NHI Purchases Texas SNF for $14.4M
National Health Investors, Inc. (NYSE: NHI) acquired a a 121-bed skilled nursing facility (SNF) in Waxahachie, Texas for $14.4 million. The facility will be leased to an affiliate of The Ensign Group. It was added to the existing portfolio of 16 Ensign facilities across the state.
CarDon & Associates Adds Lincoln Hills Health Center in IN
Bloomington, Ind.-based CarDon & Associates acquired the Lincoln Hills Health Center, a senior living community in New Albany, Ind., the News and Tribune reported. The community has 156 beds and has services including skilled nursing, long-term care, and rehabilitation programs.
Greystone Provides $27M HUD-Insured Loan for Upstate N.Y. SNF
Greystone provided a $27.05 million loan insured by the U.S. Department of Housing and Urban Development (HUD) to refinance Pathways Nursing and Rehabilitation Center in Niskayuna, N.Y.
The 112-bed facility offers various specialized rehabilitation services.
N.Y. Investment Group Makes Nursing Home Deals
An investment group in New York is expected to pay $32 million in two different deals for nursing homes in Gowanda and Medina, N.Y., Buffalo Business First reported.
ORRNC Operating LLC was assigned operating rights for the 160-bed Orchard Manor Rehabilitation and Nursing Center for $1 million by OMOP LLC. ORRNC Realty LLC, which is related to ORRNC Operating, received ownership of the real property and other assets in a separate $15 million deal. The state must approve the purchase agreements.
The 160-bed Gowanda Rehabilitation and Nursing Center will transfer operations in a separate deal to the same investors in the Medina transaction, the article said. GORNC Realty, which is related, is purchasing the property and assets for $16 million from 100 Miller Street LLC.
Ziegler Closes $70.2M Bond Financing for 651-Unit CCRC in Phoenix
Ziegler closed $70.2 million in bond financing for The Beatitudes Campus, a nonprofit continuing care retirement community in Phoenix, REBusinessOnline reported. The bonds will finance $6.3 million in pre-development costs for renovations, refund $64.6 million in outstanding bonds from 2006, and fund a debt service reserve fund.
Beatitudes includes 29 early-stage memory care beds and 72 skilled nursing beds.
CIT Healthcare Closes on $136.9M Credit Facility for CommuniCare
The Healthcare Finance business of CIT Group (NYSE: CIT) closed a $136.9 million senior secured credit facility for CommuniCare Health Services, a Cincinnati, Ohio-based provider operating 73 facilities in seven states.
The facility includes a $121.9 million real estate term loan and a $15 million revolving asset-based line of credit. The real estate term loan was used to finance the acquisition of 10 SNFs.
Capital Funding Group Closes $23M HUD Loan for Pa. SNF
Capital Funding Group, a lender based in Baltimore, provided a $23 million HUD loan to a 324-bed SNF in Pennsylvania, the name and location of which were not disclosed, according to REBusinessOnline. The loan converts existing debt into HUD financing. Capital Funding, which provided the initial bridge acquisition loan in 2014, is the sole lender.
CBRE Arranges $120.2M in Financing for Dallas Portfolio
CBRE arranged $120.2 million in acquisition financing for a six-property portfolio of senior housing properties that totals 1,104 units in Dallas, REBusinessOnline reported. Skilled nursing units comprise approximately 37% of the portfolio, while about 11% are memory care units.
The financing was secured by Aron Will of CBRE and included $39.2 million through Freddie Mac and $81 million through two undisclosed national banks. The buyer is a joint venture between Dubai-based investment advisory firm Aspect Investment Partners and Iowa-based seniors housing operator Life Care Services.
Written by Maggie Flynn