KeyBank Finances Kindred Sell-Off Deal
KeyBank Real Estate Capital underwrote a $128 million loan for BM Eagle Holdings, the joint venture currently in the process of purchasing Kindred Healthcare’s (NYSE: KND) entire skilled nursing portfolio. The cash helped BM Eagle — a joint venture operated by affiliates of BlueMountain Capital Management, a New York City-based alternative asset management firm — pick up 13 former Kindred properties: Nine in California, one in Nashua, New Hampshire, and three in Massachusetts.
Five of the Golden State properties are located in San Francisco, with an additional one each in Salinas, Stockton, Walnut Creek and Livermore.
“KeyBank was a great partner in helping us execute this portion of what was a very large and complex transaction with multiple closings,” BM Eagle managing partner Elliott Mandelbaum said in a statement.
Grant Saunders and Peter Trazzera led the deal for KeyBank’s Healthcare Mortgage Group.
Senior Living Investment Arranges $4.9M SNF Sale
The Glen Ellyn, Illinois.-based Senior Living Investment Brokerage (SLIB) facilitated the sale of a skilled nursing facility in Ennis, Texas, for $4.9 million.
The facility, built in 1964, has 155 licensed skilled nursing beds, with 46 for Medicare and 109 with dual certification. SLIB located a first-time skilled nursing buyer for the property, which was sold by a Texas-based owner-operator.
SLIB managing director Matthew Alley led the the transaction.
Illinois County Looks to Sell Nursing Home
Local officials announced plans to sell the Champaign (Illinois) County Nursing Home sometime in 2018, The News-Gazette reported.
The county board passed a non-binding budget order that assumed the property would be sold next year, with a broker estimating an $11 million price tag. Residents voted down a tax increase that would have helped subsidize operations at the “financially troubled” facility, according to the paper, by a vote of 54% to 46%.
The News-Gazette noted that the vote was held in the absence of three Democrats, who have expressed interest in retaining public ownership of the facility; all 10 Republicans, along with two Democratic colleagues, voted to assume that the property will be sold.
Written by Alex Spanko