KANSAS and OHIO — Monticello has provided $20 million in first lien debt financing for the acquisition of two skilled nursing facilities and the contribution of one unencumbered skilled nursing facility located in Kansas and Ohio. The borrower is an owner-operator with a current portfolio of 1,188 licensed. Prior to this deal, Monticello financed the acquisition of a number of facilities in 2020 for the borrower.
Skilled Nursing
VIRGINIA — Newmark has arranged the $149.6 million sale of a nine-property portfolio of skilled nursing facilities. The properties combined total 1,014 beds across the state of Virginia. The specific names and locations were not disclosed. Annaly Capital Management sold the properties to Next Healthcare Capital for an undisclosed price. The new owner will continue to work with the existing operator. Newmark Seniors Housing Group’s Ross Sanders, David Fasano, Ryan Maconachy, Chad Lavender and John Giebel represented the seller.
CEDARHURST, N.Y. — Oxford Finance LLC has provided a $7.4 million senior credit facility and revolving line of credit to Reach LTC, a Cedarhurst-based skilled nursing provider. The proceeds are being used for general working capital and the acquisition of a skilled nursing facility in Town and Country, Missouri, totaling 282 licensed beds. The name, seller and acquisition price were not disclosed. “REACH brings a regional focus to the Town and Country facility along with significant investment in the property expected to enhance resident experiences and staff capabilities,” says Tracy …
BREWSTER, Mass. — Elevation Financial Group, through its Elevation Real Property Fund VII, has acquired Wingate Residences at Brewster Place, a skilled nursing facility in the Cape Cod town of Brewster. Elevation paid $4 million for the 121,000-square-foot property. Initial construction of the facility began in 1973, with an expansion completed in 1995. The community operated as a nursing home and skilled nursing facility before ceasing operations in 2019. Elevation plans to reopen the property as an affordable senior living community, rebranded as Serenity Apartments at Brewster. “The need for …
EVANSVILLE, Ind. — Evans Senior Investments (ESI) has brokered the sale of Pine Haven Health & Rehab Center, a 113-bed skilled nursing facility in Evansville, in the southwest corner of the state near the Kentucky border. An owner-operator focused on the Southeast sold the property, as it was the only asset the company had in the Midwest. An undisclosed buyer paid $7.8 million for the facility. Built in two phases in 1957 and 2001, Pine Haven was hit hard by the COVID-19 pandemic, accumulating a total of 66 positive cases …
RIVERSIDE COUNTY, Calif. — JCH Senior Housing Investment Brokerage has arranged the sale of a seniors housing community featuring 64 skilled nursing beds and 49 assisted living beds in Riverside County, located east of Los Angeles. The facility was in escrow when COVID-19 hit with a first-time buyer who decided not to proceed. The seller, a family-owned owner-operator eventually sold the property to a first-time buyer. The sales price was $5.4 million, or $84,375 per bed at a 9 percent capitalization rate. JCH also assisted the buyer in setting up …
ELIZABETHTOWN, Pa. — Senior Living Investment Brokerage has negotiated the sale of Elizabethtown Health & Rehab, a skilled nursing and personal care community in Elizabethtown, a suburb of Harrisburg. The facility consists of 45 skilled nursing beds and 39 personal care beds. Most of the building is configured as semi-private rooms. The facility encountered COVID very early in the pandemic with almost all residents and several staff testing positive. With very few deaths, the facility continued to perform extremely well, benefited from higher rates, and was able to continue admitting …
VALLEY STREAM, N.Y. — Oxford Finance LLC has arranged a $44.6 million senior credit facility and revolving line of credit to MDA Capital Group, a Valley Stream-based seniors housing consulting services firm. The proceeds are being used for the acquisition of five skilled nursing facilities located in Vermont totaling 527 licensed beds. Details on the properties and transaction were not disclosed.
UNIONTOWN, Pa. — Evans Senior Investments (ESI) has arranged the sale of Cherry Tree Nursing Center, a 120-bed skilled nursing facility in Uniontown, approximately 45 miles south of Pittsburgh. An independent owner-operator exiting the long-term care industry sold the property for $9.7 million. The buyer was an Ohio-based owner-operator looking to expand in Pennsylvania. Built in 1995, the community features all private or semi-private rooms. Despite the contemporary design, the community was not profitable at the time of marketing the offering, with census averaging 72 percent contributing to only $50,000 …
CHARLESTON, S.C. — Berkadia’s Seniors Housing and Healthcare Group has arranged nearly $40 million in loan closings for skilled nursing facilities across the country, including Alabama, Illinois, New Jersey, Washington, Idaho, Indiana and Montana. “While COVID-19 has certainly presented some unique challenges for us as a HUD healthcare lender, we remain steadfast in our commitment to this sector and those that serve the most vulnerable of our population,” says Jay Healy, managing director with Berkadia. “As such, we’ll continue working in tandem with HUD to make sure all qualified projects …