iCare Health Network, a Manchester-based nursing home operator, has paid over $60 million for a portfolio of eight nursing homes in the Hartford area, according to public records.
The deal was first reported by the Hartford Business Journal.
iCare had been operating the eight care homes since “as early as 1999,” the company said in a statement emailed to The Commercial Record, but homes had been owned by a succession of entities, the most recent of which was a joint venture controlled by Summit Healthcare REIT, a non-traded real estate investment trust based in the Los Angeles area.
“Our model was and has been distressed asset turnarounds that bring quality care and value to our residents and the community. This transaction will allow iCare Health Network to continue to provide quality care and enrich the lives of the residents we serve in a seamless way,” iCare said in a statement.
Independent Bank, based in Texas, provided three mortgages totaling $60.68 million as part of the transaction, according to local property records.