Skilled Nursing Transactions: Strawberry Fields Picks Up Louisville SNF
Ohio Skilled Nursing Facility Sold for $7.5M
An Ohio skilled nursing facility (SNF) is under new management after being sold for $7.5 million by Kettering Health Network, a hospital system based in Dayton, Ohio, the Dayton Daily News reported.
The former Greene Oaks Retirement Center, now called Harmony Center for Rehabilitation & Healing, was purchased by the New Jersey-Based CareRite Centers LLC.
The facility offers a range of services, including short- and long-term rehab and physical, occupational, and speech therapy, according to its website.
Lancaster Pollard Announced Sale of Two Ohio SNFs
Lancaster Pollard, a Columbus, Ohio-based commercial real estate mortgage and investment banking firm focused on the senior living and health care sectors, recently advised an undisclosed seller on the sale of two Ohio SNFs.
The properties, built in the 1990s, were purchased by partnership led by Benjamin and Archie Shkop of Mozart Healthcare, a Skokie, Ill.-based senior living real estate management firm, for $65,000 per bed across the two facilities.
The facilities will be leased to an Ohio-based operator.
The previous owner, a nonprofit, sold the properties to focus on its core business lines outside of the SNF sector, according to a press release from Lancaster Pollard.
Chad Elliott, managing director of mergers and acquisitions at Lancaster Pollard, and Kevin Laidlaw, Lancaster Pollard vice president, led the transaction.
Capital One Closes $21.5M HUD Loan to Refinance Illinois SNF
Capital One provided a $21.5 million fixed-rate HUD 232/223(f) loan to refinance a SNF in Long Grove, Ill., a northern suburb of Chicago.
The sponsor of the 35-year term loan, Cascade Capital Group — a private health care real estate investment and management firm based in Skokie, Ill. — purchased the facility in 2016.
Cascade was able to invest capital expenditure funds into converting the facility into a transitional care model, according to a statement from Chaim Rajchenbach, managing director and co-founder of Cascade Capital, in a press release from Capital One.
The SNF, Avantara Long Grove, was built in 1995 with additions in 2006 and 2007. Cascade then invested more than $3 million in capital improvements.
Strawberry Fields REIT Acquires Louisville SNF for $21.8M
Strawberry Fields REIT LLC, an owner and lessor of skilled nursing facilities and other medical buildings in the Midwestern and Southern United States, acquired a Louisville, Ky. SNF for $21.8 million.
The acquisition of the 252-bed Parkway Rehabilitation and Nursing Center was financed with a $15 million loan from Bank Leumi, according to a press release from Strawberry Fields.
The seller was not disclosed.
Strawberry Fields will lease the property to The Landmark Group, through Landmark of Louisville — a sister operator to Landmark of Lancaster who operates Strawberry Fields’ facility in Lancaster, Ky. The first-year rent will be $2.4 million.
Blueprint Announces Sale of Two Arizona SNFs for $15.3M
Blueprint Healthcare Real Estate Advisors, a Chicago-based advisory group focused on senior housing and health care real estate transactions, arranged the sale of two Arizona SNFs for $15.3 million.
The two facilities, totaling 249 beds and located in Mesa and Tucson, were sold to a Southern California-based owner-operator with a large presence in Arizona and the surrounding states, according to a Blueprint press release.
Blueprint managed the sale on behalf of a California-based regional owner-operator that sold the facilities because they were not representative of its core business line.
Christopher Hyldahl, Blueprint senior managing director, Gideon Orion, Blueprint director, and Amy Sitzman, Blueprint senior associate, were the lead advisors on the transaction.
Written by Elizabeth Jakaitis