CareTrust Acquires $41.5M Portfolio, Lancaster Pollard Closes $11.9M Refinance
ESI Arranges $7.2M Sale of Pennsylvania SNF
Evans Senior Investments (ESI), a real estate brokerage firm with locations in Chicago and Boulder, Colo., represented the sale of the 66-bed Bloomsburg Rehab & Wellness Center, a skilled nursing facility in Pennsylvania for $7.2 million, or $117,000 per bed. The buyer and the seller were publicly traded real estate investment trusts (REITs).
Baton Rouge Nursing Home Sells for $8.6M
Northpoint Healthcare Center, located in Baton Rouge, La., was sold to Old Jefferson Holdings LLC of Winnfield for $8.6 million, The Advocate reported. The nursing home was purchased from Bluebonnet Healthcare.
The nursing home’s name will be changed, officials with Central Management Co. told the publication.
Central Management is a company of Teddy Ray Price, who leads Old Jefferson and serves as vice president of the Louisiana Nursing Home Association and chairman of the Louisiana Board of Examiners of Nursing Facility Administrators.
CareTrust REIT Acquires 464-bed SNF Portfolio in Michigan
CareTrust REIT, Inc. (NASDAQ: CTRE) acquired a five-property skilled nursing portfolio in the Grand Rapids, Mich. area that comprises 464 beds. Inclusive of transaction costs, the total investment was about $41.5 million, StreetInsider.com reported.
The transaction was arranged as a a sale-leaseback with Grand Rapids-based Metron Integrated Health Systems, the long-time owner and operator of the portfolio. Yearly cash rent from the portfolio is projected at about $3.74 million, with annual Consumer Price Index-based rent escalators; the lease term is 15 years with two five-year renewal options.
ESI represented the seller.
Lancaster Pollard Completes $11.9M Refinance for Massachusetts SNF
Senior housing lender Lancaster Pollard assisted Berkshire Place, a 54-bed SNF owned and operated by Berkshire Retirement Home, in completing a $11.9 million refinance using the Federal Housing Administration’s Sec. 232/223(f) program.
The facility was built in 2014 as a replacement for Berkshire Retirement Home’s original SNF with conventional bank financing and a floating interest rate; the new financing structure includes a low, fixed interest rate. Aaron Becker led the transaction for Lancaster Pollard.
Healthcare Transactions Group Arranges Sale of Five-Star Maryland SNF/ALF
Healthcare Transactions Group arranged the sale of the Hillhaven Assisted Living, Nursing and Rehabilitation Center, which included 66 skilled nursing beds and 62 assisted living units. The terms and details of the transaction were not disclosed. Mark Davis of Healthcare Transactions Group served as the seller’s mergers and acquisition adviser.
Griffin-American Healthcare REIT IV Acquires Wisconsin Senior Care Portfolio for $22.6M
Griffin-American Healthcare REIT IV completed the $22.6 million acquisition of a two-property senior care portfolio in Central Wisconsin that comprises 254 beds. The properties are located in Waunakee and Sun Prairie, Wis., and span about 236,000 square feet of skilled nursing, assisted living, and independent living space. The skilled nursing beds had a revenue quality mix of 67% as of November 2017, according to a press release announcing the transactions.
Written by Maggie Flynn