Capital Funding closed a $12.3 million refinance loan for a 105-bed skilled nursing facility in Baltimore through the Department of Housing and Urban Development’s (HUD) 223(f) program.
The borrowers will use the proceeds in part to pay off debt on two other properties in their portfolio of SNFs, according to the Baltimore-based Capital Funding. The transaction also shifted the debt on Autumn Lake Healthcare at Alice Manor from a short-term, non-agency loan to permanent financing.
Tim Eberhardt, Capital Funding’s vice president of real estate finance, originated the deal along with managing director of real estate finance Erik Howard.
Good Sam Sells Pair in New Mexico
The Evangelical Lutheran Good Samaritan Society sold a pair of skilled nursing facilities in New Mexico, according to Chicago-based broker Blueprint Healthcare Real Estate Advisors.
The two properties, located in the towns of Aztec and Lovington, were non-core assets in the non-profit skilled nursing and senior housing giant’s portfolio, though one had recently been renovated. A California-based private investor purchased the properties, which have a total of 150 skilled nursing beds and 25 independent or assisted living units.
Good Samaritan earlier this month formalized its merger with Sanford Health, a leading hospital provider; the combined entity has about 80 skilled nursing facilities and 50,000 employees across the country. Executives from Good Samaritan and Sanford told Skilled Nursing News that the addition of skilled nursing to the hospital provider’s portfolio might make them a more attractive mergers-and-acquisitions target in the months and years to come.
Blueprint’s Amy Sitzman and Hayden Behnke led the transaction for the broker.
$47M Skilled Nursing, Senior Housing Deal Receives OK
A multifaceted $47 million skilled nursing and senior housing transaction in a suburb of Buffalo, N.Y. may soon be complete after receiving conditional approvals from local officials.
Post Acute Partners was given the go-ahead to pursue its acquisition of seven non-profit groups that operate a skilled nursing facility and other senior care properties at the Weinberg Campus in Getzville, N.Y., according to a report from Buffalo Business First.
The sale of the Rosa Coplon Jewish Home and Infirmary, a 180-bed nursing facility on the assisted living-focused Weinberg Campus, was the largest of the bunch at $18.8 million, the publication reported. That facility had occupancy of 95% as of the fall, with steady demand for its services over the last five years.
Elderwood, the Buffalo-based subsidiary of Post Acute Partners that will run the facilities, is considering the implementation of “enhanced assisted living” offerings once the acquisition is complete as a substitute for some SNF services, according to Buffalo Business First.