$64.5M HUD Mortgage Closing; Blueprint Makes Moves in Arkansas and Pennsylvania
Blueprint Announces SNF sales in Arkansas, Pennsylvania
Blueprint Healthcare Real Estate Advisors announced two separate sales of skilled nursing facilities, one in Pennsylvania and the other in Arkansas.
The sale of Fairview Care Center of Bethlehem Pike, a 176-bed SNF in Philadelphia, was related to a recent eight-property portfolio sale in the same area, with the same seller and buyer involved. The buyer, a regional owner-operator with a presence growing in and around the Philadelphia area, found the location particularly attractive, according to the Chicago-based Blueprint.
In Arkansas, Blueprint also facilitated the sale of the 180-bed Oak Ridge Nursing and Rehab on behalf of the facility’s long-time owner, who was seeking to exit the business. The facility was sold to Reliance Health Care, an Arkansas-based owner-operator with an established regional presence, Blueprint said in announcing the deal.
Capital Funding Group Announcing $64.5M Closing of Six HUD Mortgages
Capital Funding Group, a subsidiary of CFG Community Bank based in Baltimore, facilitated the closing six Department of Housing and Urban Development (HUD) mortgages on June 13.
The $64.5 million transaction is part of a large portfolio deal that required corporate credit approval from HUD; the six deals were closed simultaneously, according to a statement announcing the deal.
The mortgages included:
- A $12.52 million mortgage for a 123-bed SNF and a $2.82 million mortgage for a 124-bed skilled nursing facility, both in Tennessee
- A $13.70 million mortgage for a 223-bed skilled nursing facility and a $18.32 million mortgage for a 288-bed SNF, both in Michigan
- A $15.18 million mortgage for a 110-bed SNF in Indiana
- A $1.98 million mortgage for a 97-bed SNF in Washington
The privately held borrower is a provider of skilled nursing and senior housing properties, according to Capital Funding Group.
SNF Groundbreaking in Lake County, Ill., Delayed to End of Year
Groundbreaking for a new skilled nursing facility in Lake County, Ill., has been delayed, likely until the end of the year, The Daily Herald reported. Officials in Lake County are considering a second alteration to an agreement with the Rosemont, Ill.-based Transitional Care of Lake County LLC, which would include an extension of the expected start date of construction to December 31.
County Administrator Barry Burton told the publication that an investor backed out, which resulted in Transitional Care continuing to operate the current county-owned SNF, in Libertyville, Ill., for another six months.
Though a new investor is in place, a delay in the final approval of HUD financing sparked the request for a second change in the agreement with Transitional Care, he added.
Burton told The Daily Herald that the new SNF for Lake County is still on track to be built. The new expected move-in date is May of 2020.
Written by Maggie Flynn