CLEVELAND — Blueprint Healthcare Real Estate Advisors has negotiated the sale of a 120-bed skilled nursing facility near John Carroll University in Cleveland. The property was built in the 1960s and renovated in the 1990s The asset was strategically identified for disposition as it did not fit within the seller’s core operating model. The buyer was a private equity owner-operator based in New York City. The price was not disclosed.
BALTIMORE — Capital Funding Group, a Baltimore-based lender, has provided a $262.6 million term loan to refinance a 29-asset long-term care portfolio. Spanning Colorado, California and Wyoming, the portfolio includes 28 skilled nursing facilities and one joint skilled nursing and assisted living facility, with a total of 3,140 beds. The borrower is a privately owned real estate investment group. Erik Howard and Director Tim Eberhardt originated the transaction for Capital Funding Group.
ALTUS, Okla. — Plains Commercial has arranged the sale of English Village Manor, a skilled nursing facility in Altus, approximately 150 miles southwest of Oklahoma City. Originally built in 1973, the facility is currently licensed for 128 beds in approximately 36,900 square feet of space. The seller is a regional owner-operator that decided to cull its portfolio and focus on facilities closer to the corporate office. The buyer is one of the largest skilled nursing operators in Oklahoma, with several other facilities in the area. Daniel Morris with Plains Commercial …
SCRANTON, Pa. — Senior Living Investment Brokerage (SLIB) has arranged the sale of Lackawanna Health and Rehabilitation Center, a 272-bed skilled nursing facility in Scranton. The property was built in 1974 with an expansion in 1997. The three-story building sits on 7.3 acres. The seller had a tenant that desired to exit operations in the state. The buyer was a Pennsylvania-based skilled nursing owner. The price was not disclosed. Bradley Clousing and Toby Siefert handled the transaction for SLIB.
MOBERLY, Mo. — Blueprint Healthcare Real Estate Advisors has brokered the sale of Valley View Health & Rehabilitation, a 96-bed skilled nursing facility in the Central Missouri city of Moberly. The property was built in the late 1980s and renovated in the 1990s. In 2018, the property was part of an 11-facility master lease that Blueprint also negotiated between a REIT and an operator. While the facility’s performance continued to improve under the new operator, Valley View represented a geographic outlier to the provider’s other Missouri locations more heavily concentrated …
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based real estate investment trust that primarily invests in seniors housing and health care properties, has unveiled plans to transfer 11 skilled nursing facilities in Texas to a new operator. The United States Bankruptcy Court for the Northern District of Texas Dallas Division approved a settlement agreement between current operators Senior Care Centers LLC and Abri Health Services LLC, which have declared bankruptcy, and LTC. Under the agreement, LTC will pay the bankrupt entities $3.3 million in order to …
NEW JERSEY — Evans Senior Investments (ESI) has arranged the sale of a 120-bed skilled nursing community in New Jersey for $24 million. Built in the last 20 years with multiple renovations since, the community exhibited a modern physical plant with all of the rooms at the community being private or semi-private. Despite the contemporary design, the community was not profitable at the time of marketing the offering, with census averaging 77 percent, resulting in a net operating loss. Contributing to the below-average profitability was the high expense structure in …
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.