Vita Lands $34.8M in Financing to Buy Two Facilities; NC Building Sells for $6M
GMF Capital Buys Former Sabra SNF for $6M
GMF Capital purchased Woodland Hill Center, a 100-bed skilled nursing facility in Asheboro, N.C., for $5.95 million, the Triad Business Journal reported. The facility was bought from Sabra North Carolina LP of Irvine, Calif., a subsidiary of Sabra Health Care REIT (Nasdaq: SBRA).
The sale was part of an overall eight-facility deal, Daniel O’Keefe, managing director and head of health care for GMF, told the Triad Business Journal.
Genesis HealthCare (NYSE: GEN) will continue to operate the facility under a long-term operating agreement, O’Keefe said.
Real estate investment trust Sabra has been on a long-term push to divest its Genesis-operated facilities, dubbing the plan the “Genesis Exodus.”
White Oak Healthcare Finance Provides $34.8M Senior Credit Facility for Maryland SNF Acquisition
White Oak Healthcare Finance, an affiliate of White Oak Global Advisors, LLC, acted as sole lender and administrative agent on the funding of a $34.8 million senior credit facility to Vita Healthcare Group, LLC for the acquisition of two Maryland SNFs. The facilities have a total of 295 beds.
The financing included a $3 million working capital line of credit and a $31.8 million term loan.
The Grand Healthcare System Acquires Facility in Upstate New York
The Grand Healthcare System, based in Queens, N.Y., acquired the 120-bed Mohawk Valley Health Center in Ilion, N.Y., for an undisclosed amount.
The facility, which offers rehabilitation and nursing services to patients who require short- or long-term nursing care, will be renamed The Grand Rehabilitation and Nursing at Mohawk Valley.
The Grand has other locations in Albany, Columbia, Delaware, Dutchess, Genesee, Madison, Oneida, and Otsego counties, and in the New York City borough of Queens.
Written by Maggie Flynn