Healthcare Transactions Group Arranges Sale of Maryland Skilled Nursing Facility
Healthcare Transactions Group arranged the sale of a 181-bed skilled nursing facility in Sykesville, Maryland. Terms and details of the transaction were not disclosed.
The firm represented the seller, a New Jersey-based private investor, in the sale, and conducted an extremely selective offering process. The buyer was a Maryland-based operator of six other nursing facilities across the state.
Mark Davis advised the seller on the transaction.
Knapp Group Seniors Housing Advisors Arranges Sale of Maryland Skilled Nursing Facility
Knapp Group Seniors Housing Advisors completed the sale of a 145-bed skilled nursing facility in Burtonsville, Maryland. The closing price of $17.25 million broke down to just under $119,000 per bed.
The seller, a Michigan-based nonprofit, decided to exit the market amidst increased management challenges. The buyer is a Maryland-based LLC that owns and operates several facilities in the state.
Knapp Group’s Jim Knapp and Joseph Knapp were the key advisors in the transaction.
CIT Group Arranges $144M Credit Facility for Utah Firm
CIT Group’s Healthcare Finance business served as the administrative agent and lead arranger for a $144 million financing package on behalf of Bristol Hospice. CIT Group was the lead arranger of a $115 million first lien credit facility, and the sole arranger of a $29 million second lien credit facility. The funds will be used for the acquisition of two hospice providers, as well as provide ongoing working capital.
Bristol Hospice, headquartered in Salt Lake City, provides hospice and palliative care services in the southern and western U.S. The acquisitions will expand the firm’s portfolio to 23 facilities in eight states, and nearly double the number of patients it serves.
Written by Chuck Sudo