Paramount Care Centers picked up a 169-bed portfolio in Philadelphia with the help of Chicago-based specialty investment bank Ziegler.
The Newark, N.J.-based Paramount offers a variety of skilled nursing services — including orthopedic rehab, cardiac care, and respite care — with a footprint in New York, New Jersey, and Pennsylvania.
Ziegler’s involvement as a capital structuring advisor included the arrangement of a bridge-to-HUD acquisition loan with a 90% loan-to-total cost ratio and a working capital line of credit.
“Paramount Care Centers is led by an experienced and sophisticated management team with a proven track record in the health care sector,” Christopher Utz, director at Ziegler’s Senior Housing & Care Finance Practice, said in a statement announcing the deal. “They have demonstrated their unique ability to execute a targeted and disciplined acquisition strategy to grow their successful portfolio.”
Dwight Capital’s Major Month
Health care and multifamily real estate lender Dwight Capital closed more than $100 million in financings in the month of May, with multiple skilled nursing deals among the transactions.
The New York City-based Dwight Capital placed a $10 million bridge loan for St. Sophia Health and Rehabilitation in Florissant, Mo.; the property has 191 skilled nursing beds. Elsewhere in Missouri, Dwight closed a $5.75 million bridge loan for the 120-bed Sunset Health Care Center in Union.
In addition, Dwight arranged a $12.8 million bridge loan for the 181-bed assisted living operation at the Woodhaven Center of Care, a senior living facility in Port Jefferson Station, N.Y. that also boasts 143 licensed skilled nursing beds.
Dwight Capital ranked among the top five multifamily and health care-focused firms in the Department of Housing and Urban Development-backed lending space for the last four years.
Senior Health Care Solutions Plots Cardiac SNF
Senior Health Care Solutions, a Scranton, Pa.-based developer and operator of nursing facilities, plans to build a 65-bed SNF with a cardiac rehab focus in Monroe Township, Pa., according to a report in The Daily Item of Sunbury, Pa.
Michael Kelly, the company’s president, told the paper that there’s a dearth of SNFs in the region, with a “significant need” for cardiac rehab services.
Senior Health Care Solutions is reportedly eyeing about five to 10 acres of available land for the facility, which would be the company’s 26th building in the Keystone State.
Local officials also reportedly back the plan.
“When you look at the aging population around our county, it’s good to know that there may be another facility to provide for the health and well-being of this important segment of our community,” Snyder County Commissioner Joe Kantz told the publication. “The economic impact could be very positive as well in a time when many workers are looking to regroup and possibly learn new skills.”