Greystone’s $72M Portfolio Deal; Formation’s 12-SNF Sale in VA; Strawberry Fields Grows to 70 SNFs

Greystone on Tuesday announced the successful closing of a nearly $72 million bridge loan used in the acquisition and refinance of a seven-building skilled nursing portfolio across North Carolina and Kentucky.

The New York City-based lending and advisory firm extended 24-month payment terms on the $71.9 million bridge financing, along with a pair of six-month extensions; the unnamed buyer plans to shift the debt to a Department of Housing and Urban Development-backed product through Greystone’s bridge-to-HUD lending program.

Six of the seven SNFs involved are located in North Carolina, with the seventh in Kentucky; the total portfolio had 874 beds, with Greystone’s Fred Levine leading the deal for the lender.

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“We are thrilled to have helped our client complete this transaction to expand their SNF portfolio,” Levine, Greystone’s managing director, said in a statement announcing the deal.

Formation JV Sells 12 SNFs in Virginia, Penn.

A joint venture of investment firms Formation Capital and Safanad Limited recently sold a 12-property skilled nursing and assisted living portfolio, brokerage firm Blueprint Healthcare Real Estate Advisors announced Tuesday.

The Envoy portfolio, previously owned by Safanad Senior Care Investment Partnership V, totaled 1,350 beds, with 10 standalone SNFs in Virginia and a combination assisted living/skilled nursing campus in Pennsylvania.

“The geographically clustered portfolio offers strong reimbursement rates and high operating margins in one of the most-sought-after regions for skilled nursing in the country,” the Chicago-based Blueprint noted in its announcement.

The deal was subject to a renegotiated triple-net lease with the existing operator at the facilities, according to Blueprint. The brokerage firm’s Ben Firestone, Michael Segal, and Steve Thomas led the transaction.

Strawberry Fields Grows to 70 Buildings

Strawberry Fields REIT this week announced the $14.3 million acquisition of three skilled nursing facilities in Arkansas, bringing the company’s total to 70 SNFs across the Midwest and South.

The three properties — located in Newport, Hot Springs, and Little Rock, Ark. — have a total of 412 beds, with original construction dates ranging from 1950 to 2001.

Infinity Healthcare, a partner with a significant presence in the South Bend, Ind.-based Strawberry Fields’s portfolio, signed on as the new consulting firm for the facilities.

“The acquisition of these three new properties is part of our continued expansion in Arkansas,” Moishe Gubin, CEO of Strawberry Fields, said in a statement announcing the deal. “The facilities fit well geographically into our portfolio and are all performing well.”

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