$41M Nursing Home Sale in New York, $41M Portfolio Sale in MI
Non-Profit Sells Queens Nursing Home to For-Profit for $41M
CenterLight Health System, a non-profit based in the Bronx, N.Y., will sell its Margaret Tietz Nursing and Rehabilitation Center in Queens to a group of limited liability companies for $41 million. The owners of those companies include Cassena Care principals Pasquale DeBenedictis and Alex Solovey and Workmen’s Circle MultiCare Center chief executive Solomon Gutenberg, The Real Deal reported, citing Crain’s.
The deal still needs to be approved by the state of New York. To settle Medicaid fraud charges, CenterLight has been selling properties after a 2016 agreement to pay $47 million to the state and federal governments.
HJ Sims Places Mortgage for Midwest Skilled Nursing Provider
HJ Sims’ private lending group announced that the firm — along with its lending partner — financed a $22.63 million high-leverage first mortgage for a skilled nursing provider in the Midwest.
The deal will help the provider to complete the acquisition of two health care campuses.
The mortgage combined two tranches of debt into a single debt instrument, with the lender providing “Tranche A” of the loan on a priority basis. Sims provided “Tranche B” on a subordinate basis.
PA Nursing Home Sold to New York Group
Rolling Fields Eldercare Community in Conneautville, Pa., is in the final stages of being sold to Heritage Ministries, based in Gerry, N.Y., Erie News Now reported. The nursing home serves about 160 seniors in Crawford County, Pa.; Heritage is expected to convert Rolling Fields to a non-profit entity in the future, according to Heritage Ministries CEO David Smeltzer.
Terms of the deal were not disclosed.
Cascade Capital Group Acquires Two Montana SNFs
Health care real estate investment firm Cascade Capital Group, based in Skokie, Ill., purchased two SNFs in Billings, Mont. for $13.7 million.
The seller was a regional owner/operator, and the portfolio comprised more than 300 beds. Wintrust Financial Corp. provided the financing for the deal with a $10.5 million term loan to Cascade.
Legacy Healthcare, Cascade’s operating partner, will manage the facilities.
Champaign County Nursing Home Gets One $11M Bid
Extended Care Clinical LLC and Altitude Health Services Inc., both headquartered in Evanston, Ill., submitted the only proposal to buy the Champaign County Nursing Home in Urbana, Ill., The News-Gazette reported.
The proposed purchase price is $11 million. Under a previously set timeline, the county has until May 15 to choose a qualified bidder, with the board set to approve a purchase agreement by May 24.
Avison Young Arranges $13M Sale of SNF near Washington, D.C.
Avison Young, headquartered in Toronto, arranged the sale of the Mt. Vernon Nursing & Rehab Center in Alexandria, Va.
The 45,654-square-foot, 130-licensed-bed facility was purchased by a publicly traded real estate investment trust (REIT) for $13 million. The REIT will lease the facility to a regional operator with which the REIT has an existing relationship.
Avison Young’s Jim Kornick and Dan Baker represented the seller, a family owner/operator exiting the skilled nursing industry.
ESI Arranges Sale of Michigan Skilled Nursing Portfolio for $41M
Evans Senior Investments (ESI), a real estate brokerage firm with offices in Chicago and Boulder, Colo., represented the sale of five SNFs for $41.25 million, or $99,000 per bed, in a sale-leaseback structure.
The portfolio included 416 functional skilled nursing beds; one facility was licensed for tracheotomy and ventilator patients. Total occupancy at the facilities when they were delivered put on the market was 84%.
ESI represented the seller, an independent owner/operator; the buyer was a publicly traded healthcare REIT.
Written by Maggie Flynn