MINNEAPOLIS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of two skilled nursing facilities totaling 234 beds in Minnesota. A Minnesota-based regional owner-operator sold the properties to a national owner looking to expand its tenant relationships in the state. The price was not disclosed. One facility is located within the Minneapolis metro area, while the second is located approximately 2.5 hours north of the Twin Cities. Both facilities were of older vintage, having originally been built in the early to mid 1960s, though both had recently undergone renovations …
SOMERSET, N.J. — Spiezle Architectural Group Inc. has completed an expansion project at the Parker at Somerset Senior Healthcare Center in Somerset, approximately 35 miles southwest of Manhattan. The project added 75,000 square feet to the 120-bed skilled nursing facility, and also included renovations to the existing building. “While construction was underway, we had to redirect and rethink how to address the impacts of the COVID pandemic,” says Steve Leone, principal at Spiezle, who led the design effort on the project. “That forced us to dive deeply into researching how …
PENNSYLVANIA — Blueprint Healthcare Real Estate Advisors has negotiated the sale of six skilled nursing facilities in Western Pennsylvania. A public REIT sold the 453-bed portfolio to an operator as a value-add opportunity. Further details were not disclosed.
SAN JUAN CAPISTRANO, Calif. — The Ensign Group Inc. (NASDAQ: ENSG), an investor and operator based in San Juan Capistrano, has acquired nine skilled nursing facilities in the West across three separate transactions all announced on the same day. In the first transaction, Ensign acquired the operations of five skilled nursing facilities in Texas: The Eden of Las Colinas, a 118-bed skilled nursing facility in Irving, Texas; Pleasant Valley Healthcare and Rehabilitation Center, a 124-bed skilled nursing facility in Garland, Texas; Millbrook Healthcare and Rehabilitation Center, a 124-bed skilled nursing …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has arranged a $135 million bridge loan for the refinancing and dividend recapitalization of a skilled nursing portfolio. The portfolio features nine facilities and 1,448 beds across Maryland, Georgia and West Virginia. The borrower is an industry-leading owner of skilled nursing facilities. CFG’s Tim Eberhardt and Ava Julio originated the transaction for the company. Further details were not disclosed.
NEW MEXICO — Blueprint Healthcare Real Estate Advisors has brokered the sale of an 85-bed skilled nursing facility in New Mexico. The property is one of New Mexico’s premier short-term rehab facilities, serving as the market-leading referral destination for the local market’s largest hospitals, according to Blueprint. It also features a 4-Star CMS-rated quality of care. The facility was experiencing census growth following an operator transition in 2019 as well as upward trending operating performance with total revenues exceeding $8.5 million. A regional owner-operator acquired the property. The seller and …
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Outsourced HR Meets the Challenges of Senior Living Staffing
Due to the nature of their clientele, senior living operators continually need to market their services to attract prospective new residents. But it’s not just new residents that they need to attract: it’s new employees as well. For the reality is that the senior living market faces some of the highest employee turnover rates in the service industry: upwards of 50 percent annually. Multiple factors are the culprit, including lower-than-average salaries, the difficulties of working with an aging and often high-acuity population, as well as few perceived opportunities for advancement, …
COLUMBUS, Ohio — Blueprint Healthcare Real Estate Advisors has brokered the sale of five skilled nursing facilities and the sub-lease of two more, all located in Columbus. Locally owned and operated since 1984, the seven communities consisted of roughly 750 dually certified skilled nursing beds and 200 seniors housing units. While historically operating near stabilized levels with consistent $70+ million in annual revenue, performance drastically declined during the COVID-19 pandemic. Citing a desire to exit the skilled nursing industry, the regional owner-operator elected to sell five of the assets and …
ROCKWALL, Texas — Greystone has provided $12.8 million in bridge financing for the acquisition of Highland Meadows Health & Rehab, a 120-bed skilled nursing facility in Rockwall, located on Lake Ray Hubbard northeast of Dallas. DJ Elefant, vice president at Greystone, originated the financing on behalf of HACO Properties LLC. Helios Healthcare Advisors served as the debt broker in the transaction. The nonrecourse bridge financing from Greystone features a 24-month term with one 12-month extension option and interest-only payments for the full term. Greystone has already begun working with the …
LOUISIANA — VIUM Capital has provided $36.3 million in financing for a portfolio of five skilled nursing facilities in Louisiana. The bridge loan refinances several tax-exempt bond issuances and bank term loans for the nonprofit borrower. VIUM partnered with a local bank to provide the funds. The long-term goal is to replace the financing with HUD-insured loans in the future.