White Oak’s $33M Skilled Nursing Refinance; State Takeover in Kansas

White Oak Lands $33M Refinance for Granite Group

White Oak Healthcare Finance this week announced the funding of a $33.2 million senior credit facility for Granite Investment Group; in turn, Granite used the funds to refinance a four-building skilled nursing portfolio in Texas.

A subsidiary of White Oak Global Advisors, the health care finance firm was the sole lender on the transaction.

“Granite is an experienced real estate investor that has become one of the top investors in the post-acute care industry,” Isaac Soleimani, managing director and partner at White Oak, said in a statement announcing the deal.

The privately-held Granite has holdings in post-acute care, senior living, and multi-family housing.

State Moves to Take Over 90-Bed SNF

The state of Kansas last week moved to take over Westview of Derby after its operator racked up significant debt to vendors and received disconnection warnings from local utilities, according to a report in the Wichita Eagle.

The 90-bed SNF has a census of just 39, with more than $476,000 in back payments due to vendors and utility companies. In addition, its previous owners racked up more than $976,000 in unpaid quality care assessment payments, a number that includes $430,000 in penalties, the Eagle reported.

Previously managed by Sovran Management Company, the site is under the supervision of temporary operator Walnut Creek Management, the building’s administrator told the paper.

Parolee-Focused SNF Construction Moves Forward in Missouri

State health officials approved CorrectLife’s plan for a 150-bed skilled nursing facility in Fulton, Mo., the local Fulton Sun reported on Thursday.

Once open, the 58,000-square-foot SNF would provide care for residents on parole, or those who are eligible for parole with no suitable housing, according to the Sun. CorrectLife founder Carlo A. Musso also operates the Bostick Nursing Center in Milledgeville, Ga., which offers similar services for former inmates.

The entire project will cost $18.5 million.

“CorrectLife is trying to establish something there for low-risk parolees or those eligible for parole,” lawyer Richard Hill told the paper. “These are patients in feeble condition and because of their past history, are not able to find a spot in a skilled nursing facility.”

Written by Alex Spanko

Photo Credit:

Alex Spanko on Twitter
Alex Spanko
Alex covers the long-term health care industry for Aging Media Network, with a specific interest in the intersection of finance and policy. Outside of work, he reads nonfiction, experiments in the kitchen, enjoys pretty much any type of whiskey or scotch, and yells at Mets games — often all at the same time.

By continuing to use the site, you agree to the use of cookies. More Information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this. For more information, see our cookie policy.