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.
BERLIN and MOUNT HOLLY, N.J. — Tryko Partners has acquired two skilled nursing facilities in Berlin and Mount Holly, both located across the Delaware River from Philadelphia. Virtua Health sold the two communities for an undisclosed price. Tryko plans to rebrand the assets as Berlin Rehabilitation & Healthcare Center and Mount Holly Rehabilitation & Healthcare Center, respectively. Tryko facilities are supported by Marquis Health Consulting Services, a nursing home consulting company. The standalone Mount Holly facility features 180 licensed beds. The 128-bed Berlin facility is part of a larger Virtua …
CLEVELAND — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 335-unit skilled nursing and seniors housing portfolio in the Cleveland metro area. The seller was a regional owner-operator seeking to exit the industry. A private equity buyer based in New York acquired the portfolio for an undisclosed price. Further details on the portfolio were not disclosed.
TEXAS — VIUM Capital has provided a $15 million bridge loan for the acquisition of a 124-bed skilled nursing facility in Texas. The financing features 100 loan-to-cost ratio and 50 percent recourse that will burn off along with the HUD loan application. The community opened in March 2020. Further details were not disclosed.
PORTLAND, Ore. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of Cornerstone Care Option, a 38-unit, 56-bed skilled nursing facility in Portland. The community was originally built in 1955 on 7.3 acres, with renovations in 2006. The 98,700-square-foot asset was 98 percent occupied. The seller was a local owner-operator looking to retire from seniors housing. A regional group based in the West acquired the property for an undisclosed price. Jason Punzel, Brad Goodsell and Vince Viverito of SLIB handled the transaction.