VICTORIA, Texas — Regency Integrated Health Services has rebranded its Texas-based portfolio of 63 skilled nursing facilities as Wellsential Health properties. The properties are all being transitioned to a nonprofit model as part of the change. Wellsential Health has more than 7,000 team members and 6,000 patients and residents. The organization claims it is now the largest family of nonprofit skilled nursing facilities in Texas.
MINNESOTA, OHIO and WISCONSIN — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, provided a $29.5 million bridge loan for a portfolio of five skilled nursing and assisted living facilities in Minnesota, Ohio, and Wisconsin: The Landing at Stow, Evansville Manor Nursing and Rehabilitation, Edenbrook Fond du Lac, Edenbrook of Rochester, and Edenbrook of Edina. Together, the facilities consist of 441 beds across 25 acres. The purpose of the loan was to refinance three of the facilities and acquire the other two. Dwight has financed over 20 facilities for …
It has been more than three years since COVID-19 lockdowns wreaked havoc on skilled nursing, assisted living and memory care facilities. Among other consequences, falling admissions and occupancies required many operators to seek or extend short-term loans to survive until brighter days. The good news is that, to a certain extent, those days have arrived: Rebounding occupancies are inching closer to pre-pandemic levels, higher Medicaid reimbursements are flowing to net operating income, and labor costs are stabilizing, says Michael Gehl, chief investment officer for FHA lending for NewPoint Real Estate …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has provided a $13.8 million mezzanine loan that supported the refinancing of eleven skilled nursing facilities and one assisted living facility. In addition to the mezzanine debt, CFG helped the client place the senior debt, which totaled $78.5 million. The total financing package amounted to $93.3 million. The facilities, which span Washington, Idaho, and Oregon, comprise over 1,554 beds. Further details on the borrower and properties were not disclosed.
CHINO, Calif. — G Capital Markets, a new advisory firm launched this summer by Grant Goodman, has arranged a $9.6 million HUD refinancing for Trellis Chino, a skilled nursing facility in Chino. Built in 2018, the community comprises all private rooms and exclusively cares for short-term, high-acuity rehabilitation patients. After leasing up during COVID, the building has performed strongly with near 100 percent occupancy, according to G Capital. The borrower, Encore Capital Ventures, is a real estate investment and capital solutions firm with a portfolio of healthcare and other real …
BAKERSFIELD, Calif. — Capital Funding Group (CFG) has provided a $43.4 million HUD loan for a 140-bed skilled nursing facility in Bakersfield. The transaction converts an existing bridge loan into a HUD loan following the property’s stabilization. The initial financing, also executed by CFG, allowed the nationally recognized borrower to acquire the property. Patrick McGovern originated the transaction for CFG.
MIDLOTHIAN, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of The Laurels of Willow Creek, a 120-bed skilled nursing facility in the Richmond suburb of Midlothian. Built in 1991 with an addition completed in 2018, the facility features 36 private suites and 42 semi-private rooms. Blueprint utilized the underlying performance trends fueled by Virginia’s Medicaid rate enhancement tailwinds. The buyer and seller were both REITs. The price was not disclosed. Michael Segal and Ben Firestone led the Blueprint team.
VIRGINIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of five skilled nursing communities in central and western Virginia. Each property comprises between 57 and 89 licensed beds for a total of 326 beds across the portfolio. The properties were built in the early 1990s and most feature a 4- or 5-star CMS rating. Blueprint worked directly with the existing operator to not only acquire the real estate, but also source the equity and debt financing needed to ultimately capitalize the portfolio acquisition. The seller and price were …
VISTA, Calif. — CareTrust REIT Inc. (NYSE: CTRE) has completed a joint venture investment to acquire La Fuente Post Acute, a 187-bed skilled nursing facility in Vista, approximately 40 miles north of San Diego. Once regulatory approval is obtained, the facility will be operated by Bayshire Senior Communities (a current tenant of CareTrust) pursuant to a new 15-year lease. To acquire the facility, CareTrust and a third-party regional healthcare real estate investor entered into a joint venture. CareTrust’s combined common equity and preferred equity investments in the joint venture total …
ARIZONA — Capital Funding Group (CFG) has provided a $15.5 million refinancing for a 118-bed skilled nursing facility in Arizona. The transaction represents converting a bridge loan, which CFG also provided, into HUD financing. Through this transaction, CFG also refinanced an additional debt associated with a full-facility remodel the borrower completed prior to submitting to HUD. Further details on the property and borrower were not disclosed. CFG’s Tommy Dillon originated the transaction.
