MANCHESTER, Ky. — Walker & Dunlop has arranged $10.7 million in financing for Landmark of Laurel Creek, a 106-bed skilled nursing facility in Manchester, approximately 90 miles southeast of Lexington. The loan was made through HUD’s LEAN 232/233(f), which refinances debt on skilled nursing facilities. Joshua Rosen led the Walker & Dunlop origination team.
Skilled Nursing
MINEOLA, Texas — Senior Living Investment Brokerage (SLIB) has arranged the sale of Wood Memorial Nursing Home, located in Mineola approximately midway between Dallas and Shreveport, Louisiana. The skilled nursing facility was built in 1964 and features 115 total beds. The facility saw improved EBITDAR from $100,000 in 2017 to over $1 million in 2020. An owner-operator based in Central Texas sold the property to a Texas-based regional owner-operator for $7.4 million. Matthew Alley, who previously sold this community in 2017, arranged the transaction for SLIB.
HURST, Texas — Senior Living Investment Brokerage has arranged the sale of Bishop Davies Nursing Care Center, a 161-bed skilled nursing facility in Hurst, located between Dallas and Fort Worth. An owner-operator looking to exit the industry sold the property to a regional owner-operator from Louisiana for $8 million. The 70,000-square-foot facility sits on a 5.2-acre lot. It was 74 percent occupied at the time it was placed on the market, which was before the COVID-19 pandemic struck the United States.
Walker & Dunlop Arranges $14.6M Refinancing for Skilled Nursing Facility in Aurora, Illinois
by Jeff Shaw
AURORA, Ill. — Walker & Dunlop Inc. has arranged a $14.6 million loan for the refinancing of The Vistas Fox Valley in Aurora. The 136-bed skilled nursing facility offers full medical support and rehabilitation services for seniors age 65 and older. Amenities include an onsite spa and salon, dining services, transportation options, family lounges and 24-hour medical assistance. Joshua Rosen of Walker & Dunlop led the origination team. The HUD loan will replace existing debt previously provided by Walker & Dunlop’s bridge lending program.
DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million refinancing for a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger led the transaction for Lancaster Pollard.
LONGVIEW, Texas — Cambridge Realty Capital Cos. has provided a $3.9 million HUD Lean loan to refinance Summer Meadows, a 115-bed skilled nursing care facility in Longview. The fully amortized, 29-year loan was arranged for the owner, a New York limited liability company, using the HUD Section 232 pursuant to Section 223(a)(7) funding program. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans, underwrote the transaction.
Monticello Provides $3M in Working Capital for 336-Bed Skilled Nursing Portfolio in Tennessee
by Jeff Shaw
TENNESSEE — Monticello has provided a $3 million working capital loan to the operating companies of two skilled nursing properties totaling 336 beds in Tennessee. The borrower is an owner and operator with a current portfolio of 8,752 licensed beds and has an established relationship with Monticello.
Lancaster Pollard Provides $17.2M HUD Refinancing for Aaron Manor in Fairport, New York
by Jeff Shaw
FAIRPORT, N.Y. — Lancaster Pollard has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in Fairport, a village east of Rochester. The FHA Sec. 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed rate. The current owner bought the property in 2018 and improved the operations and financial performance at the facility. Miles Kingston led the transaction for Lancaster Pollard, a division of ORIX Real Estate Capital.
HOLDEN, Mass. — Lancaster Pollard Mortgage Co. has arranged a HUD loan totaling $16.2 million to refinance Holden Rehabilitation and Skilled Nursing Center in the Worcester suburb of Holden. The borrower is Oriol Health Care, which build the 123-bed facility in 1965. The transaction allows Oriol to secure long-term financing consolidated with one lender and implement repairs at the facility. Aaron Becker and Adam Walter led the transaction for Lancaster Pollard.
Monticello Provides $41M in Financing for 336-Bed Skilled Nursing Portfolio in Tennessee
by Jeff Shaw
TENNESSEE — Monticello has provided $41 million to refinance two skilled nursing properties totaling 336 beds in Tennessee. The names and specific locations of the properties were not disclosed The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the sponsor’s acquisition of a number of facilities over the last several years in multiple transactions.