HHC’s $157M Run of Skilled Nursing Loans; Alumni-Run CCRC Changes Hands in Texas
HHC Lands $157M in Loans Since June
Housing and Healthcare Finance this week announced a group of eight loans closed over the past two months, totaling $157 million for multiple skilled nursing facilities around the country.
The Bethesda, Md.-based lender’s recent roster includes a $100 million bridge loan for an eight-facility portfolio in Pennsylvania, a $7 million accounts receivable line for 11 SNFs in Missouri, and a $16.9 million loan for a single 155-bed skilled nursing facility in Ohio.
The deals all came from HHC’s Capital Advisory Group, led by Isaac Haas and Neil Gamss.
Texas CCRC Changes Hands
Longhorn Village, a continuing care retirement community (CCRC) in Austin, Texas with 60 skilled nursing beds, has a new owner.
Brazos Presbyterian Homes, Inc. purchased the membership interest of the facility from the Ex-Students’ Association of the University of Texas, an alumni group that goes by the nickname “Texas Exes.” Ziegler, a Chicago-based investment bank that specializes in non-profit senior living properties, facilitated the transfer.
The transaction has been in the works since last fall, when the Texas Exes identified Brazos Presbyterian Homes as the best potential suitor. After entering into a membership substitution agreement in October, the deal formally closed with regulatory approval on August 1.
The 55-acre Longhorn Village also has 214 independent living units, 20 assisted living suites, and 16 memory support units.
“We are confident in passing the baton to them knowing they will continue the mission and vision laid out by the Texas Exes, and do an excellent job in caring for Longhorn Village’s current and future residents,” alumni association board president Todd Maclin said in a statement announcing the deal.
SNF Hands Off Keys in Florida Keys
Blueprint Healthcare Real Estate Advisors helped to broker the sale of Plantation Key Nursing and Rehabilitation, a 120-bed skilled nursing facility in the relatively remote Florida Keys.
The new owner and operator are both new to the Florida market, drawn by the relative lack of competition in the area and the high barrier to entry for other players in the space, according to the Chicago-based Blueprint.
Despite recent census issues related to staffing problems, Plantation Key Nursing has maintained strong relationships with referral partners in the area, generating multiple bids from potential buyers both in Florida and out of state.
Michael Segal, Trent Gherardini, and Ben Firestone handled the sale for Blueprint.
Written by Alex Spanko