Athena Health Care Buys Masonicare SNF in CT
Athena Health Care Systems reached an agreement to purchase Masonicare’s Newtown, Connecticut skilled nursing facility and assisted living community, The Newtown Bee reported.
The campus is licensed for 154 skilled nursing beds and 55 assisted living apartments, and the sale is expected to close by the end of the year.
Masonicare president and CEO Jon-Paul Venoit noted the shift in the post-acute landscape when making the announcement, pointing to lower reimbursements and lower census figures, according to the Bee.
“Unfortunately, Masonicare at Newtown has not been immune to the numerous challenges facing the industry,” he said. “Over the past few years, our losses have been in the millions of dollars.”
KeyBank Provides $74.6 Million for Texas Skilled Nursing Portfolio
KeyBank Real Estate Capital provided $74.6 million in Federal Housing Administration financing for a six-property seniors housing portfolio located across Texas, with a total of 806 skilled nursing beds.
The FHA cash went toward paying down part of a bridge loan related to the acquisition of 30 skilled nursing facilities last year; that deal was led by Capital Senior Ventures and BlueMountain Capital Management.
KeyBank has closed 13 firm commitments totaling $174.7 million for this portfolio to date.
Greystone Provides $54.24 Million in HUD-Insured Financing in Queens
Greystone, a real estate lending, investment and advisory company, provided $54.24 million in HUD-insured mortgage loans to refinance two skilled nursing facilities in Queens, New York.
Brookhaven Rehabilitation and Healthcare Center in Far Rockaway and Cypress Garden Center for Nursing & Rehabilitation in Flushing received 30-year self-amortizing FHA loans at low fixed rates. Brookhaven Rehab, a 298-bed facility, was refinanced for $21.92 million; the 278-bed Cypress Garden was refinanced for $32.32 million.
Both facilities are part of the SentosaCare network.
Written by Maggie Flynn