YONKERS, N.Y. — Greystone has provided a $24.9 million HUD-insured loan for the refinancing of Adira at Riverside, a 120-bed skilled nursing facility in Yonkers, located north of New York City. Built in 2000, the property offers short-term rehabilitation, occupational, physical and speech therapy services, as well as amputee rehab, wound care, neuro-rehabilitation, certified cardiopulmonary rehabilitation, long-term skilled nursing care, and dedicated Alzheimer’s and dementia care services. Fred Levine of Greystone originated the financing. Shia Fishman of Capital Stack Advisors arranged the loan on behalf of the borrower, L&A RE …
HICKSVILLE, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of Hickory Creek at Hicksville, a 61-bed skilled nursing facility in Hicksville, located just across the state border from Fort Wayne, Indiana. The property was built in 1966 and features mostly semi-private rooms Representing the non-profit regional operator’s only location in the state, the REIT landlord and its tenant sought an exit. The buyer and price were not disclosed.
DENVER, BERTHOUD and BOULDER, Colo. — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the operations of three skilled nursing facilities in Colorado: Boulder Canyon Health and Rehabilitation, a 140-bed skilled nursing facility located in Boulder. Berthoud Care and Rehabilitation, a 76-bed skilled nursing facility located in Berthoud. South Valley Post-Acute Rehabilitation, a 106-bed skilled nursing facility located in Denver. These acquisitions are subject to a long-term, triple-net lease. The seller and price were not disclosed. This transaction brings Ensign’s portfolio to 235 healthcare operations, 22 of which also include …
UNION GROVE and LOMIRA, Wis. — Ziegler has arranged $9.6 million in refinancing on behalf of Eskay Real Estate, a family-owned post-acute care provider in Southeastern Wisconsin. The refinancing funded the acquisition of a previous partner’s majority interest and refinanced SBA loans related to two post-acute care campuses located in Wisconsin. Both facilities provide skilled nursing care and assisted living accommodations in Union Grove and Lomira. Ziegler recommended refinancing outstanding SBA debt with FHA Section 232/223(f) program to allow Eskay to lower its debt service and eliminate bank-related financing risks …
SEATTLE — M&T Realty Capital Corp. has provided a $3.1 million, FHA-insured loan for the refinance of a 47-unit skilled nursing facility in Seattle. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) 223(a)(7) program. The 21-year loan features a 2.68 percent fixed interest rate and is fully amortizing. The transaction was led by Jim Schneider and Madeleine Roach of M&T Realty Capital’s Seattle office. Details on the borrower and facility were not disclosed.
DAYTON, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 108-bed skilled nursing facility in Dayton. The nonprofit seller was looking for an exit strategy, determining that the asset was worth less than its HUD loan obligations. The community was built in 1975 and struggled with occupancy, according to Blueprint, which suggested a short-sale transaction. A private equity owner-operator acquired the property as a value-add opportunity for an undisclosed, all-cash price, with HUD’s approval.
NEW YORK CITY — The Healthcare Group of Eastern Union, a New York-based commercial real estate finance firm, has secured a $57 million bridge financing package that encompasses two skilled nursing facilities in Florida and two in Massachusetts. The four facilities total 544 beds. The two facilities in Florida represented $26 million of the overall transaction. The first was a 133-bed facility in Naples that provides a combination of skilled nursing and assisted living services. The second asset was a 146-bed center in Venice that delivers assisted living, memory care …
BALLWIN, Mo. — Senior Living Investment Brokerage (SLIB) has negotiated the sale of West County Care Center, a 137-bed skilled nursing facility in Ballwin, approximately 20 miles west of St. Louis. West County Care Center consists of private and semi-private rooms and provides therapy, adult daycare, memory care and respite services. A new operator took over the community in fall of 2019, stabilizing operations and improving financial metrics. The seller is a family-owned operator based in Missouri divesting of a non-core, under-performing asset. The buyer was a national, private real …
SANTA BARBARA, Calif. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired Buena Vista Care Center, a 150-bed skilled nursing facility in the Southern California community of Santa Barbara. California-based Covenant Care Inc. will continue to operate the property under a long-term lease that CareTrust assumed in the off-market transaction. It represents the eighth property that CareTrust owns and Covenant operates. CareTrust’s total investment was approximately $15.9 million, inclusive of transaction costs. The acquisition was funded using CareTrust’s $600 million unsecured revolving credit facility. Covenant Care has approximately four years left …
ANNAPOLIS, Md. — Occupancy at U.S. skilled nursing facilities in December 2020 reached its lowest level since data have been collected, ending the year at 71.7 percent, according to the National Investment Center for Seniors Housing & Care (NIC). The data comes from over 1,500 skilled nursing facilities in 48 states that report data to NIC, an Annapolis-based data and analytics organization serving the seniors housing industry. The report includes information through the end of 2020. Average skilled nursing occupancy declined 13.3 percentage points since February 2020, before the COVID-19 …