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 …
Skilled Nursing
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 …
Monticello Provides $16.7M Refinancing for 303-Bed Skilled Nursing Portfolio in Tennessee
by Jeff Shaw
TENNESSEE — Monticello and its affiliates have provided $16.7 million in first lien debt financing to refinance two skilled nursing properties totaling 303 beds in Tennessee. The transaction also includes a $3 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital. The specific names and locations of the two properties were not disclosed. The borrower is an owner and operator with a current portfolio of 4,637 licensed beds. Prior to this deal, Monticello financed the borrower’s acquisition of several …
Cambridge Provides $16.3M Refinancing for Anberry Transitional Care in Merced, California
by Jeff Shaw
MERCED, Calif. — Cambridge Realty Capital Cos. has provided a $16.3 million HUD Lean loan to refinance Anberry Transitional Care, a 72-bed skilled nursing care facility. The property is located in Merced, a small city southeast of the Bay Area. The facility focuses on short-term rehabilitation. The borrower is a California limited partnership. The 35-year loan is fully amortizing.
Monticello Funds $13.5M Acquisition Loan for 120-Bed Skilled Nursing Facility in Virginia
by Jeff Shaw
VIRGINIA — Monticello has provided $13.5 million in financing for the acquisition of a skilled nursing property totaling 120 beds in Virginia. The borrower is an owner and operator with 26 facilities in five states, including seven facilities totaling 915 beds in Virginia. The specific name and location of the acquired facility was not released.
CHICAGO — JLL Capital Markets has arranged the sale of St. Pauls House, a 171-bed skilled nursing community in Chicago. Lutheran Life Communities sold the facility to an Illiois-based operator for an undisclosed price. St. Pauls House was originally built in 1921, with the additions of the East Wing in 1956 and the West Wing in 1970. The 100,000-square-foot community is situated on 2.4 acres in Chicago’s Irving Park neighborhood, northwest of downtown. Mike Garbers and Cody Tremper led the JLL Seniors Housing Capital Markets investment advisory team.
STRATFORD, N.J. — Cambridge Realty Capital Cos. has provided a $9.8 million HUD loan to refinance Laurel Manor Healthcare and Rehabilitation Center in Stratford. Located about 12 miles southeast of downtown Philadelphia, the skilled nursing facility features 104 beds. The fully amortized, 30-year loan was provided for the owner, a New Jersey limited liability company, using the HUD Section 232/223(f) funding program. Laurel Manor Healthcare and Rehabilitation Center offers short- and long-term stays.
CANTON, Ohio — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 74-unit assisted living and skilled nursing facility in Canton. A local owner-operator seeking retirement sold the property to a regional developer, owner and operator for an undisclosed price. The name of the community was not released. The property was constructed in 2016. It was cash-flow neutral at the time of sale, so was marketed as a value-add opportunity. The incoming owner-operator plans to de-license the skilled nursing beds, introduce memory care, bring in new leadership and …
American House Hires Schekesia Meadough as Vice President of Quality, Clinical Operations
by Jeff Shaw
SOUTHFIELD, Mich. — American House Senior Living Communities, a Southfield-based operator, has hired Schekesia Meadough for the newly created role of vice president of quality and clinical operations. Meadough is responsible for the creation and implementation of nursing care and wellness strategies, policies, processes and programs across American House’s portfolio of more than 60 communities in five states. Prior to joining American House, Meadough served as the vice president of health and wellness LaSalle Group. She has served in leadership and nursing roles over the past 20 years. Her prior assignments …