BATTLE CREEK, Mich. — Blueprint Healthcare Real Estate Advisors has negotiated the sale of Advantage Living Center Battle Creek, an 82-bed skilled nursing facility in Battle Creek. The property was built in 1967 and renovated 1985. The seller elected to pursue an exit of its Battle Creek location as it was an underperforming, geographic outlier compared to the owner-operator’s network of facilities in and around metro Detroit. The buyer was a New York-based company looking to expand in the Midwest with a new operating partner.
Skilled Nursing
KeyBank Provides $10.2M HUD Financing for Livermore Healthcare Skilled Nursing Facility in California
LIVERMORE, Calif. — KeyBank Real Estate Capital secured a $10.2 million fixed-rate loan to refinance debt on Livermore Healthcare, a skilled nursing facility in Livermore, located east of San Francisco Bay. KeyBank provided the funds through the Federal Housing Authority (FHA) 232/223(f) mortgage insurance program for Eagle Arc Partners, a health care real estate investment firm. The loan is structured with a fully amortizing, 35-year term. FHA loan proceeds were used to pay down an interim bridge loan. A KeyBank-led bank syndicate provided the original acquisition financing for a portfolio …
TULSA, Okla. — Berkadia Seniors Housing & Healthcare has arranged $5.6 million in financing for a 54-unit, 111-bed skilled nursing facility located in Muskogee County, located southeast of Tulsa. Jay Healy of Berkadia Seniors Housing & Healthcare secured the loan on behalf of the undisclosed borrower. The loan was refinanced through HUD’s 232/223(f) program. The $50,100-per-bed, 35-year loan represented 50 percent of the property’s value. The project was originally constructed in 1974 and features 58 ventilator beds. Historical occupancy has averaged 75 percent. “The 232/223(f) Program presented the sponsor a …
TEXAS — Blueprint Healthcare Real Estate Advisors has brokered the sale of a transitional care facility located on the Texas Panhandle. The specific name and location were not released. Mainstreet developed the 70-unit property, but never opened it. The result was a new, purpose-built care facility that is ready for an operator to come in. The vacant property is located within a large medical park and close to several major regional hospitals. A local real estate investor acquired the property with the intent of opening it as a post-acute hospital. …
CHELSEA, Mass. — M&T Realty Capital has provided a $17.6 million FHA-insured loan for the refinancing of a 120-unit skilled nursing facility located in Chelsea, a northeastern suburb of Boston. The loan was completed under HUD’s 232 program, which provides mortgage insurance for residential care properties such as assisted living facilities and nursing homes. The borrower was not disclosed.
Oxford Finance Provides $27.5M Credit Facility to Cascades Healthcare for Four-Property Acquisition
TEXAS — Oxford Finance LLC (“Oxford”) has provided a $27.5 million senior credit facility to Cascades Healthcare, an owner and operator of long-term care facilities. The funds were used for the acquisition of four skilled nursing facilities located in Texas featuring 647 licensed beds. Cascades Healthcare was founded in 2016 to build and coordinate a network of associated senior care. The company currently operates 19 skilled nursing facilities in Utah, Idaho and Texas, as well as providing operational support to three home health and hospice companies and managing a multi-state …
ILLINOIS — Dwight Capital has provided a $56 million bridge loan for the refinancing of a portfolio of eight skilled nursing facilities located across Illinois. The properties include Lexington Health Center Bloomingdale, Lexington of Schaumburg, Lexington of Orland Park, Lexington of Lombard, Lexington of Chicago Ridge, Lexington of Elmhurst, Lexington of La Grange and Lexington of Lake Zurich. Together, the facilities comprise 1,550 beds across a total of 25 acres. Cross River Bank served as co-lender and participant in the transaction. The term loan refinanced the portfolio’s existing capital structure …
ARKANSAS — Monticello has provided a $70 million, five-year loan to refinance a portfolio of seven skilled nursing facilities totaling 953 beds throughout Arkansas. The borrower is a regional operator. Further details on the loan and properties were not disclosed.
Ziegler Structures $49M in Financing for Symphony Care Network Portfolio Acquisition in Chicago
CHICAGO — Ziegler has served as capital structuring advisor in a $49 million debt placement on behalf of Symphony Care Network. The financing will fund the acquisition of a portfolio of two skilled nursing facilities and one supportive living facility located in the Lincoln Park and South Shore neighborhoods of Chicago. Prior to the Transaction, Symphony already operated the communities, consisting of 475 licensed skilled nursing beds and 118 supportive living beds. The financing allowed Symphony to reacquire the portfolio’s real estate interest from a publicly traded REIT. The transaction …
HOUSTON — Senior Living Investment Brokerage (SLIB) has arranged the sale of a 148-bed skilled nursing facility in Houston. The community was built in 1955 and renovated in 2009. The property is located in the Jacinto City neighborhood of Houston. The facility is approximately 36,000 square feet and is situated on approximately 1.3 acres of land. The seller is a regional owner-operator looking to consolidate its portfolio. The buyer is a regional owner-operator based in Utah that is expanding its portfolio into Texas. The price was not disclosed. Matthew Alley …