CHICAGO — Ziegler has arranged the sale of Bethesda Rehab & Senior Care, a 135-bed skilled nursing facility in Chicago. The four-story facility is located on a nearly two-acre parcel. For over 100 years, Bethesda has had a presence in the Chicagoland area and the community has developed a reputation for providing short-term rehabilitation, long-term skilled nursing care, respite care and Alzheimer’s care to seniors throughout the greater northern Chicagoland area. Bethesda was previously a part of Norwood Crossing, founded in 1896, whose main residential campus in Chicago’s Norwood Park …
CARRABELLE, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of St. James Health and Rehabilitation Center, a 90-bed skilled nursing facility in the Florida Panhandle beach community of Carrabelle. St. James represented the operator’s only location in the state, which led to the decision to exit and focus on its core geographic concentration in the Midwest and Mid-Atlantic regions. The facility was constructed in 2008 and comprises nearly all semi-private rooms. As the only facility in Carabelle with the next nearest competitor located over 30 miles away, …
SAVOY, Ill. — Evans Senior Investments (ESI) has arranged the sale of Champaign Urbana Nursing & Rehab in Savoy, approximately midway between Chicago and St. Louis. A regional owner-operator sold the asset to Mozart Healthcare, which plans to install Accolade Healthcare as the operator. The price was not disclosed. Initially built in 1975, the facility is licensed for 213 skilled nursing beds, and at the time of marketing was 49 percent occupied. Due to the headwinds of the COVID-19 pandemic, which placed bans on admissions and restricted elective surgeries, the …
CINCINNATI — Blueprint Healthcare Real Estate Advisors has arranged the sale of St. Theresa Care Center in Cincinnati. A public REIT elected to execute the strategic sale of the facility following an operator transition earlier this year. St. Theresa Care Center is licensed for 92 assisted living beds and 99 skilled nursing beds. A National Historic Landmark, St. Theresa Care Center was originally built as an acute care hospital in the mid-1920s and was later expanded in the late 1950s. The building, which was ultimately converted to its current use, …
While some owners see opportunities in converting obsolete seniors housing into behavioral health facilities, others look for ways to improve those services within their communities. By Jeff Shaw Seniors housing and behavioral health real estate have a lot in common. Both house people with a largely needs-based offering. There are a wide range of products to serve a variety of needs, and residents are sometimes not there by choice. Both sectors also have favorable demographics and strong real estate fundamentals on their side with demand outpacing supply. Behavioral health real …
FORT COLLINS, Colo. — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing facility in Fort Collins for $7.6 million. The seller was an independent owner-operator. Although the number of beds was not released, the per-bed price of $79,166 equates to 96 beds. Initially built in 1968, the seller owned and operated the community for nearly two decades, achieving a four-star CMS rating. However, being its only skilled nursing facility, the company faced the challenges of today’s operating environment and lacked economies of scale. Upon marketing, the …
NEW YORK CITY — Berkadia has provided the financing of a 320-bed skilled nursing facility in New York City. Ed Williams and Richard Price of Berkadia Seniors Housing & Healthcare secured a $62.1 million 232/223(f) HUD insured loan on behalf of the Northeast-based borrower. The 80 percent loan-to-value financing included a term of 35 years. Proceeds from the financing were used to pay off existing commercial bank debt as well as transaction costs. “As an integral part of Northeast-based operator portfolio, this is another premier facility which has long served …
DELAND, Fla. — CareTrust REIT Inc. (NYSE: CTRE) has funded a $15.7 million mortgage loan on a two-asset, 115-bed skilled nursing portfolio in Florida. The borrowers under the loan are affiliates of Elevation Group LLC, a Florida-based skilled nursing operator led by industry veterans Ken and Dan Funk. Elevation is an existing tenant of CareTrust. Proceeds of the loan were used to refinance Elevation’s existing loan on its Athens Post Acute facility, as well as to partially fund Elevation’s acquisition of Blue Lake Post Acute, both located in Deland, approximately …
CALIFORNIA — Forbright Bank and HJ Sims have partnered to finance the acquisition of two skilled nursing facilities in California. The skilled nursing facilities feature approximately 150 beds. The borrower plans to invest in the physical plants of both facilities. The financing partners described the buyer as “a top-tier skilled nursing operator.” Further details on the properties, buyer and seller were not disclosed. Forbright and HJ Sims closed a unique unitranche loan product to provide financing for the acquisition. This loan product acts as a single debt obligation with one …
NEW YORK CITY — Capital Funding Group (CFG) has provided $8.8 million in mezzanine financing for the acquisition of a skilled nursing facility in Brooklyn. The mezzanine debt was part of a financing package of $60.8 million. The other funds were secured through a syndication effort with a bank CFG has partnered with in the past. The facility features 240 beds. Further details were not disclosed. Craig Casagrande and Andrew Jones of CFG originated the transaction.