The Washington, D.C.-based Love Funding secured a $10.5 million loan for the development of a new 41-bed transitional rehab facility in Yuma, Ariz.
The planned 32,000-square-foot facility will include high-end amenities, with 41 private suites targeted exclusively at Medicare and managed care residents.
Love Funding, a subsidiary of Midland States Bank, originated the loan through its bridge-to-HUD construction platform, with the option of a future takeout through the Department of Housing and Urban Development’s loan insurance program.
The $10.5 million financing represents the second bridge-to-HUD construction deal between Love Funding and the unnamed operator/developer; senior director Leonard Lucas handled the transaction for Love.
Nebraska Nursing Home Emerges from Receivership
The operations of former nursing home Matney’s Colonial Manor in South Sioux City, Nebraska, were taken over by Continental Springs LLC on March 4, the Sioux City Journal reported.
The 77-bed nursing home and assisted living facility was placed into receivership in July 2018 after the death of operator Ed Matney the previous month. His heirs told the Nebraska Department of Health and Human Services (DHHS) there was not enough money to pay personnel for the payroll week ahead and that they would not keep operating the facility; the DHHS then put the home into receivership to protect the residents, the Journal reported.
Mark Rosenblatt, a principal at Continental Springs, and Sharon Colling, who was appointed receiver, both told the publication they did not know of any other nursing home in Nebraska that survived a receivership. In the coming months, the nursing home could receive renovations and upgrades, Rosenblatt also said.
Diocese of Scranton to Sell Wilkes-Barre Long-Term Care Facilities
The Diocese of Scranton in Pennsylvania will sell three of its long-term care facilities to Allied Services, WNEP 16 ABC reported. The three facilities, Little Flower Manor, St. Therese Residence, and St. Luke’s Villa, have about 400 employees and volunteers, with about 300 residents.
The diocese said it has been considering selling the properties since 2015.
“Over the last four years, challenges of running a health care business have gotten a lot more difficult from heightened regulations to decreased reimbursement rates,” Bishop Joseph Bambera told the station. “The health care industry has become extremely sophisticated and complicated. Our residents deserve the highest quality care, and the decision was made with their best interest in mind.”
Allied Services was selected to purchase the facilities because management pledged to try to keep operating the facilities as usual, including keeping staff, the diocese said.