KeyBank Real Estate Capital secured $45 million in Federal Housing Authority (FHA) loans for the refinancing of three skilled nursing facilities in the state of Texas.
The loans were $16 million for the 120-bed Regency-Windsor Calallen in Corpus Christi, $14.5 million for the 120-bed Regency-Bastrop Nursing & Rehabilitation Center in Bastrop and $14 million for the 138-bed Regency-Windsor Mission Oaks Nursing & Rehabilitation Center in San Antonio.
The financing was closed with the U.S. Department of Housing and Urban Development’s (HUD) 232/223(f) mortgage insurance program; it paid off an acquisition loan structured by KeyBank’s Healthcare Group.
Grant Saunders and Peter Trazzera from KeyBank’s Healthcare Group and John Randolph of KeyBank’s FHA Healthcare team worked on the deal.
Florida Approves Two Nursing Home Projects
The Florida Agency for Health Care Administration approved two new SNF project in the Sunshine State, Health News Florida reported.
As a result, a 90-bed, $21 million nursing home project in Hillsborough County, Florida can go forward. With the agency’s approval, PruittHealth-Hillsborough County, LLC can transfer six recently-approved nursing home beds and 84 beds first approved in February 2018 to a new facility.
In the other SNF project, located in Alachua County, Florida, six nursing home beds can be transferred from The Oaks NH, LLC, which operates as Park Meadows Health and Rehabilitation Center, to Terrace Health NH, LLC, which operates as Terrace Health and Rehabilitation Center.
Nonprofit Sells Three SNFs in North Carolina
A nonprofit health care organization serving Virginia and North Carolina offloaded three SNFs with a total of 429 beds. The nonprofit deemed the assets to be noncore; they were eventually sold to a regional operator with an established capital relationship.
Blueprint Healthcare Real Estate Advisors’ Steve Thomes facilitated the transaction.