Southern Health Corporation of Ellijay, Inc., a subsidiary of SunLink Health Systems (NYSE American: SSY), sold its Parkside Ellijay Nursing Home and related real estate for about $7.3 million. The net proceeds, about $6.4 million, will be retained for working capital and general corporate purposes.
SunLink expects to recognize a pre-tax gain of about $2.1 million in its third fiscal quarter, ending March 31.
SunLink Health Systems is the parent of subsidiaries that own and operate health care businesses in the Southeast region of the U.S.
Carespring Opens $25M SNF in Kentucky
The Loveland, Ohio-based operator Carespring is opening a $25 million skilled nursing facility in Boone County, Kentucky.
The 143-bed facility, called Boonespring, is expected to create 200 jobs. It is the operator’s 11th SNF in the Bluegrass State, CEO Chris Chirumbolo told Northern Kentucky Tribune.
Carespring provides senior living, nursing care, rehabilitative care, respite care, hospice and Alzheimer’s care.
BHI and Contemporary Healthcare Capital Arrange $9.5M Loan for Townview Realty’s SNF Purchase
BHI, the U.S. division of Israel’s Bank Hapoalim, and Contemporary Healthcare Capital closed a combined $9.53 million in loans to Townview Realty, LLC, for the acquisition of a 118-bed SNF in Canonsburg, Penn.
BHI provided a $7.95 million senior loan that includes a $600,000 line of credit, and when the SNF reaches certain predetermined performance metrics, it will guarantee an additional earn-out feature of $2.1 million.
The Chattanooga, Tenn.-based CHC provided the companion $1.58 million mezzanine loan, proceeds of which were used for the acquisition and operation of the facility and for customary closing costs.
The deal was the first joint transaction between CHC and BHI.