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A nursing home in Homestead recently traded for $18.63 million, according to public records.
Signature Healthcare of Brookwood Gardens at 1990 S. Canal Dr. was acquired by 1990 South Canal Dr LLC on Oct. 7, stated the deed.That LLC is connected to Brooklyn, New York-based Topaz Fiscal Services, a nursing home financial services company, according to the company’s website. Topaz Fiscal Services was incorporated in May 2020 and is actively hiring personnel at its offices in Brooklyn and Woodmere, NY. Further information on Topaz Fiscal Services could not be obtained by deadline.
The seller is OHI Asset Homestead LLC, an affiliate of Omega Healthcare Investors (NYSE: OHI), a REIT based in Hunt Valley, Maryland that invests in skilled nursing facilities. OHI paid $11.1 million for Brookwood Gardens in October 2016.
Built in 1986, Signature Healthcare of Brookwood Gardens has 180 units and stands on 5.21 acres of land. Its leased by Louisville-based Signature Healthcare, which runs 115 nursing homes across the U.S.
Nursing homes were adversely affected by the Covid-19 pandemic. According to the American Health Care Association and the National Center for Assisted Living, nearly 60% of U.S. nursing homes are operating at a financial loss and 61%face staffing shortages.
In an August release, OHI reported that revenue collections improved in the second quarter although some nursing home operators still aren’t paying rent and profitability is still meaningfully below pre-pandemic levels.
OHI sold dozens of nursing home properties this year. In May, it reported it completed the sale of 22 nursing facilities previously operated by Gulf Coast Health Care for $318 million. Gulf Coast Health Care – which operatednursing homes in Florida, Georgia, and Mississippi – declared bankruptcy in April and dissolved itself. In South Florida, OHI sold the 170-bed Margate Health and Rehabilitation Center for $16.86 million this past April.
As of June 30, OHI owned 921 facilities run by 63 nursing home operators in the U.S. and the U.K. In Florida,it had 113 facilities and nine operators.
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