Lancaster Pollard Secures $23.1M Refi; Drug Rehab Moves into Nursing Home

Greystone Real Estate Advisors Closes $6.3M SNF Sale in Texas

Greystone Real Estate Advisors closed the sale of Nazareth Living Care Center, which was purchased by Chicago-based Mozart Healthcare, LLC for $6.3 million.

Nazareth Hall, a non-profit Texas corporation, was the seller. The skilled nursing facility in El Paso, Texas, has 124 licensed beds, and Paramount Healthcare is the current operator.

Drug Rehab Facility Moves Into Former Nursing Home in Wisconsin

Minnesota-based Meridian Behavioral Health will move into a former nursing home in village of Pewaukee, Wis., the Milwaukee Journal Sentinel reported.

The 120-bed rehabilitation facility will have patients self-admit as inpatients for approximately 30 to 45 days.

The village’s plan commission gave unanimous approval for the move, though it required the facility to establish a barrier around the building. Meridian must also establish a neighborhood advisory board for communications between residents and the company.

Ohio SNF Sold to Investor-Operator Partnership

Blueprint Healthcare Real Estate Advisors announced the sale of the 90-bed Whitehouse Country Manor, a SNF in the Toledo, Ohio, area. Blueprint executed the sales process for a publicly traded real estate investment trust (REIT) by introducing a real-estate investor to an in-state operator known for its turnaround experience. The two formed a partnership and purchased the building.

The former operator wanted to exit the competitive submarket to focus on other Ohio regions, according to a release announcing the sale. That operator had attempted to offer behavioral health services, Blueprint said, but was met with lower reimbursements for that resident group.

Lancaster Pollard Helps NJ Senior Home Refinance Existing Debt

Senior housing lender Lancaster Pollard completed a $23.1 million refinance for Seashore Gardens Living Center, which provides assisted living, memory care, skilled nursing, rehabilitation, and home health care services in Galloway, N.J.

The deal refinances the facility’s existing bond debt and will result in more than $750,000 in yearly debt service savings, according to a press release announcing the refinancing.

Written by Maggie Flynn