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.
Skilled Nursing
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 …
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.
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.