D.C. Post-Acute Continuum Sale; $9.87M Financing for Kentucky SNF Portfolio
Post-Acute Continuum in Washington, D.C., Sold to Brooklyn-Based Buyer
Healthcare Transactions Group facilitated the sale of the assets of VMT Long-Term Care Management, Inc., a for-profit post-acute services continuum in Washington, D.C. The assets included the leasehold operations of the 230-bed Unique Residential Care Center skilled nursing facility and a Medicare- and Medicaid-certified licensed home health agency.
Terms of the deal were not disclosed. Healthcare Transactions Group initiated the transaction and served as the seller’s mergers and acquisitions advisor.
The transaction, which closed July 10, did not include sale of the real estate. The buyer, a Brooklyn, N.Y.-based multistate post-acute operator which owns SNFs in Washington, D.C., will continue to lease the real estate from the District of Columbia government.
Monticello Provides $9.87M Financing for Kentucky SNF Portfolio
Monticello Asset Management said two of its investment vehicles originated $8.375 million in first lien debt financing to Healthcare Management KY, LLC, as well as a $1.5 million working capital loan to the operating companies of the two facilities, ABL Advisor reported.
The mortgagor is using the funds to acquire the two SNFs, which include 139 skilled nursing beds and eight personal care beds. The portfolio is licensed for 147 beds, and the services provided at each facility include 24-hour skilled nursing care and occupational, physical and speech therapies.
The mortgagors expect to receive a Department of Housing and Urban Development (HUD) guaranteed loan within the Bridge-to-HUD term.
Plattsburgh, NY, Hospital Opens New SNF
The University of Vermont Health Network-Champlain Valley Physicians Hospital opened a new SNF after nine months of renovation, the Press-Republican reported. The facility features 30 private and two semi-private rooms.
The facility is currently at about 26 beds as it prepares to move locations within the hospital. The plan is to eventually have 19 long-term and the 15 sub-acute beds, Erik Howard, the supervisor of resident services, told the publication.
The unit is also equipped for patients in need of short-term or sub-acute rehabilitation. It also contains a dental suite.
Written by Maggie Flynn