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

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Maggie Flynn
Business reporter at Aging Media Network
When she's not working, Maggie enjoys running, reading, writing and sports, in no particular order. Favorite things include murder mysteries, Lake Michigan and the Pittsburgh Penguins.

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