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