The Healthcare Real Estate Team of Sperry Van Ness recently announced the recent closing of the sale of a skilled nursing facility (“SNF”) licensed for 166 beds located in Nacogdoches, Texas for $7,850,000. The Seller, Cascade-Willowbrook Health Services, Ltd., is affiliated with a regional operator which manages four other facilities in Texas. The Buyer, Texas-LTC, Ltd., is an affiliate of LTC Properties, a publicly-traded real estate investment trust (“REIT”) based in Westlake Village, California. The acquisition of Willowbrook Nursing Center brings the company’s portfolio to a total of 203 healthcare properties in 29 states, leased or mortgaged to 44 different operators.
The sale was handled by Grant Edwards, National Director of Sperry Van Ness’s Healthcare Real Estate Team. Transactional support was provided by Jake Corrigan, Advisor with Sperry Van Ness Healthcare Real Estate Team and Steve Fithian, Managing Director of Sperry Van Ness / Visions Commercial in Fort Worth, Texas.
Commenting on the sale, Grant Edwards said, “As always, the Sperry Van Ness Healthcare Team utilized it considerable resources to fish for Buyers with a wide net, while at the same time preserving confidentiality throughout the process. And yet, this transaction showcased more specifically our ability to help structure complex transactions for the benefit of all parties. That’s another important advantage of our team’s adherence to a set of core covenants, which ensures a client-first approach to senior care brokerage.”
Ecumen announced last week that it is expanding in the Twin cities with the ground breaking of its second senior housing community in Apple Valley and that it will manage The Seasons at Maplewood. The $27 million Apple Valley community is anticipated to open in early 2011 and the 220,500 square foot community will have 134 apartments on four levels, including 106 one- and two-bedroom independent living and assisted living apartments, where residents can add a la carte supportive services as they want them. A memory care neighborhood will feature 14 apartments, as will an enhanced care neighborhood for residents with more intensive care needs.
Courtesy Ecumen Press Release
This facility will bring the total number of Ecumen-operated communities in Minnesota to 34 and expands Ecumen’s presence in Apple Valley and Maplewood. Ecumen owns the senior housing communities of Centennial House in Apple Valley and Lakeview Commons in Maplewood. The Seasons at Maplewood and the new Ecumen community in Apple Valley will be market-rate housing. Both construction projects are financed with HUD (Housing and Urban Development) 232 financing.
The Seasons at Maplewood is owned by Michael Pint, former senior vice president and chief financial officer of the Federal Reserve Bank of Minneapolis and Minnesota commissioner of banks under Governor Al Quie. Construction of The Seasons at Maplewood began last fall and the community is slated to open early fall 2010. The 130,000 square-foot community will have 150 apartments on four levels. These will include 120 one- and two-bedroom independent living and assisted living apartments and a memory care neighborhood will have 15 apartments as will an enhanced care neighborhood.
ExpressMD(TM) Solutions, a provider of remote patient monitoring systems and services for patients with chronic illnesses, announced that Traditional Home Health and Hospice in Dunmore, PA selected ExpressMD’s Electronic House Call(TM) system for use in their Congestive Heart Failure (CHF) patient management program. ExpressMD Solutions is a joint venture formed by Authentidate Holding Corp. (NASDAQ:ADAT) and EncounterCare Solutions (ECSL) to provide web-based telehealth services and home healthcare equipment dedicated to the advancement of in-home patient health care and improved chronic condition outcomes.
The system transmits patient vital signs data on a daily basis through the Internet to their patients’ licensed providers, so they can monitor and adjust patient care accordingly. Remote patient monitoring has been proven to improve patient adherence to their care plans, reduce the incidence of emergency hospital readmissions, improve outcomes in patients with chronic conditions such as CHF and reduce the overall cost of patient care.
Gray-Paul Bossi, President of Traditional Home Health stated, "Our clinical team evaluated all the remote monitoring devices available that specialize in CHF patient management and selected ExpressMD’s Electronic House Call system due to the superior capabilities of both the web-based management and monitoring software and the monitoring devices that comprise the solution. We believe that the Electronic House Call will significantly enhance our ability to manage CHF patient care programs."
"ExpressMD Solutions has been selected by Traditional Home Health because of the system’s flexibility to adapt to new disease management models easily and quickly. We recognize the importance of meeting our customer’s needs and are working with other health plans to adopt this flexible and innovative telehealth system for their patients’ disease management programs," commented Ronald Mills, Managing Director of ExpressMD Solutions.
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