WILMINGTON – A Canadian health care real estate investment firm closed on a $67 million deal on three Delaware nursing and rehabilitation centers this month. Comprehensive Care Capital (CCC), a 4-year-old affiliate of The Rosdev ...
WILMINGTON – A Canadian health care real estate investment firm closed on a $67 million deal on three Delaware nursing and rehabilitation centers this month.Comprehensive Care Capital(CCC), a 4-year-old affiliate of The Rosdev Group, a private real estate investment firm based in Montreal with a more than $2 billion portfolio, acquired Parkview Nursing & Rehabilitation Center in Wilmington, Churchman Village near Newark and Harbor Healthcare & Rehabilitation in Lewes. Between the three facilities, the portfolio contains 430 Medicare- and Medicaid-certified skilled nursing beds, about 8% of such beds in the state, and 43 independent living apartments.
[caption id="attachment_198024" align="alignright" width="483"]Parkview Nursing & Rehabilitation Center in Wilmington was recently acquired by an investment firm.| DBT PHOTO BY MIKE ROCHELEAU[/caption]
The seller was Nashville-based not-for-profit Emerald Shelter Group, which owns numerous senior housing, health care and affordable housing assets in the Midwest and Southeast."These communities have a strong record of providing high-quality care, as evidenced by their receiving 4- and 5-star ratings from the federal Centers for Medicare and Medicaid Services, and it was important to us that a buyer be able to continue that quality,” said Douglass Smith, CEO of Emerald Shelter Group, in a statement announcing the deal’s closing. “This transaction also will help us fulfill our goal of concentrating management attention within our core geographic area to support our mission of delivering high-quality care."Emerald Shelter Group reportedly secured 22 offers for the facilities, but ultimately announced last spring that it had chosen Comprehensive Care Capital, which secured approval from the Delaware Health Resources Board for the acquisition in January 2020. Advising Emerald Shelter Group on the sale was Chicago-based specialty investment bank Ziegler.CCC’s portfolio consists of more than 50 health care facilities across eight states, comprising more than 7,000 beds and holding an aggregate value of about $700 million. It acquired the two New Castle County facilities on April 1 and the Sussex County center on April 14, according to county deed records.Built in 1965, Parkview has 150 licensed skilled nursing beds and offers rehabilitative care, long-term care, skilled nursing, a secure Alzheimer’s unit, hospice, and respite care.Churchman Village was built in 1984 and has 101 licensed skilled nursing beds while offering rehabilitative care, long-term care, skilled nursing, and respite care.Harbor Healthcare was built in 1988 and has 179 licensed skilled nursing beds. It offers rehabilitative care, long-term care, skilled nursing, a secure Alzheimer’s unit, hospice, and respite care.Closing of the deal was delayed by the impact of the coronavirus outbreak on financial markets, officials said. Senior care facilities have been particularly hard hit by the pandemic around the country, and Delaware has seen more than 20 residents of such facilities die from the virus. Delaware public health officials have reported that Parkview is treating multiple cases of COVID-19 among its residents.By Jacob Owensjowens@delawarebusinesstimes.com