Manatt Represents Covenant Care in $125 Million Sale of Facilities

Manatt’s Richard Maire, a partner in the firm’s corporate and finance group, and Dina Tecimer, a partner with Manatt Real Estate, led a team in representing Covenant Care, Inc., an award winning leader in skilled nursing as a facility owner and operator, in the sale of 24 skilled nursing and rehab facilities worth more than $125 million and located across seven states.

The Manatt team provided counsel in support of sale-leaseback transactions, assignments of operating leases and the restructure of its four cross collateralized multi-pooled credit facilities, including the sale of a 503-bed, four-property skilled nursing portfolio in California to CareTrust REIT, Inc.

These complex transactions involved negotiations with 12 different Covenant Care sellers, approximately 2,400 beds and more than 20 different buying entities controlled by CareTrust, a real estate investment trust focused on acquiring healthcare-related properties, Quality Care Properties, Inc., which merged mid-transaction with Welltower Inc., or Crown Healthcare Group, a family-owned provider of nursing services. 

These transactions are part of an on-going portfolio sale involving complex title and survey issues, consents from lenders, subordinations and non-disturbance agreements, assignments of facility leases, post-closing indemnifications and sale of fee interests.

The Manatt team also included Elizabeth Levin, an associate with Manatt Real Estate, and Dieu Nguyen, an associate in the firm’s corporate and finance group.

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