"Opportunities to acquire flagship skilled nursing facilities in the Chicago metro area are few and far between," says Uri Kahanow, director of acquisitions for Tryko Partners. "When presented with this opportunity, what attracted us was the prospect of acquiring one of the largest facilities in a core market with a quality and healthy census mix, as well as the opportunity to partner with ManagCare, which has a stellar reputation in its field."
Lake Shore, the second largest skilled nursing facility in the Chicago, was built in the 1970s and is a four-story building. Part of the property was recently renovated in order to upgrade common areas and resident rooms.
The facility is currently 67% occupied, something the new owners plan to change.
"We plan to increase the census by expanding residency to a combination of Medicaid, Medicare and private pay patients while simultaneously stabilizing the expense ratio to within market ranges," says Nathan Davis, a principal of ManagCare.
Brick, NJ-based Tryko and ManagCare are actively seeking other market opportunities. "In partnership with ManagCare, we will continue to actively and aggressively pursue skilled nursing facilities in the coming months," Kahanow said. "We feel that this is a good time to buy, with favorable financing currently available for the right deals."
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