Kindred Provides Update on Closings for Its Skilled Nursing Facility
Louisville, Kentucky-based Kindred Healthcare said it completed additional closings connected with its agreement to sell off its skilled nursing assets to BM Eagle Holdings, LLC.
The most recent closings include 12 skilled nursing facilities and one assisted living facility sold since Oct. 1, with proceeds totaling about $31 million. Kindred has completed the sale of 80 skilled nursing facilities and five assisted living facilities as of Dec. 1, for aggregate proceeds of approximately $658 million, according to a release. The entire deal, which involved 89 SNFs, was pegged at about $700 million.
In addition, Kindred reached an agreement to close five leased facilities in Massachusetts with BlueMountain and the relevant landlord; those properties were not involved in the original sale price. The operator has already handed off control to third parties, and the closings are expected in the second quarter of 2018. Kindred also indicated that the company is making progress on selling its five remaining SNFs and one assisted living facility.
Sims Mortgage Funding Arranges $4M Loan for PA SNF
HJ Sims subsidiary Sims Mortgage Funding arranged a $4 million loan for Naamans Creek Country Manor in Garnet Valley, Pennsylvania, REBusinessOnline.com reported. HJ Sims is based in Fairfield, Connecticut.
The property is owned by an affiliate of The Guardian Foundation, a nonprofit owner-operator, and its existing 30-year, tax-exempt bonds are prepaid by the fixed-rate HUD loan. The loan has a 30-year maturity, and the loan-to-value ratio was 50% on the new loan, which also funded a capital reserve and escrows for future repairs.
The deal reduces Naamans Creek’s annual debt service by about $130,000.
ESI Arranges Sale of 82-Bed Kansas SNF and RCF
Real estate brokerage firm Evans Senior Investments handled the sale of the Maple Heights Nursing & Rehabilitation Center, an 82-bed skilled nursing and residential care facility in Brown County in northeast Kansas. The facility’s most recently reported occupancy was 81%; it was in receivership at the time of the listing.
ESI, which has offices in Chicago and Boulder, Colorado, represented the seller, a court-approved receiver.
Written by Maggie Flynn