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.
Skilled Nursing
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 …
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.