• Genesis HealthCare’s Legacy Liabilities Lead to Bankruptcy Filing

    Genesis HealthCare has filed for Chapter 11 bankruptcy protection, listing its 298 affiliated holding companies, ancillary businesses and insurance vehicles in its submission to the U.S. Bankruptcy Court for the Northern District of Texas Dallas Division. It is one of the largest skilled nursing operators in the country and operates 218... Read More »
  • Cindat Capital Management Invests in Colorado Community

    Cindat Capital Management, a middle-market real estate private equity platform focused on seniors housing and opportunistic investments, announced its first investment from its Senior Housing Credit Platform. It was a unitranche debt investment in The Pearl at Boulder Creak, a 116-unit, Class-A independent living and assisted living community... Read More »
  • MedCore Divests to Publicly Traded Healthcare REIT

    Ziegler announced its role as exclusive sell-side financial advisor to MedCore on the sale of Parkview on Hollybrook, a 189-unit rental CCRC in Longview, Texas. The property has been on a long road to stabilization. It was originally bought in a bankruptcy auction in 2016 for $20.7 million by Thrive FP when it was in the middle of development. 12... Read More »
  • Forbright Bank’s H1 Activity

    Forbright Bank reported its activity for the first half of the year from its healthcare and HUD lending teams, announcing more than $500 million in loans closed for acquisitions, recapitalizations, working capital, and HUD financings for healthcare providers across the country. One of the largest transactions was a $60 million revolving loan to... Read More »
  • Large SNF Portfolio Secures Financing

    MONTICELLOAM, LLC announced the closing of $218.3 million in combined bridge, mezzanine, and working capital financing for 18 skilled nursing facilities across Kentucky. The transaction includes a $179.3 million senior bridge loan and a $29 million mezzanine loan, which the sponsor plans to use to restructure and upsize the existing debt on the... Read More »
O&M Investments Announces Latest M&A Moves

O&M Investments Announces Latest M&A Moves

It has been a busy year for Nick Martinez & Todd Okum of O&M Investments, having closed five acquisitions in three states. Earlier this year, the firm picked up an 88-bed skilled nursing facility in Orrville, Ohio (Cleveland MSA) that was operating around breakeven, a 104-bed SNF in Richardson, Texas with a wing recently converted to skilled memory care, and a portfolio of three skilled nursing facilities in the Columbus, Ohio MSA with 297 total licensed beds. In the fourth quarter of 2019, Messrs. Martinez and Okum closed two more purchases. First, in October they acquired a 120-bed skilled nursing facility in Fort Worth, Texas. Built in 1973, the facility was occupied in the... Read More »
O&M Investments Adds Another SNF

O&M Investments Adds Another SNF

Private equity firm O&M Investments acquired a value-add skilled nursing facility in the Dallas, Texas market. At face value, this appears to be a good opportunity for O&M to generate a healthy return. First, the facility is relatively new at just 13 years old, with improvements made in 2010. Second, it recently converted a wing of the facility to skilled memory care, which should improve quality mix (currently at 16%) and revenues. Because of the conversion, the facility currently operates with 104 out of 124 licensed beds, with 83% occupancy based on the functional beds. Finally, the facility is located in an affluent, inner suburb of Dallas (Richardson), which certainly doesn’t... Read More »
Blueprint in the Buckeye State, Again

Blueprint in the Buckeye State, Again

Blueprint Healthcare Real Estate Advisors announced a couple of Ohio closings at the start of June. The firm first sold an 88-bed skilled nursing facility in Orrville, a small town about 40 miles south of Cleveland. Originally built in 1974, the facility was recently renovated and also features two independent living cottages totaling eight units. However, it was operating around breakeven, so the existing owner/operator decided to divest. A partnership between a high-acuity skilled nursing operator and O&M Investments, a private equity firm focused on the SNF market, emerged as the buyer. Connor Doherty and Brian Payant led the transaction, which did not disclose a purchase price. Mr.... Read More »
HFF Posts Another Texas Post-Acute Facility Sale

HFF Posts Another Texas Post-Acute Facility Sale

Having just handled the sale of a 140-bed post-acute care facility in the Austin, Texas area, HFF’s David Fasano, Ryan Maconachy and Chad Lavender represented a different owner in the sale of its 144-bed skilled nursing facility near San Antonio’s Medical Center district. Built in 2008, the facility was owned by Kayne Anderson Real Estate Advisors and leased to Senior Care Centers. There are more than 4,300 licensed hospital beds within a three-mile radius of the facility, making it a prime target. HFF procured an affiliate of O&M Investments, LLC as the buyer, which was coming off of a strong 2017 when it announced three skilled nursing acquisitions in Ohio (2) and Tennessee after... Read More »
Blueprint And O&M

Blueprint And O&M

Blueprint Healthcare Real Estate Advisors was involved in yet another acquisition by O&M Investments, LLC this month. The team of Ben Firestone, Connor Doherty and Michael Segal represented a publicly traded REIT and a regional operator in their strategic divestment (to O&M) of a 64-bed skilled nursing facility in Blue Ash, Ohio, an affluent suburb of Cincinnati. Built in 1969 but renovated in 2006, this single-story facility features 10 private units and 27 semiprivates. Los Angeles-based O&M, which is led by principals Nick Martinez and Todd Okum, will have their work cut out for them, as the facility reported negative cash flow on $4.4 million of revenues at the time of the... Read More »