Lancaster Pollard provided a $17.3 million loan insured by the Department of Housing and Urban Development to refinance Willow Springs, a skilled nursing facility in Brick, N.J.
Tryko Partners was the borrower, having purchased the community from NuVision Management in 2013, REBusinessOnline reported.
The facility had 148 skilled nursing beds and an assisted living (AL) segment with room for 23 residents. Since acquiring the building Tryko implemented a $1 million improvement plan that included an expanded rehabilitation facility and updated common areas, patient rooms, and AL units, the publication reported.
Senior Living Campus Opens Health Center as Part of $180M Redevelopment
The Oak Trace senior living campus in Downers Grove, Ill., opened a new health and wellness center as part of an approximately $180 million redevelopment, The Daily Herald reported.
The new building includes 102 skilled nursing units, 66 AL apartments, and 28 memory care units.
Oak Trace is owned by the Des Moines, Iowa-based Lifespace Communities, which has invested more than $79 million in the Health & Wellness Center project so far, the Herald reported. The groundbreaking held more than two years ago marked the first phase of the project, the publication reported; the second phase will include the addition of a new independent living building with about 150 apartments.
Gemino Healthcare Finance Arranges $12M Line of Credit
Gemino Healthcare Finance, a portfolio company of Solar Senior Capital Ltd. (Nasdaq: SUNS), provided a $12 million asset-based revolving line of credit to a multi-state SNF operator in March.
$1.2M Grant Sought to Build Wellness Center with SNF on Old Hospital Site
Nationwide Healthcare Services has requested a Strategic Fund grant of about $1.2 million from the Delaware Council on Development Finance to build a medical facility that includes a 150-bed SNF, the Associated Press reported.
The facility would be built on the former site of the Milford Memorial Hospital, which Nationwide acquired recently from Bayhealth, the AP reported.
Nationwide also operates the Regency Healthcare and Rehabilitation Center in Wilmington, Del., and the Regal Heights Healthcare and Rehabilitation Center in Hockessin, Del.