FROSTBURG, Md. — Healthcare Transactions Group has arranged the sale of Frostburg Nursing and Rehabilitation Center, an 88-bed skilled nursing facility in Frostburg. University of Pittsburgh Medical Center (UPMC) Western Maryland owned and operated the facility. UPMC is one of the nation’s largest integrated health systems, including 40 hospitals. Mark Davis of Healthcare Transactions Group represented the seller. The price was not disclosed. The buyer, a New York-based owner-operator with an existing portfolio in the state, plans to rebrand the property as Mountain City Rehabilitation Center.
Acquisitions
YUMA, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a skilled nursing facility in Yuma. The property features 77 units totaling 143 licensed beds. It was built in 1964 with renovations in 2011 and 2018, totaling 44,076 square feet on 2.9 acres of land. The name of the facility was not disclosed. The seller is a national REIT looking to divest this asset due to it being a geographic outlier in its portfolio. The buyer is a regional operator with strong presence and track record in …
ARLINGTON, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Greenfield Residences of Arlington, an independent living community in Arlington, between Dallas and Fort Worth. The property was built in 2002 and totals 128,496 square feet on 5.8 acres. The community features 24 studio units, 130 one-bedrooms and 24 two-bedrooms. A publicly traded investor sold the property to an owner-operator from the Dallas-Fort Worth area for $12.5 million. SLIB marketed the sale as a value-add opportunity, as the community was only 67 percent occupied at the time …
Capital Funding, Bank Leumi Fund $27.8M Loan for Acquisition of Skilled Nursing Facility in New Jersey
by Jeff Shaw
WANAQUE, N.J. — Capital Funding LLC and Bank Leumi USA have closed a $27.8 million loan for the acquisition of Wanaque Center for Nursing and Rehabilitation in Wanaque, approximately 30 miles northwest of Manhattan. The borrower and buyer, Philosophy Care Group, has rebranded the property as the Phoenix Center for Rehabilitation and Pediatrics. The facility features 92 pediatric skilled nursing beds and 135 geriatric skilled nursing beds. Capital Funding and Bank Leumi partnered to run a joint diligence process and co-funded the term loan, with Capital Funding, serving as agent …
ALEXANDRIA, RICHMOND and COLONIAL BEACH, Va. — Tryko Partners has acquired three skilled nursing facilities in Virginia as part of a planned geographic expansion in the Mid-Atlantic for the Brick, N.J.-based private equity investment firm. The facilities, which were part of the Cambridge Healthcare Portfolio, include the 307-bed Woodbine Rehabilitation & Healthcare in Alexandria, the 190-bed Lexington Rehabilitation & Healthcare in Richmond, and the 66-bed Westmoreland Rehabilitation & Healthcare in Colonial Beach. Each property provides post-hospital care, short-term rehabilitation and long-term residential care. Tryko plans to invest nearly $9 million …
Monticello Provides $12.4M Financing for Skilled Nursing Portfolio in Tennessee, Kentucky
by Jeff Shaw
TENNESSEE and KENTUCKY — Monticello has provided $12.4 million in first lien debt financing for the acquisition of two skilled nursing properties totaling 165 beds in Tennessee and Kentucky. The specific names and locations of the properties were not disclosed. The transaction also includes a $1.5 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the …
MILWAUKEE — Senior Living Investment Brokerage (SLIB) has arranged the sale of St. Clare Terrace, a 59-unit assisted living community in Milwaukee. The community was built in 1964 and operates under the Residential Care Apartment Complex (RCAC) designation. The 67,000-square-foot property sits on 2.4 acres, and was 64 percent occupied at the time of sale. St. Clare was placed into receivership when the previous nonprofit owner-operator was unable to service outstanding bonds. Shortly after the building was placed in receivership, an experienced operator was hired to manage the community until …
Monticello Provides $117M in Financing for a 1,357-Bed Skilled Nursing Facility Portfolio in North Carolina, Kentucky
by Jeff Shaw
NORTH CAROLINA and KENTUCKY — Monticello has provided $117 million in first lien debt financing for the acquisition of 12 skilled nursing properties and the refinance of one other in North Carolina and Kentucky. The skilled nursing portfolio totals 1,357 beds. The names and specific locations of the properties were not disclosed. The transaction also includes a $10 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current …
PORTLAND, Ore. — Norris & Stevens has brokered the sale of Laurelhurst House, a 38-unit assisted living community in Portland. LHH Property acquired the 22,612-square-foot property from Laurelhurst House LLC for $4.6 million. The property was 100 percent occupied. The seller was the original developer, which built the three-story community in 2000. Todd VanDomelen and David Chatfield of Norris & Stevens represented the seller in the transaction.
BOUNTIFUL, Utah — CareTrust REIT Inc. (NASDAQ:CTRE) has acquired Barton Creek Senior Living, a 62-unit assisted living facility located on the campus of Lake View Hospital in Bountiful, a suburb of Salt Lake City. The acquisition price of the off-market transaction was not disclosed. The Barton Creek facility has been added to CareTrust’s existing master lease with seniors housing operator Bayshire LLC. For the seller, the nonprofit South Davis Community Hospital Campus, the sale was part of a strategic decision to focus on its adjacent higher-acuity operations. The property will …