Initially built in 1975, the facility is licensed for 213 skilled nursing beds, and at the time of marketing was 49% occupied. Due to the headwinds of the COVID-19 Pandemic which placed bans on admissions and restricted elective surgeries, the skilled nursing facility’s occupancy dropped as low as 38% in 2021. Evans Senior Investments was able to demonstrate the potential for a new ownership group and regional operator to rebuild the occupancy rate in post-covid environment. This proved to be accurate as the current operator restored the occupancy rate to 67% by the time of closing.
“Even with the community being a Special Focus Candidate, the buyer was still able to obtain traditional financing in this challenging lending environment,” commented Brendan DeSilvia, Associate at Evans Senior Investments.
With the community receiving an IJ and a few tags before closing, ESI was able to work hand in hand with both the seller and buyer to get this one to the finish line. Mozart Healthcare was selected as the buyer and will utilize Accolade Healthcare to operate the facility.