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 …
Skilled Nursing
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.
Paragon Mortgage Provides $16.3M Refinancing for Skilled Nursing Facility in Los Angeles
by Jeff Shaw
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 …
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 …