Genesis Nursing Home in Dayton Sells for $4.8M
The 120-bed Genesis HealthCare New Lebanon Center was sold on Jan. 4 for $4.85 million to two limited liability companies: New Lebanon Propco LLC and New Lebanon Propco TIC II LLC. The Dayton Business Journal reported the sale, citing property records in Montgomery County, Ohio. Both companies list a New York City mailing address that is shared with GMF Capital.
The 42,000-square-foot nursing home was last sold to Sabra Health Care Holdings III LLC of Irvine, California, in 2010. Sabra Health Care REIT (Nasdaq: SBRA) plans to completely divest from Genesis by the end of 2018.
Greystone Provides $27 Million HUD-Insured Loan for Schenectady Health Care Facility
New York-based Greystone provided a $27.05 million permanent loan insured by the U.S. Department of Housing and Urban Development (HUD) to refinance Pathways Nursing and Rehabilitation Center in Niskayuna, New York. The 112-bed skilled nursing facility provides various rehabilitation services, including sub-acute rehabilitation, ventilator therapy, respiratory care, and traumatic brain injury treatment.
The loan allows Sentosa Care, with which the facility is affiliated, to invest in making upgrades to the facility, according to a release.
Pennsylvania Nursing Home Sold for $11M
Grandview Nursing and Rehabilitation was sold for $11.04 million to a purchaser listed as 49 Woodbine Lane Property, according to deeds cited by The Daily Item. The nursing home was owned and operated by the Boone family since 1979, the article noted.
Ziegler Closes $42.54M Beacon Hill at Eastgate Financing
Ziegler, a privately held investment bank based in Chicago, announced the closing of $42.5 million Series 2017 bonds for Michigan Christian Home d/b/a Beacon Hill at Eastgate. The non-rated Series 2017A Bonds are the first first public fixed rate issuance for Beacon Hill, and the sole debt outstanding.
The proceeds of the bonds will be used to refund outstanding tax-exempt bonds held by First Midwest Bank and The Huntington Bank, fund certain capital expenditures and a debt service reserve fund, and pay costs of issuance of the Series 2017A Bonds, among other uses.
Beacon Hill is a non-profit corporation in Michigan that provides senior living and health care services to seniors in the Grand Rapids, Mich., area. The 20-acre campus includes 29 skilled nursing beds and other kinds of housing for seniors.
Centers Health Care Takes Over Otsego, N.Y., Nursing Home
Centers Health Care, which has 42 nursing and rehab facilities across New York, New Jersey, and Rhode Island, took over the Focus Rehabilitation and Nursing Center in Otsego, N.Y., The Daily Star reported. The facility had 173 residents in 174 beds, along with 225 employees, officials said in April.
Centers Health Care, which is based in the Bronx, also bought Focus’ Utica, N.Y., location. It is expected to continue both Otsego’s long-term home health care and Utica’s adult day health care programs, the article said.
The Otsego nursing home was purchased by the Focus Family of Companies for $18.5 million in 2014 despite local opposition, the article noted. Focus faced regulatory inspections and patient care issues in its time running the facility, which was designated one of the worst nursing homes in New York in 2016 and put on probation by the Centers for Medicare and Medicaid Services (CMS) based on the state Department of Health’s recommendation.
Ziegler Closes $70.21M Beatitudes Campus Project Financing
Ziegler closed $70.2 million Series 2017 Bonds for The Beatitudes Campus Project, located in Phoenix. The community includes 72 skilled nursing beds, among other types of housing.
The proceeds, along with other funds, will be used to refund the $64.6 million in outstanding Series 2006 Bonds, finance about $6.3 million of pre-development costs relating to ongoing master planning efforts, fund a debt service reserve, and pay certain costs of issuing the bonds.
Written by Maggie Flynn