DULLES, Va. — M&T Realty Capital Corp. has provided a $23 million FHA-insured loan to refinance of a 166-bed skilled nursing facility in Dulles, a subsurb of Washington, D.C. At an 80 percent loan-to-value ratio, the 35-year, 2.65 percent fixed-rate loan is fully amortizing. Matthew Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Nick Gent of M&T Bank’s D.C. office.
Virginia
BLACKSBURG, Va. — Ziegler has completed an $18 million taxable bank placement for Warm Hearth Village, a continuing care retirement community in Blacksburg. Warm Hearth was founded in 1974 and provides housing, health care and other services to seniors on its 220-acre campus through the operation of 259 independent living units, 55 active adult units, 150 assisted living units and 60 skilled nursing beds. The financing will be used to consolidate three existing bank placements and pay for $2 million in campus improvements. National Bank of Blacksburg provided the funds, …
Monticello Provides $97.2M Acquisition Financing for 856-Bed Skilled Nursing Portfolio in Virginia
by Jeff Shaw
VIRGINIA — Monticello has provided $97.2 million in first lien debt financing for the acquisition of five skilled nursing properties totaling 856 beds in Virginia. The transaction also includes a $8 million working capital loan to the operating companies of the properties. Monticello’s asset-based lending group, Monticello Commercial Capital, provided that capital. The borrower is an owner-operator with a current portfolio of 1,155 licensed beds. The seller, facility names and facility locations were not disclosed.
VIRGINIA BEACH — M&T Realty Capital Corp. has closed a $38.4 million Fannie Mae loan to refinance a 179-unit seniors housing property in Virginia Beach. The 10-year, 3.63 percent, fixed-rate loan is structured with three years of interest-only payments, followed by a 30-year amortization. Matthew Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Nick Gent of M&T Bank’s Washington, D.C. office. The name of the community and borrower were not disclosed.
RICHMOND, Va. — Cushman & Wakefield | Thalhimer has arranged the sale of 5.3 acres in Richmond for a seniors housing development. Temple Beth El sold the land to CA Ventures for $3.8 million. The development will feature independent living, assisted living and memory care services. David Smith of Cushman & Wakefield | Thalhimer handled the sale negotiations on behalf of the buyer.
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 Funds $13.5M Acquisition Loan for 120-Bed Skilled Nursing Facility in Virginia
by Jeff Shaw
VIRGINIA — Monticello has provided $13.5 million in financing for the acquisition of a skilled nursing property totaling 120 beds in Virginia. The borrower is an owner and operator with 26 facilities in five states, including seven facilities totaling 915 beds in Virginia. The specific name and location of the acquired facility was not released.
Commonwealth Senior Living Acquires 10 Communities in Pennsylvania, Tennessee, Maryland, Virginia
by Jeff Shaw
CHARLOTTESVILLE, Va. — Commonwealth Senior Living, a Charlottesville-based owner-operator, has added 10 new senior living communities to its portfolio. The properties are in Pennsylvania, Tennessee and Virginia, consisting of over 660 units. The new communities include: Commonwealth Senior Living at Oak Ridge (Oak Ridge, Tennessee) Commonwealth Memory Care at Chesapeake (Chesapeake, Virginia) Commonwealth Senior Living at Monument Avenue (Richmond, Virginia) Commonwealth Senior Living at Stafford (Stafford, Virginia) Commonwealth Senior Living at Fredericksburg (Fredericksburg, Virginia) Commonwealth Senior Living at Berryville (Berryville, Virginia) Commonwealth Senior Living at Hagerstown (Hagerstown, Maryland) Commonwealth Senior …
VIRGINIA BEACH, Va. — Life Care Services has taken over management of Atlantic Shores Retirement Community, a 100-acre seniors housing campus in Virginia Beach. Atlantic Shores Cooperative Association owns the property, which features 667 units of independent living, assisted living, memory care and skilled nursing.
NORFOLK, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Thornton Hall Nursing and Rehabilitation, a 60-bed skilled nursing facility in Norfolk. A skilled nursing investor with an expanding presence in Virginia made an unsolicited offer on the property, prompting the existing owner-operator to sell. The price was not disclosed. Steve Thomes and Michael Segal led the effort on behalf of Blueprint.