Citadel Healthcare Acquires ManorCare Facility; Lancaster Pollard’s SNF Bridge Loans

Citadel Healthcare Acquires Illinois ManorCare SNF

Citadel Healthcare acquired ManorCare of Northbrook in Northbrook, Ill., for an undisclosed amount, The Daily Herald reported. The facility, which has been renamed The Citadel of Northbrook, is the 10th location for Citadel, according to the publication.

The company is based in Morton Grove, Ill., according to its LinkedIn page.

The Northbrook facility provides services including short-term rehabilitation, medically complex post-surgical care, cardiac care, and long-term and memory care.

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Lancaster Pollard Closes Bridge Loans for Two SNFs

Lancaster Pollard closed two bridge loans for skilled nursing facilities in Louisiana and Mississippi.

The Columbus, Ohio-based lender provided the 107-bed Golden Age of Welsh in Welsh, La., with a $6.7 million bridge loan that refinanced the existing debt as well as covering capital improvements. The deal closed concurrently with an application for permanent financing through the U.S. Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) mortgage loan program.

Lancaster Pollard also facilitated a $12 million bridge loan for Advanced Healthcare Management for the acquisition of the 120-bed SNF Desoto Healthcare Center, located in Southaven, Miss. The facility was purchased from a local hospital looking to exit the skilled nursing field. The process of refinancing through HUD started immediately after the loan closed.

Capital One Closes $15.1M HUD Loan for Chicago-Area SNF

Capital One provided a $15.1 million fixed-rate HUD 232/223(f) loan to refinance the 154-bed Avantara Park Ridge skilled nursing facility in Park Ridge, Ill.

The deal allowed the principals to recoup capital expenditures and partner debt, as well as replace bank debt with low-rate, long-term financing.

Capital One senior vice president Joshua Rosen originated the transaction.

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