Senior Care Centers cited “expensive leases” when it entered Chapter 11 bankruptcy late last year. Seven of the facilities have HUD debt and are part of one master lease, while the remaining non-HUD facilities are leased to another master entity, both controlled by the landlord, Formation Capital. In terms of rent, the Canyon nH LLC — which was the lessor for the nine PNW buildings without HUD loans — had an unsecured claim of $813,339.78. document.write(new Date().getFullYear()); Providing services to seniors, including skilled nursing facilities, & assisted living facilities. Formation declined to comment for this story. The “major driving factor,” according to Masterson’s declaration, was a default notice from MidCap Financial Trust under its Department of Housing and Urban Development (HUD)-backed and non-HUD credit and security agreements, which provided Cornerstone with revolving credit up to $17 million. Required fields are marked *. See more information about William Masterson, Based on the quality and frequency of confirmatory data points, this metric represents the likelihood that a contact is employed where we say they are and that it is possible to reach them via email, CornerStone Healthcare Services is seeking a, CornerStone Healthcare Services has announced it is, CornerStone Healthcare Services has partnered with, CornerStone Healthcare Services has added information to its.

Occupancy was 78% based on that capacity. People from the following companies have visited William Masterson's profile most often. .

As far as the potential lease defaults, that is an unfortunate trend in the skilled nursing industry, with facilities often unable to keep up with those payment escalators.

Providing services to seniors, including skilled nursing facilities, & assisted living facilities. What is William Masterson’s role in CornerStone Healthcare Services? In the year to date through September 2019, the company generated more than $94.9 million in total revenue ($127 million in the previous 12 months), with $2.195 million in EBITDA.

Cornerstone Healthcare Services is headquartered in Gig Harbor, Washington, with locations across the northwest.

OF W. MASTERSON Los Angeles, CA 90071-2418 ISO FIRST DAY MOTIONS, Page 2 Phone: 213-972-4500 Fax: 213-486-0065 4852-8207-3517.2 I, Will Masterson, declare as follows: 1. I am the CEO of Cornerstone Healthcare Services, LLC, the management services company for the Debtors, and am directly responsible for management of the business and financial affairs of PNW Healthcare …

Both the Canyon LLCs in the voluntary petitions for PNW Master Tenant I and PNW Master Tenant II are listed as being in the care of Cascade Capital Group of Skokie, Ill. “The Canyon entities are the master tenant of Formation across a multiple asset portfolio,” Cascade general counsel Mordy Kaplan explained to Skilled Nursing News via e-mail. In addition, Cornerstone had about $1.7 million in unpaid compensation to its employees, which they hope (among other issues) will be remedied by the restructuring.
In addition, Cornerstone had about $20.9 million in unsecured debt, mostly consisting of trade debt, according to Masterson, though this was less of a factor in the bankruptcy filing. These facilities have approximately 1,182 residents and employ more than 1,200 in the local communities.

June Allen VP, OB Homecare Operations at Optum Marietta, GA ... 73 others named Will Masterson are on …

Absolut Care, Cascade Capital Group, Cornerstone Healthcare, Faegre Baker Daniels, Formation Capital, Genesis HealthCare, Senior Care Centers. An operator with several skilled nursing facilities in the states of Washington, Oregon, and Idaho has filed for Chapter 11 bankruptcy protection, citing issues with its secured debt and — in chorus with other bankrupt operators across the country — problems with its leases. Elizabeth Warren and Sherrod Brown — along with Rep. Mark Pocan — asked executives at The Carlyle Group, Formation Capital, Fillmore Capital Partners, and Warburg Pincus LLC to provide information on their SNF investments, citing quality concerns. Discover more about CornerStone Healthcare Services, Information without innovation is just data, Get real Scoops about CornerStone Healthcare Services, William Masterson works for CornerStone Healthcare Services, William Masterson’s role in CornerStone Healthcare Services is Chief Executive Officer, William Masterson’s email address is w***, William Masterson’s business email address is w***, William Masterson’s HQ phone number is (253) 858-7273. Chief Operations Officer at Cornerstone Gig Harbor, WA.

What is William Masterson’s email address? Cornerstone Healthcare Services operates 14 SNFs in the states of Washington, Oregon, and Idaho, as well as one assisted living facility in Washington, according to a formal declaration from Cornerstone CEO Will Masterson. Those default notices instituted default interest, at a rate of 5% above the standard contract rate, retroactively effective to February 1 of this year, according to Masterson’s declaration. “The Canyon entities sublease the assets to multiple operators, of which Cornerstone is one. The bankruptcy declaration from Cornerstone came shortly after Formation Capital and three other major private equity firms received letters from a group of lawmakers demanding details about their ownership of SNFs. These facilities have approximately 1,182 residents and employ more than 1,200 in the local communities.

The Canyon entities do not operate the assets in question, and are not the party that filed the bankruptcy.”. The argument, Faegre Baker Daniels partner George Mesires explained to SNN, is that setting aside the debt obligations, the business is operationally viable.

June Allen. He did note that the Chapter 11 filing would provide an opportunity to restructure the debt. “Cornerstone Healthcare” is the collective term for the debtors in the filing, which include the PNW Healthcare entity and PNW Master Tenant I, LLC and PNW Master Tenant II, LLC. “This imposition of default interest has negatively impacted cash flow, and is a major driving factor being the bankruptcy filing,” he wrote in the declaration. Cornerstone’s leases were also a factor in the decision to file for Chapter 11 bankruptcy, according to Masterson’s declaration. Cornerstone Healthcare Services is headquartered in Gig Harbor, Washington, with locations across the northwest.

Your email address will not be published. Skilled Nursing News is part of the Aging Media Network. What is William Masterson’s HQ phone number? “The Cornerstone Healthcare Debtors filed these cases primarily in order to address specific issues with their secured debt and leases,” Masterson asserted in his declaration. Nevertheless, the possibility of an attempt by the Canyon Landlords to terminate the leases based on these asserted defaults, with the catastrophic consequences that would result, was determined by the Debtors to be an unacceptable risk.”. Both the operator and the landlord should know what they are getting into with these agreements, but all-too-rosy expectations in terms of future cash flow hurt everyone involved. Skilled Nursing News is the leading source for news and information covering the skilled nursing industry.

A request for comment from MidCap was not returned as of press time.

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