LOS ANGELES — Blueprint Healthcare Real Estate Advisors has arranged the sale of a 50-bed skilled nursing facility in the Los Angeles metropolitan area. A private real estate investor sold the community to an investor with a large California portfolio for $4 million, or $80,000 per bed. The specific name and location of the property were not released. The seller made $1.7 million in capital improvements to the property over the last three years, including adding 27 beds. Christopher Hyldahl, Gideon Orion and Kendra Gonzalez of Blueprint handled the transaction.
Skilled Nursing
Greystone Provides $71.3M HUD Refinancing for Massapequa Center Rehabilitation on Long Island
by Jeff Shaw
AMITYVILLE, N.Y. — Greystone has provided a $71.3 million HUD-insured loan to refinance Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in the Long Island village of Amityville. Fred Levine of Greystone originated the transaction. The financing carries a fixed rate, 30-year term and 30-year amortization. The refinancing enables the borrower to exit initial bridge financing used to acquire the property in November 2017, and to continue with renovations. Originally constructed in 1974, Massapequa Center has undergone $8.5 million in facility upgrades, including the installation of private suites …
Lancaster Pollard Provides $14.8M HUD Financing for Skilled Nursing Facility in Illinois
by Jeff Shaw
AURORA, Ill. — Lancaster Pollard has provided $14.8 million in HUD financing for the development of a Thrive skilled nursing facility in Aurora, approximately 38 miles west of downtown Chicago. The 68-bed facility will focus on post-acute care. The borrower is Innovative Health and its Chicago-based parent company, which has three communities under construction. Brett Murphy of Lancaster Pollard arranged the long-term, non-recourse financing.
CARLSBAD, Calif. — Lancaster Pollard has arranged $420 million in financing for Plum Healthcare Group, a Carlsbad-based skilled nursing operator. The transaction refinances debt for 26 independently licensed and operated skilled nursing facilities throughout California. The loans were through HUD’s Sec. 232/223(f) program. This was the first HUD transaction for Plum. In addition, it was the largest portfolio refinance closed by HUD/FHA in its fiscal year 2019 and one of the largest ever undertaken by the agency, according to Lancaster Pollard. The transaction is the conclusion of a $400 million …
WASHINGTON, D.C. — Berkadia’s Seniors Housing & Healthcare group has closed $57.2 million in loans for skilled nursing facilities in Alabama, Illinois, New Jersey, Maryland and Washington. Berkadia refinanced a portfolio of three skilled nursing facilities in Washington state for $26.2 million, or $120,212 per bed, utilizing HUD’s 232/223(f) program. Jay Healy arranged the financing on behalf of the Washington-based owner and operator, which used the loan proceeds to pay off short-term debt, fund improvements to the properties and reduce their debt service payments. The communities are located in Brewster, …
PLAINFIELD, Conn. — Greystone has provided an $8 million HUD-insured loan to refinance Colonial Health & Rehab Center, a 90-bed skilled nursing facility in Plainfield near the Rhode Island border. The fully amortizing financing features a 35-year term and fixed interest rate. The refinancing replaces a bridge loan that Greystone provided for the acquisition of the property. Lisa Fischman of Greystone originated the transaction. The borrowers were Curtis Rodowicz and Robert Darigan, the property’s co-owners.
M&T Realty Capital Provides $79.5M Financing for Skilled Nursing Facility in New Jersey
by Jeff Shaw
BLACKWOOD, N.J. — M&T Realty Capital Corp. has closed a $79.5 million FHA-insured loan to refinance a 458-bed skilled nursing facility in Blackwood, a suburb of Philadelphia. The 30-year loan is full amortizing and features a fixed interest rate of 3.28 percent. The borrower and name of facility were not disclosed. Paula Quigley and Matthew Pipitone of M&T Realty Capital Baltimore office led the transaction in collaboration with Aaron Anglada of M&T Bank’s Paramus office. Quigley also serves as the FHA/HUD program manager for the company.
LISBON AND MINERAL RIDGE, Ohio — Cambridge Realty Capital Cos. has provided two loans through the U.S. Department of Housing and Urban Development’s LEAN mortgage insurance program. The $24 million will refinance debt on The Vista Care Center and The Ridge Care Center. An Ohio-based limited liability company was the borrower. The Vista Care Center, located in Lisbon, is a 76-bed skilled nursing and assisted living facility. The Ridge Care Center, located in Mineral Ridge, is a 181-bed skilled nursing and assisted living facility. Cambridge provided a fully amortized, 30-year …
LAWRENCEBURG, Indiana — Evans Senior Investments (ESI) has arranged the sale of Shady Nook Care Center, a 94-bed skilled nursing facility in Lawrenceburg, located along the Ohio River near the Kentucky and Ohio borders. An independent owner-operator with only this community in the state was the seller. A national owner-operator group bought the property for $9 million, or $96,000 per bed. Built in 1983, Shady Nook Care Center is located in a tertiary submarket of Cincinnati, Ohio. The facility was 79 percent occupied.
GLOVERSVILLE, N.Y. — M&T Realty Capital Corp. has provided a $14.9 million FHA-insured loan to refinance of a 176-bed skilled nursing facility in Gloversville, approximately midway between Albany and Utica. The loan was completed under the FHA 223(f) program. The 35-year loan is fully amortizing and features a fixed interest rate of 3.25 percent. Paula Quigley and Matt Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Jennifer Kooney of M&T Bank’s Tarrytown, N.Y., office. Quigley also serves as the FHA/HUD program manager for M&T Realty …