$7.6M Bridge Loan for 3-SNF Portfolio; Nursing Homes in PA, NY Change Hands
Lancaster Pollard Facilitates $7.6M Bridge Loan for 3 SNFs
Lancaster Pollard arranged a $7.6 million bridge loan financing for three skilled nursing facilities in Kansas and Missouri owned by Medicalodges, Inc.
Medicalodges owns and operates 25 SNFs, eight assisted living facilities, four home health care offices, and two locations serving people with intellectual and developmentally disabilities.
Lancaster Pollard’s Debt Syndications Group obtained a bridge placement with First Bank allowing Medicalodges to fund capital expenditures at the facilities and the repurchase of employee stock ownership plans.
The bridge loan has a 36-month term and is expected to be taken out with Federal Housing Administration (FHA) permanent financing after the debt seasons for two years. Bill Wilson led the transaction for Lancaster Pollard, and Joe Munhall represented the Debt Syndications Group.
Pennsylvania Nursing Home Gets Second Name in Two Years
A nursing facility in Lititz, Pa., got its second name in two years, though it’s not clear yet who owns it.
The 42-bed facility is now doing business as Lititz Rehabilitation & Nursing, though state and federal records show the facility as Kadima Rehabilitation & Nursing at Lititz, Lancaster Online reported.
In 2016, the facility was sold by Reliant Senior Care Holdings Inc., along with 13 other facilities, to New York-based Priority Healthcare Group, when its name changed from Audubon Villa Health and Rehabilitation Center in Lititz to The Gardens at Lititz. A person at the facility reached by Lancaster Online confirmed the facility was sold, but referred all questions to the administrator.
Maybrook-P Audubon Propco LLC sold the facility to Lititz Property Management LLC for $1.4 million, the publication reported, citing property records.
New York Nursing Home Gets New Owner, Operators and Name
The New York Department of Health approved the sale of the Baird Nursing Home in Rochester, N.Y., the Democrat & Chronicle reported. The 28-bed facility will be renamed the Brook at High Falls Nursing and Rehabilitation Center when the deal is closed.
Giorgio Mayer, Ari Grinspan, and Abraham Mayer, the proposed new operators, still must meet some contingencies, the health department’s Public Health and Health Planning Council said. The $950,000 sale price includes $100,000 for the operations of the for-profit nursing home and $850,000 for the associated real estate, the publication reported, citing the state of New York.
The buyer, according to state documents cited by the Democrat & Chronicle, is Larry Goldfarb, who is assigning his rights for the home and the grounds to the operating group. Giorgio Mayer will have a 50% share, and Grinspan and Abraham Mayer each will have 25 percent shares, according to the documents.
Written by Maggie Flynn