Harborview Capital Partners Closes a $48 Million Bridge/Mezzanine to HUD Loan for Two Florida SNFs
Harborview Capital Partners, a commercial real estate finance, equity, and advisory firm, arranged a $44 million loan for two skilled nursing facilities in Tampa and Jupiter, Fla., the company announced.
The refinance loans were provided by a national lender and offer a competitive LIBOR-based rate, 25-year amortization, and a three-year term. Furthermore, Harborview provided nearly $4 million in balance-sheet mezzanine financing on top of the senior credit facility, the company noted. The transaction was originated by Eli Kutner, Harborview senior originator, and Jonathan Kutner, principal.
Strawberry Fields Acquires SNF For $1 Million, Refinances Tennessee Skilled Nursing Facilities
Strawberry Fields REIT LLC, an owner and lessor of skilled nursing facilities and other medical buildings in the Midwestern and Southern United States, acquired an Indiana skilled nursing facility for $1 million in cash, according to a report from MultifamilyBiz.com.
The property is Hickory Creek at Lebanon, a 64-bed facility located in Lebanon, Ind., with a current occupancy of 47%. Strawberry Fields will lease the property to The Waters of Lebanon, under a ten-year contract with two five-year extensions.
Additionally, the South Bend, Ind.-based Strawberry Fields closed three Department of Housing and Urban Development loans to refinance three Tennessee skilled nursing facilities. The loans, totaling $27.2 million, are from Capital One Multifamily Finance and have a 35-year term at a 3.43% fixed interest rate, according to a report from Multi-Housing News.
The three facilities, operated by The Waters, were acquired by Strawberry Fields in 2016. They include Lakebride, a 109-bed facility in Johnson City, Tenn., with a current occupancy of 91%; The Waters of Smyrna, a 91-bed facility in Smyrna, Tenn., currently at 86% occupancy; and The Waters of Shelbyville, a 96-bed facility in Shelbyville, Tenn., built in 1962 and renovated in 2014, with a current occupancy of 92%.
MedEquities Acquires 3 SNFs, Initiates New Operator Relationship
MedEquities Realty Trust, Inc. (NYSE: MRT) acquired a Connecticut skilled nursing facility from a subsidiary of Prospect Medical Holdings Inc. for an aggregate cash price of $10 million.
The 65,000-square-foot facility, Woodlake at Tolland Nursing & Rehabilitation Center, is located in Tolland, Conn. and was leased by Prospect ECHN Eldercare Services Inc. under a 12-year, triple-net lease at an initial 9% lease rate with annual escalators. Prospect Medical Holdings, a Los Angeles-based health care service provider, and Prospect ECHN provided a guarantee for the lease.
Woodlake at Tolland provides short-term and long-term care, with amenities including a gift shop, ice cream bar, beauty salon, recreation area and paved outdoor walking trails.
Additionally, MedEquities acquired two Indiana skilled nursing facilities from Magnolia Health Systems for an aggregate purchase price of $15 million cash, according to a press release.
MedEquities will lease the facilities to Magnolia, an Indianapolis-based owner and operator of SNFs and assisted living properties, under to a 15-year triple-net master lease at an initial rate of 9% with annual escalators. The deal is expected to close within 30 days.
The two facilities are Brookville Healthcare Center, a 100-bed facility located in Brookville, Ind., and Whitewater Commons Senior Living Center, a 60-bed facility in Liberty, Ind.
Riverside Healthcare Received $50 Million In Revenue Bonds For Renovations
The Newport News, Va. Industrial Development Authority approved $50 million in revenue bonds for the Riverside Healthcare Association renovations and new projects at its facilities, according to a report from the Daily Press of Newport News.
Riverside still needs to get approval from the Newport News City Council before it can borrow money from the sale of the tax-exempt, IDA-issued bonds. Virginia state law allows municipalities to issue bonds for the improvement of medical facilities.
The $50 million will help Riverside fund about $130 million in projects it has planned for the next several years, including $15 million worth of renovations to the skilled nursing facility of The Gardens at Warwick Forest, one of Riverside’s short-term rehabilitation facilities, the Daily Press reports.
Greystone Provides $29 Million HUD Loan for New York SNF
Greystone, a New York-based real estate lending, investment and advisory company, provided a $29 million HUD-insured permanent loan to Sapphire Center for Rehab & Nursing of Central Queens, a skilled nursing facility in Flushing, New York, the company announced in a press release.
In 2015, Greystone organized a bridge-to-HUD loan to finance the acquisition and renovation of the 227-bed facility. The bridge loan provided Sapphire Care Group a period of time to rebrand the facility and improve operations in order to qualify for permanent financing with HUD.
Fred Levine, managing director of Greystone, originated the bridge, mezzanine, and permanent Federal Housing Administration loans for the Sapphire Center.
Blueprint Facilitates $5.4 Million Sale of Colorado SNF
Blueprint Healthcare Real Estate Advisors, a Chicago-based advisory group focused on senior housing and health care real estate transactions, arranged the sale of Sable Care and Rehabilitation Center, 120-bed skilled nursing facility in Aurora, Colo., for $5.4 million.
A New York-based health care real estate investor bought the property from a publicly traded REIT based in California. The new owner will lease to facility to a regional operator with an existing footprint in Colorado, Blueprint noted.
Blueprint’s Christopher Hyldahl and Gideon Orion were the lead advisors on the transaction.
Written by Elizabeth Jakaitis
