$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

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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