HOUSTON — CareTrust REIT Inc. (NYSE: CTRE) has acquired a 125-bed skilled nursing facility located in the greater Houston metropolitan area. An affiliate of Evergreen Health Group will operate the property, opening a new tenant relationship for CareTrust. The specific name and location of the property were not disclosed. Evergreen Health Group is a Texas-based operator of skilled nursing facilities primarily owned by Selina Chao, an industry veteran. Evergreen has entered into a 15-year, triple-net lease with CareTrust that includes two five-year extension options and annual CPI-based rent escalators. CareTrust’s …
GARY, Ind. — Northland Networks has arranged an undisclosed amount of financing for a 100-bed skilled nursing facility in Gary, just across the state border from Chicago. The loan will refinance existing debt on the property. Further information on the borrower, loan and property was not disclosed.
BALTIMORE — Baltimore-based Capital Funding Group (CFG) has arranged $207 million in financing to support the refinancing of 10 skilled nursing facilities. The facilities, which span Maryland, Virginia and North Carolina, total over 1,200 beds. The borrowers are affiliates of The Portopiccolo Group. The transaction represents the largest deal closed by CFG this year to date. The financing also allowed for an equity recapture at closing, a transition to third-party tenants for eight of the 10 facilities as part of the closing and an earn-out structure to provide access to …
OKLAHOMA CITY — Lument has arranged a $10.7 million loan to facilitate the acquisition of Bellevue Health & Rehabilitation, a 119-unit, 150-bed skilled nursing facility (SNF) in Oklahoma City. Bill Wilson, managing director with Lument in Kansas, led the transaction for Lument. To provide funding for the acquisition, Wilson tapped Lument’s debt syndications team, led by Steve McGee and Sangjin Na, to place the loan with a community bank. Proceeds from the loan were utilized by the long-time operator to acquire 100% ownership of the facility. Prior to the acquisition, …
ARIZONA — Capital Funding Group (CFG) has provided $10.3 million in financing for a 112-bed skilled nursing facility in Arizona. The transaction replaces an existing bridge loan, which CFG also provided, into HUD financing. The name of the borrower and more specific details on the property were not disclosed. Tommy Dillon originated the transaction for the CFG.
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.