Monticello Provides $45.3M Financing for NY Portfolio
An affiliate of Monticello Asset Management landed $45.3 million in first-lien debt financing for a company that’s acquiring a skilled nursing facility and two adult day care facilities, ABL Advisor reported.
The SNF has 242 beds and offers skilled nursing services and physical, occupational and speech therapies.
The mortgagor, Nesconset Property NY, LLC, expects to receive a Department of Housing and Urban Development (HUD) guaranteed loan.
Two Illinois SNFs Sell for $5.5M
Blueprint Healthcare Real Estate Advisors announced the successful sale of two SNFs in southern Illinois: The University Nursing and Rehabilitation Center and Edwardsville Nursing and Rehabilitation.
Both are located in the Metro East region of greater St. Louis; they were operating at approximately break-even on almost $12 million in combined total revenue. The operator wanted to reduce its overall exposure to Illinois’ reimbursement environment and had not intended to operate the facilities long-term.
Blueprint sourced a St. Louis-based investor that wanted to grow its presence in the area. The combined purchase price for the facilities was approximately $5.5 million.
Blueprint Announces Sale of Texas SNF
Blueprint also disclosed the sale of a 94-bed SNF in Robstown, Texas, to an East Coast-based real estate investment trust (REIT) seeking growth opportunities for its operating partner in the state.
The seller is based in New York and has more than 150 skilled nursing and long-term care facilities across the U.S. The facility was 75% occupied and performing at a 5.9% EBITDAR operating margin at the time of the sale.
Written by Maggie Flynn