Ohio Skilled Nursing Facility Sells for $13.5M; Mass. Portfolio Gets $47M in Loans

$4.7 Million Raised for New County Skilled Nursing Facility

The Door County Medical Center in Sturgeon Bay, Wis., held a groundbreaking ceremony for a new 25,000-square-foot skilled nursing facility, the Door County Daily News reported. The facility is expected to be completed in the next year.

Mike Herlache, executive director of the Door County Medical Center Foundation, told the publication that $4.7 million has been raised, with a goal of $5 million. The SNF will be known as the Pete and Jelaine Horton Center, after the Hortons provided $2 million for the facility.

The building will have 30 rooms with two different “neighborhood-like” settings, Herlache told the Door County Daily News.

Cleveland-Area SNF Sells for $13.5M

Blueprint Healthcare Real Estate Advisors announced the sale of Shaker Gardens, a assisted living and skilled nursing facility in Shaker Heights, Ohio. The facility has 122 assisted living beds and 50 licensed skilled nursing beds, with occupancy at 85% at the time of the transaction.

The seller was a private equity investment firm; the buyer was a New York-based private owner-operator. The purchase price of the facility was $13.5 million.

Capital One Closes $47.2M in HUD Loans for Massachusetts SNF Portfolio

Capital One provided $47.2 million in Department of Housing and Urban Development (HUD) 232/223(f) loans for the refinancing of a three-SNF portfolio in Massachusetts. The three buildings have a total of 512 beds, and were bought as part of a four-facility portfolio in 2016.

The transaction was originated by Capital One senior vice president Joshua Rosen.

Written by Maggie Flynn

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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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