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.
LANSING, Mich.— The national Moving Forward Nursing Home Quality Coalition and the Michigan Health Endowment Fund have launched an initiative to improve nursing home operations and resident quality of life in Michigan. Over the next six months, the initiative plans to convene a team of state government leaders, experts, clinicians, advocates and residents along with national Moving Forward Coalition leaders to address nursing home quality improvement opportunities in Michigan based on action plans from the coalition. The initiatives may include creating stronger career pathways for certified nursing assistants. “The enormous …
PENNSYLVANIA — Capital Funding Group (CFG) has provided $34.7 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities. The facilities, which are located in Pennsylvania, total 299 beds. The buyer, seller, price and locations were not disclosed. Craig Casagrande and Andrew Jones originated the transaction for CFG.
BENNETTSVILLE, S.C. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing facility in Bennettsville, a small city in the northeast portion of South Carolina. The seller was a publicly traded REIT. The facility was constructed in several phases beginning in 1958 and featured predominantly semi-private rooms. The buyer was an East Coast based owner-operator with a significant existing presence in South Carolina. The price and other details were not disclosed.
HAYWARD, Calif. — Sherman & Roylance has arranged the bankruptcy sale of Parkview Healthcare Center, a 121-bed skilled nursing facility in the Bay Area city of Hayward. The 56,367-square-foot community was in bankruptcy, and Shep Roylance and John Sherman led a 30-day closing process. The new operator will be Spyglass Healthcare.
FLORIDA — Blueprint Healthcare Real Estate Advisors has arranged the sale of seven skilled nursing facilities totaling 833 beds in Central and West Florida. AdventHealth, a faith-based, nonprofit health system with headquarters in Altamonte Springs, was the seller. The price was not disclosed. The Centers for Medicare & Medicaid Services (CMS) rated nearly all the properties as 4- and 5-star facilities. Nursing homes with 5 stars are considered to have much-above-average quality, and nursing homes with 1 star are considered to have quality much below average. Two flagship state-of-the-art centers …
PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has arranged the sale of a skilled nursing portfolio totaling more than 1,000 beds in Pennsylvania. A public REIT and its operating partner sold the two campus locations, which alsofeature independent living, personal care and memory care beds. Although specific names and locations were not disclosed, the properties are concentrated in northeast and central Pennsylvania. The portfolio was marketd as a value-add opportunity for an incoming buyer to capitalize on strong pre-pandemic financial performance along with substantial Medicaid reimbursement rate enhancements recently passed …