» IPC The Hospitalist Company has acquired four affiliated post-acute practices in White Plains, NY. Known collectively as Park Avenue, the affiliated practices serve more than 120 skilled nursing and other post-acute facilities, according to co-owner Brad Markowitz. IPC is a physician group offering services in more than 800 post-acute facilities.
» St. Francis Healthcare System of Hawaii has doubled the estimated costs of opening a new 119-bed skilled nursing facility on a former hospital campus in Honolulu. Updated plans have pushed the project into the $20 million range, according to local reports. A capital campaign is in the works and construction is likely to begin in early 2014, officials said.
» The Redwoods, a community dedicated to providing affordable senior living and long-term care, closed on $30 million in financing for a revitalization project. In operation for four decades, the community in Mill Valley, CA, seeks to update its physical plant. Ziegler announced the deal, which involved tax-exempt bonds insured by Cal-Mortgage.
Ventas got a bump from Standard & Poor's, which last month raised the rating on Ventas' unsecured debt from BBB to BBB+, with a stable outlook. Ventas Chairman and CEO Debra A. Cafaro said the upgrade reflects the real estate investment trust's “financial strength and flexibility” and the “excellent performance” of its portfolio.