—Locally based ManagCare Financial and Consulting Services has purchased six skilled nursing facilities in Illinois for $48.5 million.
The properties are located in Marseilles, Morton, Peoria Heights, Princeton and Springfield, consisting of about 822 units built between 1963 and 1996. Senior Living InvestmentInc, which represented the unnamed seller, said its client divested the facilities to take advantage of 2012 capital gains and to focus on other lines of businesses.
Themore than doubles ManagCare’s current four local nursing facilities in Chicago. According to Ryan Saul and Jeff Binder with Senior living, the portfolio is 74 percent occupied with a 14 percent private pay mix and 15 percent Medicare mix. Locally based Private Bank provided the financing for the deal.