NEW YORK STATE — Capital Funding Group (CFG) has provided $32.9 million in bridge-to-HUD financing for the acquisition of a skilled nursing facility. The facility, which is located in New York, supports 200 beds. Further details were not disclosed. Andrew Jones originated the transaction.
SPALDING COUNTY, Ga. — Evans Senior Investments (ESI) has arranged the sale of a 148-bed skilled nursing facility in Spalding County, approximately 40 miles south of Atlanta. A regional owner-operator sold the asset to CareTrust REIT for $12 million, or $81,000 per bed. The community was originally built in 1968 and underwent a significant renovation in 2022. At the time of marketing, the community was 95 percent occupied. CareTrust partnered with Florida-based Elevation Group to operate the facility.
ATLANTA — CareTrust REIT Inc. (NYSE:CTRE) has acquired a 148-bed skilled nursing facility located in the greater Atlanta metropolitan area. The acquisition represents CareTrust’s second skilled nursing facility in Georgia. Concurrently with the acquisition, CareTrust has entered into a new tenant relationship with Elevation Group LLC, a Florida-based skilled nursing operator led by two industry veterans and brothers Ken and Dan Funk. Elevation, which took over operations on May 1, has entered into a 15-year, triple-net lease with CareTrust that includes two five-year extension options and annual CPI-based rent escalators. …
JANE LEW, W.V. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Crestview Manor Nursing Home, a 72-bed skilled nursing facility in Jane Lew, approximately 115 miles south of Pittsburgh. The property has been family owned since 1987 and is the only skilled nursing facility in the county. The seller was a private, out-of-state owner that owned Crestview Manor for over three decades. The buyer is a publicly traded REIT utilizing an existing operating partner relationship that has collectively rapidly grown their presence throughout West Virginia. Dave Balow …
COLONIAL BEACH, Va. — Marquis Health Consulting Services has completed renovations at Westmoreland Rehabilitation & Healthcare Center, a skilled nursing facility in Colonial Beach, approximately midway between Richmond and Washington, D.C. The project included updates to the lobby, nurses’ stations and resident rooms, among other areas. The facility carries a five-star designation from the Centers for Medicare & Medicaid Services (CMS) for quality measures. Westmoreland maintains an outpatient rehabilitation program featuring occupational and physical therapy suitable for those high school aged and above.
ALABAMA — Capital Funding Group (CFG) has provided $84.7 million in bridge-to-HUD financing for the acquisition of seven skilled nursing facilities and one assisted living community in Alabama. The borrower is Venza Care. The portfolio totals 797 beds. Capital Funding Group’s Craig Casagrande and Andrew Jones originated the transaction.
CALIFORNIA — Capital Funding Group (CFG) has provided $10.9 million in financing, which supported the refinancing of an existing bridge loan, executed by CFG, into a HUD loan. The refinancing is for a 99-bed skilled nursing facility in California. Further details were not disclosed. Capital Funding Group’s Tim Eberhardt and Ava Julio originated the transaction for the company.
NEW MEXICO — Evans Senior Investments (ESI) has arranged the sale of a skilled nursing community on behalf of a Southwest regional operator. The asset is located in the northwestern part of New Mexico and included 101 skilled nursing beds. Despite the community being located in a rural market, the asset maintained an occupancy average of 83 percent during the marketing process. Upon closing, the community was 95 percent occupied. A West Coast-based group acquired the asset for $16.5 million or $163,366 per bed. It is the buyer’s first property …
TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of seven skilled nursing facilities totaling 564 beds in Central Texas and East Texas. The assets on average were built in 1969, and had an average licensed capacity of 80 beds per facility. Blueprint positioned the deal as an opportunity for an incoming owner or operator to acquire a well-established skilled nursing portfolio, integrate the facilities into an existing regional portfolio, and implement key cost control measures. The buyer was a regional owner-operator. The seller and price were not …
BEAUFORT, S.C. — Blueprint Healthcare Real Estate Advisors has brokered the sale of a 170-bed skilled nursing facility in Beaufort, a coastal city between Savannah and Charleston. The facility was constructed in several phases, beginning in 1969, and features predominantly semi-private rooms. Prior to the pandemic, the asset had demonstrated an ability to generate positive cash flows with occupancies exceeding 90 percent, but was significantly impacted by census and staffing headwinds, generating millions of dollars in operating losses. A REIT sold the asset to a New York-based owner-operator looking to …