FROSTBURG, Md. — Healthcare Transactions Group has arranged the sale of Frostburg Nursing and Rehabilitation Center, an 88-bed skilled nursing facility in Frostburg. University of Pittsburgh Medical Center (UPMC) Western Maryland owned and operated the facility. UPMC is one of the nation’s largest integrated health systems, including 40 hospitals. Mark Davis of Healthcare Transactions Group represented the seller. The price was not disclosed. The buyer, a New York-based owner-operator with an existing portfolio in the state, plans to rebrand the property as Mountain City Rehabilitation Center.
Skilled Nursing
YUMA, Ariz. — Senior Living Investment Brokerage (SLIB) has arranged the sale of a skilled nursing facility in Yuma. The property features 77 units totaling 143 licensed beds. It was built in 1964 with renovations in 2011 and 2018, totaling 44,076 square feet on 2.9 acres of land. The name of the facility was not disclosed. The seller is a national REIT looking to divest this asset due to it being a geographic outlier in its portfolio. The buyer is a regional operator with strong presence and track record in …
Capital Funding, Bank Leumi Fund $27.8M Loan for Acquisition of Skilled Nursing Facility in New Jersey
by Jeff Shaw
WANAQUE, N.J. — Capital Funding LLC and Bank Leumi USA have closed a $27.8 million loan for the acquisition of Wanaque Center for Nursing and Rehabilitation in Wanaque, approximately 30 miles northwest of Manhattan. The borrower and buyer, Philosophy Care Group, has rebranded the property as the Phoenix Center for Rehabilitation and Pediatrics. The facility features 92 pediatric skilled nursing beds and 135 geriatric skilled nursing beds. Capital Funding and Bank Leumi partnered to run a joint diligence process and co-funded the term loan, with Capital Funding, serving as agent …
Monticello Provides $46.8M Financing for 407-Bed Skilled Nursing, Adult Day Care Portfolio in New York
by Jeff Shaw
NEW YORK — Monticello has provided $46.8 million in first lien debt financing to refinance one skilled nursing property and two adult day care properties totaling 407 beds in New York. The transaction also includes a $3 million working capital loan to the operator of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital LLC. The borrower is an experienced owner and operator with a current portfolio of 4,570 licensed beds and has an established relationship with Monticello. Prior to this deal, Monticello financed the acquisition of a …
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 …
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.