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.
Skilled Nursing
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.
WASHINGTON, D.C. — The American Health Care Association and National Center for Assisted Living (AHCA/NCAL), a Washington, D.C.-based organization representing more than 14,000 nursing homes and assisted living communities across the country, has released a report showing new COVID cases in nursing homes in the U.S. have now reached a record number of weekly new cases. Recent data released by Johns Hopkins University and the Centers for Medicare & Medicaid Services (CMS) show that with the recent spike in new COVID cases in the general U.S. population, weekly nursing home …
CareTrust REIT Acquires Four-Property Skilled Nursing Portfolio in Metro Dallas for $47.6M
by Jeff Shaw
ROCKWALL, ROWLETT, WILLS POINT and WAXAHACHIE, Texas — CareTrust REIT Inc. (NASDAQ: CTRE) has acquired four post-acute care facilities in the Dallas-Ft. Worth area. The REIT paid $47.6 million for the properties in an off-market transaction for $47.6 million. The portfolio consists of 554 skilled nursing beds and 24 assisted living beds, and is currently leased to operating affiliates of The Ensign Group Inc. The facilities include Beacon Harbor Healthcare & Rehabilitation in Rockwall, Rowlett Health & Rehabilitation Center in Rowlett, Crestwood Health & Rehabilitation in Wills Point and Pleasant …
CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of 21 skilled nursing facilities in the Midwest. The transactions represented the exit from the long-term care industry of a a regional owner-operator. The portfolio consisted of three separate transactions for each state — Indiana, Iowa and Illinois. The combined purchase price for all three transactions was $86 million, or $54,0000 per functional bed/unit. The Indiana portfolio consisted of 11 communities totaling 751 licensed skilled nursing beds and 109 senior living units. At the time of …
Oxford Finance Provides $9.5M Acquisition Financing for Two Skilled Nursing Facilities in Wisconsin
by Jeff Shaw
WISCONSIN — Oxford Finance LLC has provided a $9.5 million senior credit facility and revolving line of credit to AB Asset Management LLC and Vitalogy Property Holdings LLC. The proceeds will be used to finance the acquisition of two skilled nursing facilities located in Wisconsin, totaling 158 beds. Vitalogy formed a partnership with AB Asset Management and Symmetry Healthcare to acquire the properties. Levi Rudd and Louis Kass founded Vitalogy in 2015. The company plans to expand its existing multi-state operating platform to the Midwest.
AMARILLO, Texas — The Ensign Group Inc. (NASDAQ: ENSG) has acquired the real estate and operations of The Medical Lodge of Amarillo, an 82-bed skilled nursing facility in Amarillo. The property was 45 percent occupied at the time of acquisition. This property brings Ensign’s portfolio to 227 healthcare operations, 24 of which also include assisted living operations, across 13 states. Ensign owns 95 real estate assets.