MidCap Closes $75 Million Mortgage Loan for 18 Genesis Facilities

MidCap Financial Closes First Mortgage Loan on 18 Genesis SNFs

MidCap Financial, a middle market-focused commercial finance company, closed a $75 million first mortgage loan with Genesis HealthCare, Inc. (NYSE: GEN).

The floating rate loan is secured by 18 skilled nursing facilities across eight states with 2,153 operating beds, and is part of a $630 million global credit facility.

That facility consists of a $75 million real estate loan and a $555 million asset-based lending facility that MidCap and its affiliates also arranged.

The credit facility was part of an overall restructuring plan that included other credit partners of Genesis.

Blueprint announces sale in Kansas

Blueprint Healthcare Real Estate Advisors announced the sale of the 82-bed Kenwood View Health and Rehabilitation Center in Salina, Kansas, on behalf of a publicly traded real estate investment trust (REIT) and a national operator looking to exit the region.

An owner-operator named Plainview purchased the facility, which has a five-star rating from the Centers for Medicare & Medicaid Services (CMS).

Elderwood Adds SNF in Ticonderoga, NY

Buffalo, N.Y.-based Elderwood, a company of Post Acute Partners, added a SNF and an assisted living facility in Ticonderoga, N.Y.

The 84-bed SNF, formerly known as Heritage Commons Residential Health Care, is now called Elderwood at Ticonderoga, The Post-Star reported. The facilities retained their administrators, who are expected to oversee operations under new leadership, according to the article.

The purchase prices of the facilities were not available as of April 12, The Post-Star said.

Written by Maggie Flynn

Maggie Flynn on Linkedin
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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