Greystone Buys 13-Property Portfolio

The skilled nursing facilities and supportive living community located throughout Illinois and Missouri total 1,662 beds.
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Greystone Healthcare Management has entered the Illinois and Missouri markets with the acquisition of a 13-property portfolio that spans the two states. Greystone acquired the portfolio from the Department of Housing and Urban Development for an undisclosed amount.

The portfolio of 1,662 beds includes 12 skilled nursing facilities in Missouri and Illinois and one supportive living community in Illinois. While the communities under the Rosewood Care Center name were rebranded and will be managed by Greystone Healthcare Management, the Foxes Grove Supportive Living in Wood River, Ill., will keep its name.

EXTRA EMPLOYEE FOR THE EXPANSION

Stephanie Handelson, CEO of Greystone Healthcare Management, said in prepared remarks that the company will bring its expertise and operational oversight to the new properties in Illinois and Missouri.

To support the expansion, the company has hired Vince McGowen as its new senior vice president of operations. McGowen joined Greystone after 25 years of experience in the healthcare industry, mostly located in the Midwest.

Greystone’s healthcare management portfolio previously totaled more than 30 facilities with more than 3,000 beds throughout Florida. In June, the company purchased a skilled nursing facility in St. Augustine, Fla., that included 24 private and 48 semi-private rooms. 

The parent Greystone company is also known for providing financing for healthcare facilities. In May, Greystone arranged $71.9 million in financing for the acquisition and refinancing of a portfolio of seven skilled nursing facilities.