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 …
Skilled Nursing
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 …
Blueprint Brokers Sale of 154-Bed Pawtucket Center Skilled Nursing Facility in Rhode Island
by Jeff Shaw
PAWTUCKET, R.I. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Pawtucket Center, a 154-bed skilled nursing facility in the Providence suburb of Pawtucket. The property was built in 1978, expanded in 1997 and renovated in the early 2000s. A REIT sold the facility to a New Jersey-based entrepreneur, which has partnered with a regional operator. The new owner rebranded the property as Pawtucket Falls Healthcare Center. The price was not disclosed.
Many Skilled Nursing Facilities Struggle to Survive Amid Continued Low Occupancy, Says NIC
by Jeff Shaw
ANNAPOLIS, Md. — Occupancy at U.S. skilled nursing facilities was up marginally between the second and third quarter of 2020 to 74 percent, but remained significantly below levels reported in February (84.9 percent) and March (83.5 percent) when COVID-19 began impacting the country, according to data from the National Investment Center for Seniors Housing & Care (NIC). The decline has been more severe in urban areas, as occupancy fell 11.8 percentage points since February versus the 8 percentage point decline in rural areas in that same period. The data comes …
CareTrust REIT Provides $15M Mezzanine Loan for Skilled Nursing Portfolio Acquisition in Virginia
by Jeff Shaw
VIRGINIA — CareTrust REIT (NASDAQ: CTRE) has provided a $15 million secured mezzanine loan to Next Healthcare Inc. The loan is part of a larger financing package that is funding Next’s acquisition of nine skilled nursing facilities in Virginia totaling approximately 1,000 beds. The loan caries a five-year maturity and an annual interest rate of 12 percent. The loan was funded with proceeds from CareTrust’s $600 million unsecured revolving credit facility.
Monticello Provides $42.1M Financing for Skilled Nursing Facility Acquisition in Virginia
by Jeff Shaw
VIRGINIA — Monticello has provided $42.1 million in financing for the acquisition of a skilled nursing facility located in Virginia. The transaction also includes a $3.5 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The buyer is an experienced owner and operator. Further details on the property, loan and acquisition were not disclosed.
TEXAS — Blueprint Healthcare Real Estate Advisors has negotiated the sale of four skilled nursing facilities in Texas. The properties feature a combined 340 beds. Two were built in the late 1960s and two were built in 2000. A REIT winding down its relationship with the facilities’ operator sold the facilities. Multiple undisclosed buyers acquired the properties for undisclosed prices.
ST. LOUIS — SRZ Management has acquired NHC Healthcare Town & Country, a 282-bed skilled nursing facility in St. Louis. The seller was National Healthcare Corp. The price was not disclosed. SRZ plans to rebrand the property as Town & Country Health & Rehab and plans to retain all current staff. “We do not plan to expand the current facility or tear it down and build a larger facility as was proposed by previous parties interested in purchasing this property,” says David Murphy, CEO of SRZ Management. “Instead, we plan …
BRUNSWICK, Ohio — KeyBank Real Estate Capital has secured a $10.5 million FHA 232/223(f) loan for the refinancing of Brunswick Pointe Transitional Care in Brunswick, about 20 miles southwest of Cleveland. Built in 2017, the 90-bed skilled nursing facility offers short- and long-term care, physical, occupational and speech therapy, as well as wellness programs, dining and nutrition services, and personal care assistance. John Randolph and Henry Alonso of KeyBank structured the fixed-rate, 35-year loan on behalf of the borrower, Foundations Health Solutions. Loan proceeds were used to pay off a …
Greystone Provides $10.4M Bridge Loan for Skilled Nursing Facility in Boonville, New York
by Jeff Shaw
BOONVILLE, N.Y. — Greystone has provided a $10.4 million bridge loan for the refinancing of Sunset Nursing & Rehabilitation Center, a 120-bed skilled nursing facility in Boonville, about 70 miles northwest of Syracuse. The property was built in phases between 1964 and 1985 and renovated in 2008. Fred Levine of Greystone originated the loan on behalf of the borrowers, Sunset PropCo LLC and Sunset Operating LLC.