ALEXANDRIA, RICHMOND and COLONIAL BEACH, Va. — Tryko Partners has acquired three skilled nursing facilities in Virginia as part of a planned geographic expansion in the Mid-Atlantic for the Brick, N.J.-based private equity investment firm. The facilities, which were part of the Cambridge Healthcare Portfolio, include the 307-bed Woodbine Rehabilitation & Healthcare in Alexandria, the 190-bed Lexington Rehabilitation & Healthcare in Richmond, and the 66-bed Westmoreland Rehabilitation & Healthcare in Colonial Beach. Each property provides post-hospital care, short-term rehabilitation and long-term residential care. Tryko plans to invest nearly $9 million …
Skilled Nursing
CIT Arranges Financings Totaling $93.7 Million for New Generation Health, Genesis Healthcare
by Jeff Shaw
NEW YORK CITY — CIT Group Inc. (NYSE: CIT) has served as the lead arranger of $93.7 million in combined financing for 19 healthcare facilities in California, Nevada and Washington between New Generation Health LLC and affiliates of Genesis Healthcare Inc. New Gen, a healthcare consulting firm specializing in the operation of skilled nursing facilities in the Western portion of the United States, will provide management and/or consulting services for the 19 healthcare facilities. Affiliates of Genesis will continue to provide certain administrative, back-office and therapy services to the facilities. …
JACKSONVILLE, Fla. — Blueprint Healthcare Real Estate Advisors has arranged the sale of Summer Brook Health Care Center, a 120-bed skilled nursing facility in Jacksonville. A longtime private owner-operator sold the community for $12.6 million. The buyer was a partnership between a private ownership group and a regional operator. The price translates to approximately $105,000 per bed. Originally built in 1967, Summer Brook is located in the heart of Jacksonville. A strong historical performer, according to Blueprint, Summer Brook EBITDAR was trending even higher during the sale process. Trent Gherardini …
Dwight Capital Closes $6.8M Financing for Canal Pointe Skilled Nursing Facility in Akron, Ohio
by Jeff Shaw
AKRON, Ohio — Dwight Capital has provided a $6.8 million bridge loan for the acquisition of Canal Pointe Nursing and Rehab, a 120-bed skilled nursing facility in Akron. Renovated in 2008, the property totals 57,724 square feet situated on 2.2 acres. Canal Pointe offers its residents services such as short-term rehabilitation, occupational therapy, respiratory care, trach care and behavioral care. The borrower was not disclosed.
Capital Funding Arranges $10.8M Acquisition Financing for Harrison House of Christiana in Pennsylvania
by Jeff Shaw
CHRISTIANA, Pa. — Capital Funding LLC has arranged $10.8 million in bridge-to-HUD financing for the acquisition of Harrison House of Christiana in Lancaster County. The property is a 139-bed skilled nursing facility. The borrower was not disclosed. Concurrent with the real estate closing, Capital Finance also provided a $3.5 million line of credit. Craig Casagrande and Andrew Jones originated the transaction for Capital Funding.
MARYLAND — Monticello has provided $32 million in first lien debt financing for the refinance of a 177-bed skilled nursing property in Maryland. Monticello’s asset-based lending group, Monticello Commercial Capital, also added a $2 million working capital loan to the operating company. The borrower is an owner and operator with a current portfolio of 1,332 licensed beds. The name and location of the property were not disclosed.
EASTON, MILLVILLE, ORANGEVILLE and STEVENS, Pa. — Greystone has provided a total of $63 million in HUD-insured loans to refinance a portfolio of five skilled nursing facilities in Pennsylvania. Fred Levine of Greystone originated the loans on behalf of Maybrook Holdings. The FHA loans are all non-recourse, fixed-rate, long-term and self-amortizing,. The portfolio consists of 622 total beds across the five properties in Easton, Millville, Orangeville, and Stevens, which were originally acquired in 2017.
Ziegler Closes $108.8M Bond Financing for Phase II of St. Ann’s Home Renovations in Rochester, New York
by Jeff Shaw
ROCHESTER, N.Y. — Ziegler, a specialty investment bank, has closed $108.8 million in bond financing for continued renovations at St. Ann’s Home in Rochester. St. Ann’s Community operates the community, along with four others. Phase I of the master-planned project is complete, which relocated 34 post-acute rehabilitation beds from the Wegman Care Center to the ninth floor of St. Ann’s Home, the largest of the company’s skilled nursing facilities. The new bond financing will fund Phase II of the project, which will renovate floors three through eight of St. Ann’s …
PGIM Real Estate Finance Arranges $10.7M HUD Refinancing for St. Margaret’s Daughters Home in New Orleans
by Jeff Shaw
NEW ORLEANS — PGIM Real Estate Finance has arranged a $10.7 million HUD loan to refinance St. Margaret’s Daughters Home, a nonprofit skilled nursing facility located in the Mid-City neighborhood of New Orleans. St. Margaret’s Daughters Home was constructed in 2013 and sits on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. The $33 million construction of the new facility was initially financed using a complex capital stack of New Market Tax Credits (NMTC), Historic Tax Credits (HTC), OCD Loan Funds, …
NEW YORK CITY — Greystone, a New York City-based healthcare facility owner and operator, has acquired 12 skilled nursing facilities and one supportive living community in Illinois and Missouri. The properties were all previously operated by Rosewood Care Centers. The Department of Housing and Urban Development (HUD) sold the assets for an undisclosed price. The portfolio totals 1,662 beds, and Greystone Healthcare Management Midwest will rebrand and operate the communities. The 13 properties are: Rosewood Care Center of Alton, Illinois, now named Riverside Rehab & Healthcare Rosewood Care Center of …