OSWEGO, N.Y. — Lument, a division of ORIX Real Estate Capital, has provided $9.5 million in financing for Morningstar Residential Care Center in Oswego, located along Lake Ontario north of Syracuse. The HUD loan refinances a bridge loan that Lancaster Pollard provided prior to becoming part of Lument. The new loan provides non-recourse, fixed-rate, permanent financing. Morningstar Residential Care Center is a 120-bed skilled nursing facility. Miles Kingston led the transaction for Lument.
Skilled Nursing
CONNECTICUT — Blueprint Healthcare Real Estate Advisors has arranged a new lease for a 66-bed skilled nursing facility in Connecticut that was no longer in operation. Blueprint represented the landlord, a REIT. The new operator will transform the property into an addiction recovery center.
PALATINE, WAUKEGAN, ELGIN and CHICAGO, Ill. — Walker & Dunlop Inc. has structured $38.4 million in HUD financing for four skilled nursing properties in Illinois, all within 50 miles of Chicago. The collection of properties includes Aperion Care Plum Grove, a 69-bed facility in Palatine; Pavilion of Waukegan, a 112-bed facility in Waukegan; Park View Rehab Center, a 112-bed facility in Chicago; and River View Rehab Center, a 203-bed facility in Elgin. Joshua Rosen of Walker & Dunlop led the origination team. The loans feature fixed rates, a declining prepayment …
KEY WEST, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Key West Health & Rehabilitation, a 120-bed skilled nursing facility in Key West. The property is located adjacent to the Lower Keys Medical Center, which holds the ground lease for the skilled nursing facility. There is also an existing HUD mortgage on the property. Blueprint represented the seller, a nonprofit debtor undergoing bankruptcy proceedings. Although the price was not disclosed, the winning bidder acquired the property free and clear of existing debt.
PENNSYLVANIA — Monticello has provided a $1.3 million working capital loan to the operator of a 181-bed skilled nursing facility in Pennsylvania. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the financing. Further details on the name and location of the property were not disclosed. The borrower is an experienced owner and operator with a current portfolio of 3,566 licensed beds. Prior to this deal, Monticello financed the acquisition of several facilities between 2017 and 2019 for the company.
CONNECTICUT — Blueprint Healthcare Real Estate Advisors has arranged the sale of two skilled nursing facilities in Connecticut, one in the Hartford and one near New York City. The portfolio totals 197 beds and produced a combined annual revenue of $16 million. Blueprint previously represented the seller when it acquired a 10-property portfolio of which these two assets were part. A private investment group based in New York City sold the properties to a Connecticut-based company with existing operations in the state. The price was not disclosed.
Berkadia Provides $9.8M HUD Loan for Willow Creek Retirement Center in Byram, Mississippi
by Jeff Shaw
BYRAM, Miss. — Berkadia has provided $9.8 million in HUD financing for Willow Creek Retirement Center, a skilled nursing facility in Byram, a suburb of Jackson. Built in 2000, the property features 88 skilled nursing beds, including a 20-bed memory care unit. The facility also features a new 4,000-square-foot therapy gym and spa and 10,000-square-foot wing for private rooms. The borrower is WCR LLC, which Robert Rotolo leads. The 35-year loan represents a 79 percent loan-to-value ratio. Laura Saull Smith of Berkadia’s D.C. Metro office secured the loan, which refinanced …
Assisted LivingIndependent LivingIndustry ContentOperationsPeopleSkilled NursingTechnologyVideosWebinars
Webinar: Conversation Technology As A Game Changer — Increasing Sales Effectiveness in Seniors Housing
In an October 14 Seniors Housing Business webinar titled “Conversation Technology As A Game Changer: Increasing Sales Effectiveness in Seniors Housing,” panelists discussed how technology can allow for marketing automation and improve sales effectiveness in senior living. Fran Palma, senior vice president of integrated marketing and digital strategies at Covenant Living Communities, explains that automation can allow professionals in the industry to offload some tasks and focus on what’s important: “The most valuable thing you can give your sales folks is more time, especially right now.” Palma explains that many …
SLIB Brokers Sale of 130-Bed Cambridge House Skilled Nursing Facility in Bristol, Tennessee
by Jeff Shaw
BRISTOL, Tenn. — Senior Living Investment Brokerage (SLIB) has arranged the sale of The Cambridge House, a 130-bed skilled nursing facility in Bristol, located in the northeast corner of the state. A regional operator owned the 38,075-square-foot facility, but fell into bankruptcy. A mid-sized, Mid-Atlantic skilled nursing owner with operating partners in Tennessee acquired the property for an undisclosed price. Ryan Saul of SLIB facilitated the sale.
Strawberry Fields REIT Acquires Hope Creek Skilled Nursing Facility in Illinois for $4M
by Jeff Shaw
EAST MOLINE, Ill. — Strawberry Fields REIT LLC has acquired Hope Creek Nursing and Rehabilitation Center in East Moline, located across the Mississippi River from Davenport, Iowa. The Indiana-based, non-traded REIT paid $4 million for the 245-bed skilled nursing facility, which is located on a 12-acre parcel. Built in 2007, is the newest skilled nursing facility in the Quad Cities, according to the buyer. The facility offers full inpatient rehabilitation, respite stays, hospice services, individualized care plans, restorative therapy programs, a secured memory care unit and a variety of activities …