Diversicare Divests Three Kentucky Properties; Greystone’s $20.9M HUD Financing
Diversicare To Sell Three Kentucky Facilities for $18.7M
Executives with the operator Diversicare Healthcare Services Inc. (Nasdaq: DVCR) signed an agreement to sell three Kentucky properties for a combined $18.7 million, Nashville Post reported. The sales are expected to close in the fourth quarter, and will cut Diversicare’s footprint in the state to 10 facilities. The facilities are located in Clinton, Fulton and Glasgow, Ky.
Greystone Provides $20.9M in HUD Financing for SNF Portfolio in Tennessee
Real estate lending, investment and advisory company Greystone provided $20.9 million in Department of Housing and Urban Development (HUD)-insured loans to refinance two skilled nursing facilities in Jackson, Tenn. that have 224 beds. The loans carry a 30-year term and amortization period, and the HUD-insured financing is a permanent exit from the interim bridge loans Greystone previously arranged for the facilities.
SNF Buyer Looks to Grow Presence in Memphis with Purchase
Blueprint Healthcare Real Estate Advisors facilitated the sale of the 114-bed Poplar Oaks Rehabilitation and Healthcare Center in Collierville, Tenn., working on behalf of a publicly traded real estate investment trust (REIT). The sale was part of a larger strategy involving the incumbent operator.
The facility generated more than $10 million in total annual revenue and had an average census consistently above 90 residents, but cash flow was limited and the operator was dealing with ongoing bankruptcy proceedings. The buyer and its regional operating team from Clearview Healthcare Management worked through closing to grow its presence in the Memphis area, according to an announcement about the deal.
Mozart Healthcare Acquires Two Montana SNFs
Mozart Healthcare finalized the acquisition of two SNFs in Montana as the first part of a staggered closing that will include two additional assets and a total of 538 licensed beds, following the assumption of HUD debt.
The portfolio is expected to be leased to a regional operator with experience in the state. The seller, a publicly traded REIT, was represented by Blueprint.
Written by Maggie Flynn