$24M Bridge Loan for Long Island Facility; Ohio SNF Sells for $2.6M

Carnegie Capital Secures $24M Bridge Loan for Long Island Facility

Carnegie Capital, based in Austin, Texas, sourced and structured a $24 million bridge loan to refinance the existing note on a skilled nursing and assisted living facility on Long Island, N.Y. The deal helped restructure the facility’s operating debt and rehabilitate the upper level.

The loan included funds to pay off the existing first mortgage and operating debt, in addition to an interest reserve. The note is fixed rate, with a flexible exit after the first year.

J.D. Stettin, managing partner at Carnegie, arranged the transaction.

The facility has been under the control of a local owner-operator for more than a decade.

Groundbreaking for New LTC Facility in Nebraska

Henderson Health Care, a non-profit health care network in Nebraska, broke ground on a new long-term care (LTC) facility in Henderson, Neb. on June 14, the York News-Times reported. The facility will include 40 resident rooms, an activity and therapy room, living rooms, and smaller, more private dining spaces, according to the report.

“With constantly changing regulations and needs of the residents, a new LTC facility is imperative for the continued care of the residents, satisfaction of the staff, and continued economic development in the Henderson community,” Henderson Health Care Services CEO Cheryl Brown told the publication.

The project is scheduled to be completed in the spring of next year.

Ohio SNF Sells for $2.6M

The Astoria Health & Rehab Center, located in Germantown, Ohio, was sold for $2.6 million to Astoria RE Group LLC, the Dayton Business Journal reported.

Astoria RE Group has an address affiliated with Cleveland-based Saber Healthcare Group, a network of SNFs with 111 locations in six states, the article said.

Written by Maggie Flynn

Photo Credit:

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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