction and Melanie Shaffer in support.
This was an older, multi-story facility, having been built more than 100 years ago with additions made over time. The facility features more than 100 licensed beds, but ownership operated at under 100 beds at the time of the transaction. It was losing money on relatively stable occupancy, suggesting that expenses were a little inflated (typical of most not-for-profit owners). But that also means the facility presents a great opportunity for the buyer, which was described as a prominent, local operator. Given their recent acquisition activity in the SNF sector (particularly in Illinois), we believe that may be Aperion Care. The price was undisclosed.
