Transactions: Texas Skilled Nursing Portfolio Lands $27.6 Million in Financing

Texas SNFs Receive $27.6 Million in Financing

Hunt Mortgage Group, a national commercial real estate financing firm, provided a $27.6 million loan to Senior Living Properties, LLC to refinance eight Texas skilled nursing facilities. The loan was arranged through the HUD LEAN program, which finances senior housing properties.

The Fort Worth, Texas, HUD office that closed the loan noted that this is the largest number of LEAN transactions that it has ever closed in one day, a press release states.

The financing will allow Senior Living Properties to refinance a temporary loan to permanent fixed rate loans, as well as provide funding for repairs and improvements to the properties, which together include 841 beds.

Senior Living Properties, LLC is an owner-operator of 31 skilled nursing facilities in Texas.

Nebraska SNF To Close Amidst Staffing and Occupancy Declines

Good Samaritan Society skilled nursing facility in Scribner, Nebraska is closing its doors after nearly 50 years of operation. The building it occupies, along with Elkhorn Valley Villa assisted living center, also in Scribner, will be sold.

Staffing and occupancy struggles were cited as the reasons for the sale by Sioux Falls, South Dakota-based Evangelical Lutheran Good Samaritan Society, which owns both facilities, Norfolk Daily News reported.

The facility has 75 beds, but only 24 are occupied.

Ohio SNF Portfolio Sold For $16.8 Million

An established Ohio-based owner operator sold two skilled nursing facilities, totaling 252 beds, for $16.8 million. The buyer was another Ohio-based owner-operator.

The sale, which attracted several competitive offers, will allow the seller to reinvest in its existing operations, according to a release from Blueprint Healthcare Real Estate Advisors, who managed the sale.

Blueprint’s Connor Doherty and Brian Payant were lead advisors on the transaction.

Two Texas Skilled Nursing Facilities Change Hands For $9.3 Million

A portfolio of skilled nursing facilities in Texas sold for $9.3 million. The seller was a longtime family owner and operator of the facilities. The buyer is a Waco, Texas-based independent owner and operator.

The portfolio consists of two properties: a 131-bed facility built in 1978 and a 115-bed facility built in 1964.

The transaction was managed by Matthew Alley of Glen Ellyn, Illinois-based Senior Living Investment Brokerage, Inc.

Written by Elizabeth Jakaitis