CFG, a subsidiary of CFG Bank, closed two HUD loans amounting to $13.55 million, facilitating the refinancing of two skilled nursing facilities in Illinois.
These facilities collectively included 173 beds and the financing for both properties was finalized on February 27, 2024. The loans were secured on behalf of a nationally recognized borrower.
“Our entrepreneurial approach to simplifying the loan process means we’re invested in our clients’ business growth every step of the way, ensuring swift execution and providing ongoing support to help you achieve your goals,” said Tim Eberhardt, CFG’s Bank’s chief lending officer for Bridge and HUD Loans.
This announcement follows CFG’s recent closing of $16.25 million in Bridge-to-HUD financing for the acquisition of two skilled nursing facilities in Utah, totaling 220 beds. CFG said the financing helped the facilities expand its operations into a new state.
Seven Senior Housing and Long-Term Care Facilities in Saint Louis Area Change Hands
Eads Investment Brokerage, a boutique firm specializing in long-term care and senior housing transactions, recently finalized the sale of seven senior housing and long-term care facilities in and around Saint Louis.
The seller was a regional operator who is downsizing to focus on their core markets.
One of the notable transactions involved the sale of a 96-bed skilled nursing facility located in Saint Peters, Missouri, for nearly $63,000 per licensed bed, totaling $5,400,000.
In a press release, the brokerage said that the community is known for its strong Medicaid performance and stable census, and faced challenges following turnover in key leadership positions post-COVID. Despite averaging a 73% census in 2023 and generating $5.5 million in revenues, promising trends were evident before some regulatory hurdles in the fourth quarter.
“The community had long been a performing Medicaid home, its stable census a product of the deep Saint Peters market and a better staffing environment,” Eads said in a press release. “Turnover at key leadership positions largely accounted for post-Covid census and regulatory challenges.”
Non-profit Sheds Skilled Nursing Facility in Chicago
A skilled nursing facility with over 100 beds situated in a northern Chicago neighborhood recently changed hands.
Ziegler advised the non-profit seller, who was based in Illinois, on the sale of the facility to a prominent local operator on March 1, 2024.
