New Ownership for SNFs in Maryland and Ohio; Groundbreaking for $24M Rehab Wing

Maryland Skilled Nursing Facility Sells for $11.66M

Senior Living Investment Brokerage announced the sale of the Calvert County Nursing Center skilled nursing facility in Prince Frederick, Md., for $11.66 million.

The seller was a non-profit with seven continuing care retirement communities (CCRCs) in Maryland, Pennsylvania, Oklahoma, and Tennessee. The buyer is an investor-operator partnership based in New York, with a strong presence in the Mid-Atlantic region, according to a statement announcing the deal.

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At the closing of the transaction, $1 million was held back; that amount will be paid to the seller if the buyer is able to obtain a Department of Housing and Urban Development (HUD) loan on the building. The facility was also subject to a ground lease with the neighboring hospital, which had to be renegotiated to a higher rate during the due diligence period in order to permit a smooth transition.

The 56,880-square-foot facility has 149 licensed skilled nursing beds, with occupancy rising from the low 70% range to 80% over the course of 2017.

Toby Siefert, Matthew Alley, and Nick Cacciabando worked on the transaction for SLIB.

Gaymont Nursing Center Sold to Providence Healthcare Management

The Gaymont Nursing Center, a 112-bed skilled nursing facility in Norwalk, Ohio, will transfer ownership on November 1, the Norwalk Reflector reported.

The agreement is with Eli Gunzburg, manager of the newly formed Gaymont Leasing, LLC, who also owns Providence Healthcare Management.

Providence, a post-acute health care consulting company based in Pepper Pike, Ohio, offers support services to SNFs, assisted living facilities, and independent living communities. It handles 20 facilities in Ohio and eight in Kentucky, the Reflector noted, citing the company’s website.

Evans Senior Investments is representing the seller in the deal.

Illinois CCRC Breaks Ground on $24M Rehab Wing

Smith Crossing, a CCRC located in Orland Park, Ill., broke ground on a $24 million rehabilitation wing designed for patients who need short-term programs and services.

The CCRC is operated by Smith Senior Living. It currently has 46 beds in its skilled nursing area, with 30 designated for long-term care.

The other 16 are used for short-term rehab, according to Smith Crossing executive director Frank Gujardo — who added in a press release that a study found the community could only admit 170 of 2,494 people looking for a short-term stay, over an 18-month period.

The new wing will have 46 private suites for adults who need short-term services and common areas, including a rehabilitation gym, private treatment and therapy rooms, and a dining room.

Weis Construction is building the new rehab wing, while BBVA/Compass Bank will finance the project. In addition, Smith Crossing is refinancing its current series of 2013 bonds with a series of 2018 bonds, to be privately purchased by BBVA/Compass and First Midwest Bank, according to Smith Senior Living CFO Raymond Mameris.

Written by Maggie Flynn

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