David Gamzeh, Akiva Glatzer and Akiko Ike agreed to acquire Five Vermont Nursing Homes from Genesis Healthcare, Inc. (NYSE:GEN) for $46.4 million on August 21, 2020. The new buyers would take over temporary management of the facilities on October 1, 2020. The Vermont facilities will be renamed as part of the sale.

The Bennington facility will become Southern Vermont Nursing and Rehabilitation; Burlington will be renamed Queen City Nursing and Rehabilitation; the St. Johnsbury facility will be called North East Vermont Nursing and Rehabilitation; the others will be called Berlin Meadows Nursing and Rehabilitation and Springfield Rivers Nursing and Rehabilitation. The deal is subject to regulatory approval from the Agency of Human Services.

The five facilities generated annual revenues of $47.4 million and pre-tax loss of $2.7 million. On October 30, 2020, David Gamzeh, Akiva Glatzer and Akiko Ike took over the real estate and management of the facilities. Proceeds were used to retire $ 8.1 million of HUD insured loans and $14.3 million of MidCap Real Estate Loans.