Skilled Nursing Transactions: Former Golden Living Property Could Sell for $1

Former Golden Living Building on Block for $1

A Pennsylvania building that once housed a Golden LivingCenter nursing home could sell for as little as $1.

That’s the current bid as of Tuesday afternoon in an online auction for the defunct SNF in Cambridge Springs, Pennsylvania. Crawford County authorities currently own the 34,067-square-foot building, which was initially placed up for a tax-relief sale back in September, according to a local news report.

Bidding is scheduled to conclude on Wednesday, but the potential buyer will be on the hook for more than just a single dollar even if the price stays where it is; the auction posting warns that more than $200,000 in back property taxes will become due within five days of the sale.

Golden Living sold the building and the associated assets back in 2009, a spokesperson told Skilled Nursing News, and the company was not responsible for the taxes owed on the property.

The 85-bed facility, once a hotel, could also be used as a nursing school, religious retreat, psychiatric facility or halfway house, the listing agents from Newark Grubb Knight Frank suggested in the auction post.

Maine Veterans’ SNF Gets Federal Cash Infusion

The Maine Veterans’ Home in Bangor will soon get a face-lift with the help of $2.7 million from the federal government, according to a report from the Bangor Daily News.

The U.S. Department of Veterans Affairs kicked in the money from its State Home Construction Grant Program, allowing the facility to renovate its 20,000-square-foot skilled nursing unit and add 5,000 more square feet of space.

The funding was announced by Maine’s two senators, Republican Susan Collins and independent Angus King.

Southwest Philadelphia SNF to be Reborn as Affordable Housing

Presby’s Inspired Life, an affordable housing nonprofit, has announced plans to redevelop a Philadelphia nursing home into accessible apartment homes for senior citizens. The organization will use a $9.1 million loan from TD Bank to help fund the 60-unit Witherspoon Senior Apartments project in the City of Brotherly Love’s Kingsessing neighborhood.

Units will be available to seniors in households making less than 60% of the prevailing median income, and the facility will have special apartments for residents with a variety of age-related health problems, including immobility and sensory impairment. The 65,000-square-foot project will also include units for homeless seniors and veterans.

The project is scheduled for completion by fall 2018, and will involve the partial demolition of an existing SNF property. Presby’s Inspired Life oversees more than 30 communities throughout the Philadelphia area.

Pillar Financial Secures $13M Loan for Wisconsin SNF

Pillar Financial arranged a $13.5 million HUD 232_223(f) refinance loan for the Oakridge Gardens Nursing Center in Menasha, Wisconsin, a group of three buildings that includes a skilled nursing facility and two affiliated assisted living communities.

“The HUD program allowed the operator to secure one loan across all three properties, which is a bit unusual in today’s market,” said Don Husi, director of Pillar’s Nashville office, in a statement.

The loan has a fixed-rate, 30-year term and 30-year amortization schedule. Husi led the transaction for Pillar, a division of SunTrust Bank.

Written by Alex Spanko

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Alex Spanko
Assistant Editor at Aging Media Network
Alex covers the skilled nursing and reverse mortgage industries for Aging Media. Outside of work, he reads nonfiction, yells at Mets games from his couch, and enjoys pretty much any type of whiskey or scotch — often all at once.

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