SunTrust Provides $29.7M Skilled Nursing Financing in Florida; $35M SNF Breaks Ground in Idaho

SunTrust Banks, Inc. (NYSE: STI) served as senior debt lender for a $29.7 million financing for the construction of a new skilled nursing facility in Florida, CityBizList reported.

The 180-bed facility is being built in Apopka, Florida, by Greystone Healthcare Management; construction started in April of this year and is expected to finish in early 2021.

Greystone Healthcare Management, an owner-operator of SNFs and home health agencies in Florida, currently operates 28 facilities.

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New $35M SNF for Hospital in Blackfoot, Idaho

Construction on a new SNF in Blackfoot, Idaho, began May 8, the Idaho Department of Health and Welfare announced. The facility, Syringa Chalet Nursing Facility at State Hospital South, will be licensed and accredited for 36 to 42 beds when it opens, with the capacity to increase to 59 beds to meet the needs of the region’s aging population.

The current facility’s census of 29 residents represents its full capacity.

Construction is expected to cost $35 million; the Idaho Legislature passed a resolution that authorized the Department of Health and Welfare to enter into an agreement with the Idaho State Building Authority to obtain bond financing for the new nursing home. The bonds were issued in fall of last year.

SNF Reopens After Three-Year Upgrade

The 97-bed Platinum Ridge Center for Rehabilitation and Healing in Brackenridge, Pa., reopened after a $1.5 million renovation project, TribLive reported. The project lasted for about three years.

The facility, which used to be known as Georgian Manor, was acquired by Prestige Health Care Group from CareRite on January 1, a transition that is expected to take about two years, administrator Matt Tack told the publication.

The facility is about 90% occupied, and has a roughly 80%-20% split between long-term and short-term residents, TribLive noted. Services include speech, physical, occupational and respiratory therapy; a bariatric program; and programs for dementia and Alzheimer’s disease.

In addition, management is currently working with Allegheny Valley Hospital on a new mental health program, Tack said.

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