Connecticut-based iCare Health Network acquired eight skilled nursing facilities (SNFs) from California-based Summit Healthcare REIT for $60 million in a significant transaction within the healthcare sector. This acquisition underscores iCare's ongoing commitment to improving its facilities' quality of care and operational efficiency.
Historical Context and Acquisition Details
Summit Healthcare REIT originally purchased these centers in 2017, but iCare Health Network has operated these nursing homes since 1999. The recent transaction marks a strategic move by iCare to regain ownership of the real estate of the facilities it has long managed.
"This transaction was not a new acquisition or an expansion for iCare, but a strategic move to return the real estate to an entity directly affiliated with iCare as an operator," a spokesperson for iCare Health Network explained in an emailed statement to Skilled Nursing News. "Our model focuses on turning around distressed assets to provide quality care and value to our residents and the community."
iCare Health Network: A Legacy of Care
With 25 years of operational experience, iCare Health Network manages 11 SNFs, predominantly in the greater Hartford and central Connecticut areas. This includes the newly acquired facilities, reinforcing iCare's strong regional presence.
Additionally, iCare is negotiating the purchase of another center in Bennington, Vermont, which will be named MissionCare at Bennington. "A REIT owned the real estate for neither of these centers nor is there any plan for it to be," the iCare spokesperson noted, emphasizing the company's preference for direct ownership.
Summit Healthcare REIT: The Seller's Portfolio
Summit Healthcare REIT, the seller of the eight SNFs, specializes in investments in assisted living, memory care, and skilled nursing facilities across the United States. Their portfolio includes interests in 39 senior care facilities, encompassing 2,789 SNF beds. This transaction with iCare marks a notable reshuffling within their extensive portfolio.
iCare Health Network's Services and Mission
iCare Health Network provides a comprehensive range of management, operating, and consulting services to skilled nursing facilities and other healthcare providers across Connecticut. Their approach is centered on transforming distressed assets into thriving care environments, ensuring that residents receive the highest quality of care.
"Our model is about turning around distressed assets to bring quality care and value to our residents and the community," the spokesperson reiterated. This strategy has been a cornerstone of iCare's operations, contributing to its reputation as a leading provider in the region.
Looking Forward
With the recent acquisition, iCare Health Network is poised to enhance its service delivery and operational efficiency further. The company's commitment to quality care and strategic growth drives its success and reputation in the healthcare sector.
As iCare Health Network negotiates new acquisitions and continues to manage its portfolio of skilled nursing facilities, the company remains dedicated to its mission of providing exceptional care and value to its residents and the communities it serves.
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