Greystone Provides $23.5M HUD Loan for Suburban New York SNF
Greystone, a New York City-based real estate lending, investment and advisory company, provided a $23.52 million permanent loan insured by the U.S. Department of Housing and Urban Development (HUD) to refinance The Willows at Ramapo Rehabilitation and Nursing Center in Suffern, N.Y.
The long-term Federal Housing Administration (FHA) financing has a 33-year term and amortization period at a low, fixed rate, which will allow for facility renovations and meaningful debt service savings, according to a release.
The Willows provides various services, including orthopedic rehabilitation, cardiopulmonary rehabilitation, wound care, concierge services, and veterans programs.
Fred Levine, managing director in Greystone’s Monsey, N.Y. office, originated the transaction.
SLIB Brokers Sale of 65-Bed SNF in Washington State
Senior Living Investment Brokerage (SLIB) brokered the sale of Cashmere Convalescent Center, a 65-bed skilled nursing facility in Cashmere, Wash., REBusinessOnline.com reported.
The 21,820-square-foot property was purchased by a regional regional owner-operator based in Idaho for an undisclosed price. The operator aimed to expand beyond the northern Rocky Mountain region, according to REBusinessOnline.
Mass. Nursing Home Sells at Major Markdown
Westborough Health Care Center, a 123-room nursing home in Westborough, Mass., sold for $2.4 million last month. The price appears to be a significant drop from the property’s last sale in 2013, when it went for $9.4 million, the Worcester Business Journal reported citing town and Registry of Deeds records.
A recent assessment by the town valued the property at just below $4 million.
KND Real Estate 36 LLC of Kentucky sold the property to 8 Colonial Drive LLC, whose principal address is listed in New York.
KeyBank Secures $57.7M in Financing for Two Properties in PA
KeyBank Real Estate Capital arranged $57.7 million in FHA financing for a regional owner and operator of healthcare facilities across the Northeast. The loans were associated with two properties: a 180-bed skilled nursing facility and a 120-bed SNF with a 73-bed assisted living/independent living wing. Both are in Pennsylvania.
The original bridge loan for the sponsor was structured by Henry Alonso and Brandon Taseff of KeyBank’s Healthcare Group, while John Randolph of KeyBank’s Commercial Mortgage Group set up the permanent financing via the FHA 232/223(f) mortgage insurance program, REBusinessOnline reported.
The loan proceeds were used to pay down part of the operator’s existing bridge loan.
Lancaster Pollard Arranges $112M Refinancing for Ensign Properties
Lancaster Pollard Mortgage Company helped to arrange a $112 million refinancing for The Ensign Group (NASDAQ: ENSG) involving 17 of its 63 properties.
The HUD-insured fixed-rate loans have amortization schedules of 30 to 35 years, according to REBusinessOnline, and will be used to pay down Ensign’s revolving line of credit.
The Mission Viejo, Calif.-based Ensign has skilled nursing, home health, hospice, and assisted living business lines.
Lancaster Pollard’s Jason Dopoulos led the deal.
CareRite Centers Buys Boca Raton SNF Out of Bankruptcy
CareRite Centers, an Englewood, N.J.-based provider, acquired the Whitehall nursing home in Boca Raton, Fla. for $26 million, according to a report in the South Florida Business Journal.
The 154-bed skilled nursing facility, originally built in 1982, had been owned by the Williamson, Tenn.-based Vanguard Healthcare, which file for Chapter 11 bankruptcy protection in May 2016, according to the SFBJ. CareRite, which will rename the facility to Encore at Boca Raton Rehabilitation and Nursing Center, purchased the SNF out of bankruptcy court.
The new operators will implement an amputee rehabilitation program developed by a pair of Paralympic gold-medal-winning athletes, according to the SFBJ.
Post Acute Partners Enters Rochester, N.Y. Marketplace
Post Acute Partners, a New York City-based owner-operator, acquired the Lakeside Beikirch Care Center in Brockport, N.Y. for $11.5 million, Buffalo Business First reported.
The facility was rechristened Elderwood of Lakeside at Brockport, reflecting Post Acute Partners’ Elderwood Administrative Services division. The acquisition marks the Buffalo, N.Y.-based Elderwood’s entry into the Rochester marketplace, according to BBF.
Post Acute Partners and Elderwood have facilities in three states and have more than a dozen pending acquisitions, the BBF noted.