Blueprint Healthcare Real Estate arranged the sale of a vacant 150 bed care facility in southeast Ohio.
The Chicago-based brokerage firm worked with a real estate investment trust (REIT) owner and its national qualified operator renter looking to leave the state.
Due to operational challenges, the property was designated as a Special Focus Facility, the federal government’s list of non-performing properties. That classification resulted in the facility’s closure earlier this year, prompting the REIT and tenant to sell the vacant asset.
Blueprint has identified an Ohio-based owner and operator who has experience delivering challenging facilities. The buyer plans to rehabilitate the facility and then reopen it before the bed licenses expire.
Ben Firestone, Michael Segal and Connor Doherty led the transaction for Blueprint.
Bear Mountain LLC acquires Hanover Terrace Health & Rehab Center
Bear Mountain Healthcare of Thomaston, Connecticut, plans to acquire Hanover Terrace, a 100-bed nursing home from NSL Holdings, according to a report in The Valley News.
NSL Holdings LLC, a limited liability company, had owned Hanover Terrace since May 2016, “with connections to Great Neck, NY and Massachusetts,” the Valley News reported.
Hanover Terrace was classified as a Special Focus Facility when it was first taken over by NSL and, according to the sales outlet, had “consistently poor quality of care in the past”.
More recently, Hanover Terrace’s rating rose from one to four stars overall and its quality domain rating to five stars, The Valley News reported. Hanover Terrace is also one of the few nursing homes near Dartmouth-Hitchcock Medical Center, a major hospital in the area.
However, Mohamed Basha, CEO of TLC Nursing Associates, a care provider for Hanover Terrace, expressed concern about the change of ownership and demanded unpaid bills from NSL for his company’s services.
According to The Valley News, NSL pointed a finger at the Centers for Medicare & Medicaid Services (CMS) to delay reimbursements to NSL.
Briarcliffe celebrates expansion
Groundbreaking recently took place at Briarcliffe Gardens in Johnston, RI for the Preserve, a new building on a growing campus for senior citizens and skilled carers. This comes from a report in Johnston Sunrise.
Upon completion, the Briarcliffe campus will have a full Continuing Care Retirement Community (CCRC) with 122 qualified beds, two living spaces for memory support, and a combination of AL and independent dormitories.
According to the publication, completion is planned for April 2021.