MORGANTOWN, W.VA. — Live Oak Bank has closed a $39 million unitranche loan — a hybrid financing structure that combines senior debt and subordinated debt into one loan — on behalf of a Charleston, S.C.-based owner and operator of seniors housing communities. Loan proceeds were used to retire existing bank debt along with partnership debt associated with the sponsor’s 2021 purchase of a 175-unit independent living, assisted living and memory care community located in Morgantown, about 75 miles south of Pittsburgh, Pa. The three-year loan provides a bridge-to-agency option and …
HUNTINGTON, W.VA. — Cornerstone Community Development Corp. plans to convert the historic Prichard Hotel in downtown Huntington into an affordable seniors housing property. The $51 million renovation will comprise converting the former hotel rooms into 108 residential living spaces, as well as repositioning the first two floors for healthcare services and additional community resources. Cornerstone Community Development’s partners on the project include Christ Temple Church, Winterwood Development and CVS Health, which is investing more than $17 million in the project. The timeline for construction was not disclosed.
JANE LEW, W.V. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Crestview Manor Nursing Home, a 72-bed skilled nursing facility in Jane Lew, approximately 115 miles south of Pittsburgh. The property has been family owned since 1987 and is the only skilled nursing facility in the county. The seller was a private, out-of-state owner that owned Crestview Manor for over three decades. The buyer is a publicly traded REIT utilizing an existing operating partner relationship that has collectively rapidly grown their presence throughout West Virginia. Dave Balow …
CHARLESTON, W.V. — Lument Securities has advised Stonerise Healthcare, a skilled nursing and transitional care provider based in Charleston, on the company’s sale. The buyer was a group consisting of a New York-based real estate investment firm and its operating partner, CommuniCare Health Services. Stonerise was founded in 2009. Its integrated network of care includes transitional and skilled nursing care, therapy, home health and hospice services, which it provides throughout West Virginia and in Southeast Ohio. The skilled nursing portfolio features 18 owned and operated facilities across West Virginia totaling …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has arranged a $135 million bridge loan for the refinancing and dividend recapitalization of a skilled nursing portfolio. The portfolio features nine facilities and 1,448 beds across Maryland, Georgia and West Virginia. The borrower is an industry-leading owner of skilled nursing facilities. CFG’s Tim Eberhardt and Ava Julio originated the transaction for the company. Further details were not disclosed.
DUNBAR, W.V. — Evans Senior Investments (ESI) has arranged the sale of SweetBriar Assisted Living, a 65-unit assisted living and memory care community, for $7.1 million, or $110,000 per unit. The community is located in Dunbar, five miles east of Charleston. It was originally built in 1990, and underwent additional expansions in 1999, 2003 and 2007. Today the community has 75 functional beds and 85 licensed beds, and the resident base is 100 percent private pay. At the time of marketing, the community was averaging 95 percent functional bed occupancy …
ELKINS, W.V. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Colonial Place, a 70-unit, 88-bed assisted living and memory care community in Elkins, approximately 80 miles south of Morgantown. The community was built in 1995. The seller was an institutional capital provider based in Florida that acquired the asset as a part of a larger portfolio. The property was an operational outlier for the seller. The buyer, a local nonprofit, now can provide a full spectrum of care in Elkins as it also owns a local nursing …