COPPERAS COVE, HARKER HEIGHTS and KILLEEN, TEXAS — KeyBank Real Estate Capital has arranged a total of $26.7 million in FHA financing for a three-property, long-term care portfolio in Texas. Two of the properties are skilled nursing facilities and one is a combination skilled nursing and assisted living facility.
Skilled Nursing
LAKEWOOD, Colo. — Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and private real estate investors, has brokered the sale of Bethany Rehabilitation Center, a skilled nursing and short-term rehabilitation facility in Lakewood. The $17.95 million sales price equates to $105,600 per licensed bed
Lancaster Pollard has refinanced $23.2 million fixed-rate, taxable notes insured by the FHA Sec. 232/233(f) Program and a $5.3 million bridge-to-agency loan, provided by the firm, for two properties: Marina Bay, a 167-bed skilled nursing facility in Quincy, Mass., and West Acres, a 138-bed skilled nursing facility in Brockton, Mass.
AdCare Health Systems Leases Two Facilities in Georgia; Continues Move Away from Owner/Operator Model
by Jeff Shaw
ATLANTA — AdCare Health Systems, Inc. (NYSE MKT: ADK), (NYSE MKT: ADK.PRA), a long-term care provider, has leased two Georgia skilled nursing facilities as part of its ongoing strategic plan to transition from an owner and operator of healthcare facilities to a healthcare property holding and leasing company. The agreement is with affiliates of C-Ross Management, an operator of long-term care facilities.
KATY, Texas — Satterfield & Pontikes Construction has been selected by Medistar Corporation to construct an 80-bed skilled nursing facility at Katy Fort Bend Road and Colonial Parkway in far west Harris County. Work on the 60,000-square-foot building is scheduled to begin early this year. Construction is expected to take approximately 11 months.
ATLANTA — AdCare Health Systems, Inc. (NYSE MKT: ADK), (NYSE MKT: ADK.PRA), a long-term care provider, has signed an agreement with affiliates of Wellington Healthcare Services, an operator of long-term care facilities, to lease two of its skilled nursing facilities in Georgia. The move is part of AdCare’s ongoing strategic plan to transition from an owner and operator of healthcare facilities to a healthcare property holding and leasing company.
DUNKIRK, N.Y. — Institutional Property Advisors (IPA), a division of Marcus & Millichap Inc. specializing in serving institutional and major private real estate investors, sold the Chautauqua County Home, a 133-room, 216-bed skilled nursing facility located near Lake Erie in Dunkirk, N.Y. The community sold for $16 million — $74,000 per bed.