MASSACHUSETTS — Blueprint Healthcare Real Estate Advisors has arranged the sale of four skilled nursing facilities totaling 572 beds in Eastern Massachusetts. A court-appointed receiver sold the facilities in two separate transactions. The price was not disclosed. A regional operator had taken over operations as interim manager. The company partnered with a capital partner to acquire all four facilities.
Skilled Nursing
Crest Pointe Breaks Ground on 3,000 SF Therapy Gym Expansion in Point Pleasant, New Jersey
by Jeff Shaw
POINT PLEASANT, N.J. —Crest Pointe Rehabilitation & Healthcare Center has broken ground on a 3,000-square-foot building expansion. The new therapy gym is part of a multi-million-dollar renovation project at the skilled nursing facility in Point Pleasant, approximately 50 miles south of New York City on the Jersey Shore. Crest Pointe is working with Marquis Health Services, a leading nursing home consulting firm, on the design and implementation of the renovation project. A timeline for completion was not released.
Dwight Capital Funds $49.5M HUD Funding for Skilled Nursing Facilities in Memphis, New York City
by Jeff Shaw
MEMPHIS, Tenn., and NEW YORK CITY — Dwight Capital has provided a total of $49.5 million in HUD financing for two skilled nursing facilities. In the first transaction, Dwight provided $25.7 million in HUD funding for Graceland Rehabilitation and Nursing Center in Memphis. The property features 221 beds. In the second transaction, Dwight funded a $23.8 million HUD 232/223(a)(7) loan for Eastchester Rehabilitation and Health Care Center, a 200-bed skilled nursing facility in the Bronx. Further details were not disclosed.
ATLANTA — Regional Health Properties Inc. (NYSE: RHE), a self-managed healthcare real estate investment company based in Atlanta that invests primarily in senior living and long-term care, has hired Ben Waites as chief financial officer and vice president. Most recently, Waites spent 10 years as vice president of finance and assistant treasurer for Cajun Operating Company Inc., the franchisor and operator of over 1,600 restaurant locations. In this role, he refinanced the organization’s debt, realizing more than $8 million in annual interest savings and restructured all bank relationships. Waites previously …
Monticello Provides $2M in Working Capital for 338-Bed Skilled Nursing Portfolio in Montana
by Jeff Shaw
MONTANA — Monticello has provided a $2 million working capital loan to the operating companies of two skilled nursing facilities totaling 338 beds in Montana. Monticello’s asset-based lending group, Monticello Commercial Capital LLC, provided the financing. No further details were disclosed.
Smith Senior Living Opens $24M Rehab Expansion at Smith Crossing in Orland Park, Illinois
by Jeff Shaw
ORLAND PARK, Ill. — Smith Senior Living has opened Smith Crossing Greenleaf Rehab, a 46-suite short-term rehabilitation expansion at its Smith Crossing community in the Chicago suburb of Orland Park. The two-story, 45,222 square-foot building is connected with a passageway to the west side of the main building on Smith Crossing’s 32-acre. This expansion increases the total square footage of its main building to almost 506,000 square-feet of residences and common areas. With the $24 million addition of the new rehab wing, Smith Crossing has invested $119 million in building …
OHIO — Blueprint Healthcare Real Estate Advisors has arranged a new lease for four skilled nursing facilities in Ohio for an undisclosed price. The portfolio is located in northwest Ohio near the Indiana border, as well as the Columbus and Cincinnati metro areas. The four properties total 613 licensed beds. The Columbus-based operator was seeking an exit to the skilled nursing industry, so the REIT owner sought a replacement. Blueprint helped replace the operator and negotiate the new lease.
HELENA and CLANCY, Mont. — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired two skilled nursing facilities in an off-market transaction. The first property is Apple Rehab Cooney, an 80-bed facility located on the campus of the St. Peter’s Health Regional Medical Center in Helena. The second is Elkhorn Healthcare & Rehabilitation, a 70-bed facility located in neighboring Clancy. National skilled nursing operator Eduro Healthcare will manage the communities. The transaction was CareTrust’s first to be initiated and closed in the midst of the COVID-19 pandemic. “Underwriting assets involves some added …
HOUSTON — Heavenrich & Co. has negotiated the sale of Villa Toscana at Cypress Woods, a 120-bed skilled nursing facility located in Northwest Houston. Villa Toscana was built in 2009 on an 80-acre medical campus, anchored by the Kelsey Seybold Clinic. Heavenrich & Co. represented the sellers, national owner-operator StoneGate Senior Living and a publicly traded REIT. The buyer was O&M Investments, a private equity firm focused on skilled nursing. The price was $5.3 million, or just over $44,000 per bed. Occupancy was 76 percent at the time of sale.
Carnegie Capital Arranges $11.5M Refinancing for Three-Property Skilled Nursing Portfolio in Oklahoma
by Jeff Shaw
OKLAHOMA — Carnegie Capital has arranged $11.5 million in refinancing for three skilled nursing facilities totaling 330 licensed beds in Southern-Central Oklahoma. The borrower is a local owner-operator, and the lender is an Arkansas-based regional bank. JD Stettin of Carnegie Capital arranged the financing, which features a 3.99 percent fixed rate for five years.