Skilled Nursing News May 12, 2022
A large Midwest-based company has transitioned from operator to owner-operator at 12 facilities in Pennsylvania and Delaware after purchasing the assets for $140.5 million in a deal announced on Wednesday by CIBC Bank USA.
The seller, a private equity firm, has reportedly been looking to divest from the space. Neither the buyer or seller in this transaction were disclosed by CIBC.
The Midwest-based buyer assumed Department of Housing and Urban Development debt and CIBC financed a $73 million acquisition loan for the transaction, the bank announced in a news release announcing the deal.
Operating performance has reportedly been trending favorably at the facility as the buyer plans to utilize its economies of scale and knowledge of the market to boost...