Saturday, May 3, 2014

Friendship Ridge Nursing Home Sells for $33.5M

Comprehensive Healthcare Management Services, a consortium of investors and owner/operators in the New York area, has acquired the 605-bed Friendship Ridge Nursing Home at 246 Friendship Cir. in Beaver, PA from the County of Beaver for $33.5 million, or about $55,000 per bed. 

The six-story, 357,984-square-foot skilled nursing facility was built in 1959 on 25 acres in the Beaver County submarket of Pittsburgh. It offers residents rehabilitation services, a secured Alzheimer's unit, long-term structured residence, a clinic, dialysis center, and several therapy options. 

"The new ownership group has more than 50 years’ experience in long-term care and is eager to begin operating in Pennsylvania with Friendship Ridge as its initial investment," says Jandris. "The state’s strong reimbursement system is especially attractive for investors from New Jersey and New York where the introduction of managed Medicare is creating uncertainty." 

Business value, operations, equipment, furniture and fixtures were included in the sale. The new owners will continue operation of the facility, hoping to capitalize on the asset's large size by implementing "incremental revenue increases and expense management strategies [to] greatly impact the bottom line," added Myers. 

A deed restriction is in-place, allowing only skilled nursing facility, geriatric center, long-term care, assisted living, or similar healthcare facility to operate on the site until 2025. 

The acquisition was funded in-part with a $28.13 million loan from Privatebank & Trust.

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