Greystone Closes $15M Bridge Loan for Two SNFs
Real estate lending and advisory firm Greystone arranged $15 million in bridge funds to finance the purchase of two skilled nursing facilities in Youngstown, Ohio, the company announced Thursday.
The Beeghly Oaks Center for Rehab and Healing and Oasis Center for Rehab and Healing changed hands with the help of a non-recourse bridge loan from Greystone, with an initial term of 24 months and a pair of six-month extensions.
The two facilities have recently undergone renovations, according to the lender, with Beeghly Oaks offering a dialysis unit and Oasis featuring special diabetes and Parkinson’s disease management programs.
Greystone managing director Fred Levine originated the loan.
“We look forward to working closely with the facility’s new owners on the permanent HUD financing takeout in the near future,” Levine, who is based in Greystone’s office in Monsey, N.Y., said in a statement announcing the deal.
Knapp Group Brokers $7M Skilled Nursing Sale
Knapp Group Seniors Housing Advisors arranged the October 1 sale of an 88-bed skilled nursing facility in the metropolitan Detroit region.
The facility, built in 1998, sold for $80,000 per bed, according to an announcement from the Knapp Group — a subsidiary of nationwide brokerage and advisory firm Marcus & Millichap.
That works out to a sale price of just over $7 million for the facility, which had experienced declining census under its former non-profit owners. The buyer was a local operator with a history of turnaround projects.
The Knapp Group’s Jim Knapp and Justin Knapp served as lead advisors on the deal.
Evans Arranges New Tenant for El Paso Facility
The Chicago-based Evans Senior Investments secured a new tenant for a 120-bed skilled nursing facility in El Paso, Texas, on behalf of a single-site owner. Built in 1987, the SNF recently underwent a major interior and technical renovation, including the installation of a new roof and HVAC system.
“The new tenant is one of the strongest operators in the state of Texas, with more than 50 facilities under management in the state,” ESI CEO Jeremy Stroiman said. “This transaction offered the opportunity for the owners to partner with an experienced operator and transition to a non-operational ownership interest.”
The new operator plans to strengthen the facility’s existing relationships with referral partners in the region, ESI noted.
Dresner Announces Involvement in $88M Griffin-American Deal
A third party has announced its involvement in the $88 million skilled nursing portfolio deal between Griffin-American Healthcare REIT IV and Reliant Care Management Company.
Dresner Partners, a Chicago-based middle-market investment bank, represented Reliant in the transaction which closed last week; the Maryland Heights, Mo.-based firm will continue to operate the eight properties throughout the state of Missouri.
“Reliant Care Management and Griffin-American Healthcare REIT IV are best-in-class operators and both should benefit from this powerful partnership,” Mitchell Stern, managing director in charge of Dresner Partners’ healthcare group, said in a statement
Written by Alex Spanko