CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of 21 skilled nursing facilities in the Midwest. The transactions represented the exit from the long-term care industry of a a regional owner-operator. The portfolio consisted of three separate transactions for each state — Indiana, Iowa and Illinois. The combined purchase price for all three transactions was $86 million, or $54,0000 per functional bed/unit. The Indiana portfolio consisted of 11 communities totaling 751 licensed skilled nursing beds and 109 senior living units. At the time of …
Skilled Nursing
Oxford Finance Provides $9.5M Acquisition Financing for Two Skilled Nursing Facilities in Wisconsin
by Jeff Shaw
WISCONSIN — Oxford Finance LLC has provided a $9.5 million senior credit facility and revolving line of credit to AB Asset Management LLC and Vitalogy Property Holdings LLC. The proceeds will be used to finance the acquisition of two skilled nursing facilities located in Wisconsin, totaling 158 beds. Vitalogy formed a partnership with AB Asset Management and Symmetry Healthcare to acquire the properties. Levi Rudd and Louis Kass founded Vitalogy in 2015. The company plans to expand its existing multi-state operating platform to the Midwest.
AMARILLO, Texas — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Medical Lodge of Amarillo, an 82-bed skilled nursing facility in Amarillo. The property was 45 percent occupied at the time of acquisition. This property brings Ensign’s portfolio to 227 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.
Lument Provides $9.5M HUD Refinancing for Morningstar Residential Care Center in Oswego, New York
by Jeff Shaw
OSWEGO, N.Y. — Lument, a division of ORIX Real Estate Capital, has provided $9.5 million in financing for Morningstar Residential Care Center in Oswego, located along Lake Ontario north of Syracuse. The HUD loan refinances a bridge loan that Lancaster Pollard provided prior to becoming part of Lument. The new loan provides non-recourse, fixed-rate, permanent financing. Morningstar Residential Care Center is a 120-bed skilled nursing facility. Miles Kingston led the transaction for Lument.
CONNECTICUT — Blueprint Healthcare Real Estate Advisors has arranged a new lease for a 66-bed skilled nursing facility in Connecticut that was no longer in operation. Blueprint represented the landlord, a REIT. The new operator will transform the property into an addiction recovery center.
PALATINE, WAUKEGAN, ELGIN and CHICAGO, Ill. — Walker & Dunlop Inc. has structured $38.4 million in HUD financing for four skilled nursing properties in Illinois, all within 50 miles of Chicago. The collection of properties includes Aperion Care Plum Grove, a 69-bed facility in Palatine; Pavilion of Waukegan, a 112-bed facility in Waukegan; Park View Rehab Center, a 112-bed facility in Chicago; and River View Rehab Center, a 203-bed facility in Elgin. Joshua Rosen of Walker & Dunlop led the origination team. The loans feature fixed rates, a declining prepayment …
KEY WEST, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Key West Health & Rehabilitation, a 120-bed skilled nursing facility in Key West. The property is located adjacent to the Lower Keys Medical Center, which holds the ground lease for the skilled nursing facility. There is also an existing HUD mortgage on the property. Blueprint represented the seller, a nonprofit debtor undergoing bankruptcy proceedings. Although the price was not disclosed, the winning bidder acquired the property free and clear of existing debt.
PENNSYLVANIA — Monticello has provided a $1.3 million working capital loan to the operator of a 181-bed skilled nursing facility in Pennsylvania. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the financing. Further details on the name and location of the property were not disclosed. The borrower is an experienced owner and operator with a current portfolio of 3,566 licensed beds. Prior to this deal, Monticello financed the acquisition of several facilities between 2017 and 2019 for the company.
CONNECTICUT — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in Connecticut, one in the Hartford and one near New York City. The portfolio totals 197 beds and produced a combined annual revenue of $16 million. Blueprint previously represented the seller when it acquired a 10-property portfolio of which these two assets were part. A private investment group based in New York City sold the properties to a Connecticut-based company with existing operations in the state. The price was not disclosed.
Berkadia Provides $9.8M HUD Loan for Willow Creek Retirement Center in Byram, Mississippi
by Jeff Shaw
BYRAM, Miss. — Berkadia has provided $9.8 million in HUD financing for Willow Creek Retirement Center, a skilled nursing facility in Byram, a suburb of Jackson. Built in 2000, the property features 88 skilled nursing beds, including a 20-bed memory care unit. The facility also features a new 4,000-square-foot therapy gym and spa and 10,000-square-foot wing for private rooms. The borrower is WCR LLC, which Robert Rotolo leads. The 35-year loan represents a 79 percent loan-to-value ratio. Laura Saull Smith of Berkadia’s D.C. Metro office secured the loan, which refinanced …