LOS ANGELES — Paragon Mortgage has funded $16.3 million in financing for All Saints Healthcare, a 128-bed skilled nursing facility located in the North Hollywood neighborhood of Los Angeles. The permanent financing utilized the HUD LEAN 232/223(a)(7) refinance program, which resulted in a 35-year, fully amortized mortgage and a reduction in monthly debt service. “The refinancing of All Saints Healthcare is at an ideal time for a vital community health provider to recapitalize their debt at a much lower interest rate, while providing capital repair funding and improvements,” says Kim …
Skilled Nursing
QUITMAN, Ga. — Grandbridge’s Seniors Housing and Healthcare Finance Group has closed a $6.5 million loan for Presbyterian Home & Retirement Community, a 204-bed skilled nursing and assisted living facility. The property is located in Quitman, a small city near the Florida border in South Georgia. Grandbridge arranged the financing through FHA’s 232/223(f) Interest Rate Reduction loan product.
Monticello Provides $2M in Working Capital Financing for 305-Bed Skilled Nursing Portfolio in Wisconsin
by Jeff Shaw
WISCONSIN — Monticello has provided a $2 million working capital loan to the operating companies of three skilled nursing and assisted living facilities totaling 305 beds in Wisconsin. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the financing. The borrower an experienced owner and operator with a current portfolio of 4,969 licensed beds/units.
LAWRENCE, Kan. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 60-bed skilled nursing facility in Lawrence. The West Coast-based owner was looking to divest its only asset in Kansas. An owner-operator acquired the property for an undisclosed price.
It’s time to embrace the positive changes we’ve made in operations during this crisis. By Liz Jensen, Clinical Director, Direct Supply “If we had the right regulations in place before all of this happened, why did long-term care need waivers to take better care of people?” This question, in various forms, has been asked frequently in the past few months. For those who work within or receive services from the aging services sector in the United States, the hurdles involved in delivering care to older adults is not news. However, if there is one thing the COVID-19 pandemic has uncovered, it …
FLAGSTAFF, Ariz. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 50-bed skilled nursing facility in Flagstaff. Embree Asset Group developed the property in 2018 and entered a triple-net lease with Welbrook Senior Living. It is located less than one mile from downtown Flagstaff and the Flagstaff Medical Center. A nonprofit owner acquired the asset from Embree for an undisclosed price. The buyer also installed The Goodman Group as the operator.
AHCA Survey: Over Half of Skilled Nursing Facilities Operating at a Loss Due to Pandemic
by Jeff Shaw
WASHINGTON, D.C. — Over half of skilled nursing facilities are currently operating at a loss, with 72 percent saying they won’t survive another year at the current pace. That’s according to a recent survey by the Washington, D.C.-based American Health Care Association (AHCA) and National Center for Assisted Living (NCAL). The survey polled 463 facilities between Aug. 8 and Aug. 10. Of the respondents, nearly 90 percent said they are on either a razor-thin profit margin or operating at a loss, with 55 percent saying they are currently operating at …
Grace Management Takes Over Operations of Sumter Senior Living in The Villages, Florida
by Jeff Shaw
THE VILLAGES, Fla. — Grace Management is now the new operator of Sumter Senior Living, a seniors housing community within the master-planned The Villages age-restricted community, located approximately 50 miles northwest of Orlando. Sumter features 298 units of independent living, assisted living and memory care. Residents have access to the amenities offered by the larger The Villages community. The property’s owner is Kayne Anderson Real Estate.
ATHENS, Texas — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 112-bed skilled nursing facility in Athens, approximately 80 miles southeast of Dallas. Built in 1987, the property is located near the University of Texas Health East Texas campus. A REIT sold the asset to a Fort Worth-based owner-operator for an undisclosed price.
WISCONSIN — Monticello has provided $14 million in first lien debt financing for the acquisition of one skilled nursing and assisted living facility and the refinancing of two skilled nursing facilities totaling 305 beds in Wisconsin. The borrower is an experienced owner and operator with a current portfolio of 4,969 licensed beds/units. Further information on the names and locations of the community was not disclosed.