5 Facilities Change Hands in N.Y.; Lancaster Pollard Sets Up $23.4M Refinance
Five-SNF Portfolio Sale in Alabama
Blueprint Healthcare Real Estate Advisors announced the portfolio sale of five skilled nursing facilities in Alabama from a national owner based in New York. The buyer is a real estate investor, which partnered with the regional operator Blue Ridge Healthcare. At the time of the sale, the portfolio had a 66% overall occupancy rate and a 15% quality payor mix.
PA Nursing Home Acquired by Concordia Lutheran Ministries
Concordia Lutheran Ministries, based in Butler County, Pennsylvania, acquired the 120-bed Villa St. Joseph in Beaver County, Penn., the Pittsburgh Post-Gazette reported. The SNF will become part of Concordia’s continuing care retirement community (CCRC) under the new ownership; terms of the deal were not disclosed.
Concordia operates 742 skilled nursing beds and almost 1,200 other long-term care units, including a pending acquisition in Florida, the Post-Gazette noted.
Lancaster Pollard Secures $23.4M Refinance
Lancaster Pollard helped Hillcrest Health Systems obtain a $23.4 million refinancing of The Cottages at Hillcrest Country Estates, a long-term care (LTC) community in Papillion, Neb., with 126 skilled nursing beds and 12 independent units.
The loan refinances existing bank debt and inter-company notes used to construct and stabilize the community’s individual “cottages,” and puts a permanent debt structure with a low, fixed interest rate and 35-year term in place. The financing also led to annual debt service savings, according to a press release announcing the loan.
Five-SNF Portfolio Sale in New York
Blueprint also announced a different five-SNF portfolio sale, this time in New York. The portfolio comprised 460 beds and had total revenue of $31.8 million at the time of sale, an 84% occupancy rate, and a 30% quality payor mix. The buyer was based in New York; the seller was a Los Angeles-based real estate investor.
Written by Maggie Flynn