A Chicago area nursing home operator made its biggest acquisition ever this month in its purchase of two area properties for more than $55 million, from from Chicago-based First Investments Corp.
The Chicago- and Evergreen Park-based skilled nursing facilities comprise the largest acquisition ever for Legacy Healthcare, a five-year-old nursing home operator, according to a Crain’s Chicago Business report.
And there are more plans in the works to acquire local properties, Legacy’s Chief Financial Operator Ross Bottner told Crain’s, as the company is eyeing expansion through additional acquisitions this year.
“Legacy plans to continue its expansion with the purchase of three facilities in the local market by the end of the year, adding about 500 or more beds to its operations,” Crain’s reports.
The properties include the Warren Barr Pavilion at 66 W. Oak St., including 271 beds, and the 242-bed Evergreen Health Care Center at 10124 S. Kedzie Ave. in Evergreen Park.
The company financed the acquisitions utilizing a $67.6 million loan from PrivateBank & Trust Co. and used some of the debt to refinance two loans totaling $14.1 million on the Grove of Evanston and the Grove of La Grange Park, Crain’s reported.
Legacy also plans to spend at least $4 million updating the new properties, according to the report.
Legacy Healthcare did not return a request for comment as of press time.
Written by Elizabeth Ecker