SOUTH BEND, Ind.— Strawberry Fields, an owner and lessor of long-term acute care hospitals, skilled nursing and assisted living facilities in the Midwest and South, has acquired six skilled nursing facilities in Kentucky and Tennessee. The purchase price was $81 million and Strawberry Fields used the proceeds of a recently completed bond offering on the Tel Aviv Stock Exchange to finance the acquisition. The Kentucky facility will join the Landmark portfolio, which has operations throughout Kentucky, and in Texas, Oklahoma, Illinois, and Michigan. Each of The Waters-branded operators at the …
FLORIDA — Monticello has provided $58.1 million in first lien debt financing for the refinance of five skilled nursing facilities consisting of 607 beds in Florida. The borrower is an experienced owner and operator with a current portfolio of over 35 buildings across Florida and has an established relationship with Monticello. Prior to this deal, Monticello financed the acquisition of a number of facilities during 2018 for the sponsor. Further details on the portfolio were not disclosed.
EL PASO, Texas — Ziegler has arranged $13.6 million in financing for an affiliate of Altitude Health Services. The loan will refinance debt on Mountain View Health and Rehabilitation, a 187-bed skilled nursing facility in El Paso. Altitude acquired the community in 2016 using bank financing. The HUD 232/223(f) refinance allowed Altitude to lock in fixed-interest, non-recourse debt for 35 years.
BENBROOK, Texas — Plains Commercial has arranged the sale of Benbrook Nursing and Rehab in Benbrook, approximately 10 miles southwest of Fort Worth. Originally built in 1969 the facility is currently licensed for 115 beds. The seller is a regional owner-operator that decided to cull its portfolio and exit the Dallas-Fort Worth metroplex. The buyer was a regional owner-operator looking to expand its Texas portfolio via a 1031 exchange. The price was not disclosed. Daniel Morris with Plains Commercial handled the transaction.
PHOENIX — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 94-unit skilled nursing facility in Phoenix. The 94-unit vacant facility was originally developed by Mainstreet in 2017 and designed to be operated as an assisted living and transitional care facility. However, the property was foreclosed on and as a result was never operational. The property is strategically located just 0.2 miles from Banner Estrella Medical Center as well as two other major hospitals within an eight-mile radius. The buyer, seller and price were not disclosed.
INMAN, S.C. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Magnolia Manor, a 176-bed skilled nursing facility in Inman, located northwest of Spartanburg. The property represents over 40 percent of the total beds in the market and has twice the capacity of the next largest competitor, according to Blueprint. The large, East Coast-based operator bought the property and will continue to manage it. The seller and price were not disclosed.
AUSTIN and CEDAR PARK, Texas — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of Sedona Trace Health and Wellness Center, a 119-bed skilled nursing facility located in Austin, and Cedar Pointe Health and Wellness Center, a 122-bed skilled nursing facility located in Cedar Park. CareTrust REIT Inc. (NASDAQ: CTRE) acquired the real estate in the transaction and each operation will be added to an existing long-term, triple-net master lease, which is currently in place between Ensign affiliates and CareTrust. Terms of the transactions were not disclosed. This …
In a July 22 Seniors Housing Business webinar titled “Invigorating the Seniors Housing Workforce: Strategies to Inspire, Engage, and Retain Talent,” panelists discussed challenges in finding and motivating employees in the senior living industry. Seniors housing communities struggled to find staff prior to COVID-19, but a combination of factors is currently exacerbating the difficulties in communities. These components include competing opportunities, government unemployment programs and safety concerns related to the pandemic. Lisa Lacy, Discovery Senior Living, explains “We are competing with organizations that we didn’t typically compete with. It’s not …
RURAL RETREAT, Va. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Carrington Place at Rural Retreat, a 120-bed skilled nursing facility in the western portion of Virginia, near the North Carolina and Tennessee borders. The property is a dually certified facility constructed in 2015. Census stabilized shortly after opening and the operator subsequently executed its below-market option to acquire the real estate. The operator then decided to exit and take advantage of Virginia’s red-hot acquisition market. The chosen buyer was an owner-operator based in the Northeast and …
WORCESTER, Mass. — Ziegler has arranged $85.5 million in bond financing for Ascentria Care Alliance, a Worcester-based skilled nursing operator. The bonds will support three of the borrower’s facilities: Quaboag Rehabilitation and Skilled Care Center in West Brookfield, Massachusetts, featuring 147 skilled nursing beds. Lutheran Home of Southbury (LHS) in Southbury, Connecticut, featuring 120 skilled nursing beds and 14 assisted living units. Lutheran Rehabilitation and Skilled Nursing Center in Worcester, featuring 107 skilled nursing beds and 43 rest home care beds. Proceeds of the bonds issued through the National Finance …