Heavenrich & Company Sells $90 Million Maryland Skilled Nursing Portfolio

January 16, 2012 - Heavenrich & Company (Heavenrich), a boutique investment brokerage company servicing the senior housing sector, is pleased to announce the successful sale of seven skilled nursing facilities owned  by Persimmon Ventures, LLC (Persimmon) for $90 million to two separate purchasers.  Heavenrich was retained by Persimmon as a financial advisor on this transaction.  Omega Healthcare Investors (NYSE:OHI) acquired four of the facilities and affiliates of White Pine Holdings, an independent third party owner/operator, purchased three of the facilities and operations.  Omega provided mortgage financing to White Pine. The facilities will continue to be operated by the current manager, White Oak Healthcare.

Heavenrich was initially retained by Persimmon to explore various capital raising and restructuring options. “The owner needed to diversify, as much of his net worth was closely tied to one business and the reimbursement environment of one state.  In addition, the owner saw opportunities over the next few years in acquiring distressed assets and needed liquidity to capitalize on those opportunities,” said Adam Heavenrich, President of Heavenrich & Company.

Transaction Highlights

  • Six (6) facilities in Maryland and one (1) in West Virginia  
  • The portfolio was comprised of 943 beds in the Baltimore and Washington DC MSAs, including an under construction facility in Towson, Maryland.
  • Overall occupancy, excluding the Towson expansion, was 95%.
  • Omega assumed HUD financing on three of the seven facilities.
  • Owner had recently made over $6.0 million in capital improvements outside of the new construction.

About Omega
Omega owns or holds mortgages on over 400 skilled nursing facilities, assisted living facilities and other specialty hospitals with approximately 46,000 licensed beds, located in 35 states.

About Heavenrich & Company
Heavenrich & Company is a boutique investment brokerage company dedicated to the senior housing industry since 1994.