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.
CHARLESTON and HANAHAN, S.C. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Ashley River Healthcare, a 125-bed skilled nursing facility in Charleston, and The Reserve Healthcare and Rehabilitation, a 135-bed skilled nursing facility in Hanahan. These acquisitions were effective Sept. 1, and will be subject to a long-term, triple-net lease. “These buildings present a great geographical and strategic fit within this particular market,” says Barry Port, Ensign’s CEO. These acquisitions bring Ensign’s portfolio to 295 healthcare operations, 26 of which also include senior living operations, across …
OHIO — Capital Funding Group (CFG) has provided a $7.2 million refinancing, which supported the turning an existing bridge loan executed by CFG into a HUD loan. The refinancing supported a 75-bed skilled nursing facility in Ohio. Further details on the property and buyer were not disclosed. Tim Eberhardt of CFG originated the transaction.
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 …