Housing & Healthcare Finance earlier this month pulled off an $81 million refinancing for Cascade Capital Group and its operating affiliate, Legacy Healthcare.
The North Bethesda, Md.-based HHC Finance arranged the deal for a six-building portfolio in the greater Chicagoland area, refinancing the buildings through the Department of Housing and Urban Development’s (HUD) 223(f) loan program. The transaction helped the Skokie, Ill.-based Cascade transition from a higher-rate, short-term loan into the long-term HUD-backed financing.
Legacy operates 26 skilled nursing facilities in Chicago and its suburbs — along with additional properties in Utah and Montana — with a focus on higher-end transitional rehabilitation.
“We are excited to support their continued growth and success in the long-term care industry,” Erik Lindenauer, executive chairman of HHC Finance, said in a statement announcing the deal.
CBRE Brokers 100-Bed SNF Sale in Oklahoma
CBRE Group (NYSE: CBRE) announced the sale of the 100-bed Windridge Nursing Home in Miami, Okla., with the global real estate services firm working on behalf of the seller, a private investor based on the West Coast.
An unnamed regional operator with an existing presence in the region was the eventual buyer for the 34,000-square-foot facility, originally built in 1998. CBRE touted Windridge’s strong physical plant and potential for census gains, noting that the property attracted the attention of multiple suitors.
“The seller opted for a marketing campaign that offered the facility both for sale and for lease,” CBRE vice president Daniel Morris said in a statement on the transaction. “Upon marketing the facility, we received multiple competing offers, both for sale and lease. The seller ultimately chose to sell the asset, selecting the buyer because of their regional footprint.”
Developer Eyes Long-Closed Nursing Home for Apartments
A developer last week received approval to convert the site of a defunct nursing home in New Haven, Conn. into a 128-unit apartment and townhouse complex, the New Haven Independent reported Monday.
The former Atrium Plaza nursing home, built in 1929 and closed in 2004, would be demolished to make way for the new development, according to a presentation from a lawyer representing current landlord Connecticut Health Care Holdings, LLC.
The 71,000-square-foot facility hasn’t been used in the 15 years since it closed, attorney William Gambardella said during a recent zoning hearing.
“The nursing home itself is dilapidated, of no great use,” Gambardella said, according to the Independent.