$20M Sub-Acute Facility to Open in Texas; MidCap’s $45M Loan for 5 Buildings

$20M Sub-Acute SNF Comes to El Paso, Texas

Center at Zaragoza, LLC, based in Colorado Springs, Colo., plans to build a $20 million sub-acute nursing facility in El Paso County in Texas, El Paso Inc. reported on June 15.

County commissioners approved a tax incentive agreement totaling $416,965. The three-story facility will be the first sub-acute nursing facility in the county, with services including in-house dialysis, ventricular management, tracheostomy, and respiratory disease treatment.

Blueprint Announces Involvement in 12-SNF Deal

Blueprint Healthcare Real Estate Advisors announced the sale of a $134 million portfolio of 12 skilled nursing facilities on behalf of a publicly traded real estate investment trust (REIT). The sale included seven facilities in New Hampshire and five in Florida. Blueprint sourced a private-equity investor who entered a new triple net lease with the current operator at market terms, according to a press release announcing the deal.

The sale was part of the REIT’s 35-property disposition plan, which was announced in November of last year, according to Blueprint; the Chicago-based advisory firm did not disclose the name of the publicly traded REIT.

Sabra Health Care REIT (Nasdaq: SBRA) on June 4 announced the sale of 20 total buildings as part of its so-called “Genesis Exodus” plan; the sale include 12 properties operated by Genesis Healthcare (NYSE: GEN) in New Hampshire and Florida.

MidCap Financial Closes First Mortgage Loan on Five SNFs

MidCap Financial, based in Bethesda, Md., closed a $42 million floating rate first mortgage loan for. Lexington Health Network, secured by six facilities with 1,212 operating beds located across the greater Chicago area.

The loan is part of a $50 million global credit facility that includes a $42 million real estate loan and an $8 million asset-based lending facility, which MidCap is also arranging.

Written by Maggie Flynn