OKLAHOMA CITY — Diakonos Group LLC has started construction of Parc Place Medical Resort, a post-acute rehabilitation facility in Oklahoma City. Located on an 8.3-acre site, the 349,892-square-foot asset will offer 75 private rooms. The facility will focus on short-stay rehabilitation. Partners on the project include Pi Architects, SCI Construction and SMC Consulting Engineers. The building is divided into three houses, each with its own themed dining rooms, outdoor cafés and shaded garden courts. “We want to create an environment where people see others getting better and are inspired to …
Skilled Nursing
Lancaster Pollard Funds $25M HUD Construction Loan for Transitional Care & Skilled Nursing of Oceanside
by Jeff Shaw
OCEANSIDE, Calif. — Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital, has provided a $25 million FHA construction loan for Transitional Care & Skilled Nursing of Oceanside. The 120-bed skilled nursing facility will be located in Oceanside, approximately 40 miles north of San Diego. RangeComm Development, in partnership with Providence Group, is developing the property, which will focus on short-stay rehabilitation. The non-recourse loan features a fixed interest rate and 40-year term. Brett Murphy led the transaction for Lancaster Pollard.
ALEXANDRIA, Va. — Oxford Finance LLC has closed a $19.8 million add-on term loan and revolving line of credit to an owner-operator of skilled nursing facilities based in New Jersey. The upsized credit facility now exceeds $75 million. The additional proceeds were used to finance the opportunistic acquisition of a facility located in the eastern U.S. This transaction represents Alexandria-based Oxford’s third deal with the undisclosed borrower.
CHICAGO — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $32.4 million HUD 232/223(f) refinancing of a 210-bed skilled nursing facility in metro Chicago. The borrower is Chicago-based Legacy Healthcare. The loan features a 35-year term and amortization Ephraim Kutner, Jonathan Kutner and Eli Kutner negotiated the transaction.
MESA, Ariz. — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 160-bed skilled nursing facility in Mesa. The property was recently renovated and expanded, and is located near multiple medical centers that refer residents to the facility. A buyer with an existing footprint in the market acquired the asset for an undisclosed price. The transaction is part of a series of sales that Blueprint arranged for LTC properties, which is divesting its entire portfolio of Preferred Care facilities. Blueprint estimates the combined sales will total $78 million.
On May 13, Seniors Housing Business hosted a panel discussion to explore the question: How will the coronavirus pandemic impact market valuation in the seniors housing sector? While there’s been a stock price rebound after REIT value plummeted at the outset of the pandemic, it isn’t clear right now where prices might end up for private and public markets. Join us to learn how the traditional components of seniors housing valuation have been upended by COVID-19 and what factors will most influence future prices. Listen in to hear what experts …
YOUNGSTOWN, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 150-bed skilled nursing facility in the Youngstown metro area. An owner-operator expanding in the Midwest acquired the property for an undisclosed price. The seller cited recent changes in leadership for declining occupancy, and de-licensed some beds to allow for more private rooms. The sale was positioned as a value-add opportunity.
The seniors housing industry, government and society as a whole must collaborate to improve care for our frailest seniors. By Martin Siefering, Principal and Senior Living Practice Leader, Perkins Eastman “When we, as a society, see that it’s appropriate to warehouse our elders, and to put them in small spaces, to underpay their staff so that there are chronic staffing shortages — I think if we see that as an adequate treatment of our elders, then we’re going to have a bad time. We are going to see this over …
KANSAS — Monticello has provided $15.5 million in first lien debt financing for a portfolio of skilled nursing facilities in Kansas. The properties total 282 beds, and the transaction includes two acquisitions and two refinancings. The borrower is an owner-operator with a total portfolio of 945 licensed beds.
CHICAGO — Evans Senior Investments (ESI), a Chicago-based brokerage firm, has arranged the sale of six skilled nursing facilities in Michigan totaling 496 licensed beds. A publicly traded REIT sold the portfolio to an undisclosed buyer for $36 million, or $73,000 per bed. The portfolio’s occupancy was 86 percent with $43 million in annual revenues. However, the seller chose to divest the properties upon finding out the tenant would no longer be able to meet its lease obligations due to having to pay back millions in improper Medicaid payments.