Plum Healthcare Lands $22.5M for New Development; $18.4M Bridge Financing for Kentucky Portfolio

Lancaster Pollard Mortgage Company arranged $22.5 million in development financing for Plum Healthcare Group, LLC to build a new skilled nursing facility in Walnut Creek, Calif.

The Columbus, Ohio-based firm worked with a local banking partner on the transaction; Grant Goodman led the transaction for Lancaster Pollard Mortgage Co., along with Joe Munhall, who leads the debt syndication group.

BMO Harris Healthcare Real Estate Finance acted as the sole lender for the construction facility. The SNF will include 59 private rooms and will offer short-term, high-acuity rehabilitation services.

SNN Summit Ad
Advertisement

Plum, which is based in San Marcos, Calif., currently operates 55 SNFs in California and Nevada.

Former Orianna SNF in Tennessee Gets New Owner

ClearView Health Management took over a SNF in Collerville, Tenn., that used to be owned by Orianna Health Systems in October 2018, the news station WREG 3 reported last week.

ClearView told WREG that it has hired more staff, purchased new ventilators and breathing equipment, and implemented a training program. The facility, now called Collierville Nursing and Rehabilitation, shares owners with Midtown Center for Nursing and Rehabilitation.

A different report from WREG said the principal office for ClearView is in New Jersey.

Greystone Provides $18.4M Bridge Financing for Kentucky SNF Portfolio

Greystone provided a $18.43 million bridge loan to finance the acquisition of three SNFs in Kentucky on behalf of The Portopiccolo Group. The interest-only bridge loan has a two-year term, with two six-month extension options; Greystone is currently processing the application for permanent financing under the Department of Housing Department’s (HUD) Section 232 program. Fred Levine, managing director at Greystone, originated the transaction.

All three facilities were acquired from Diversicare Healthcare Services (Nasdaq: DVCR).

Companies featured in this article:

, , , , ,