Blueprint Arranges Sale of Two GA SNFs
Blueprint Healthcare Real Estate Advisors helped arrange the sale of two Georgia skilled nursing and long-term care facilities on behalf of a publicly traded real estate investment trust (REIT). The two facilities — the 100-bed Etowah Landing in Rome, Ga. and the 210-bed River Towne Center in Columbus, Ga. — sold for a combined $12.7 million, or about $41,000 per bed. The properties represented non-core assets for the unnamed REIT.
The Chicago-based Blueprint selected Pyramid Healthcare Management, a new operator, to manage the facilities going forward. Mike Segal and Gideon Orion led the deal for Blueprint, with Trent Gherardini handling the marketing efforts.
Capital One Secures HUD Refinance Loan
Capital One arranged $7.2 million in fixed-rate HUD 232/223(f) refinance loans for the Oak Brook Healthcare Centre in Oak Brook, Ill. The 114-bed nursing home was built between 1971 and 1989, with an additional therapy gym extension in 2007.
“For this transaction, we were able to include project-related debt associated with the purchase of furniture, fixtures, and equipment; capital expenditures; and working capital related to lease-up and stabilization,” said Capital One senior vice president Joshua Rosen, who originated the transaction for the financial company.
The refinance loan has a 35-year term, according to Capital One. Though the facility is licensed for 152 beds, the SNF has converted multiple rooms from two beds to one in an effort to attract more Medicare and private-pay residents.
Written by Alex Spanko