$47M SNF Breaks Ground in Tennessee; $5.8M Bridge-to-HUD Loan in Ohio

Officials in Tennessee broke ground on a $47 million state veterans nursing home in a ceremony in Cleveland, Tenn., the Associated Press reported Aug. 22.

The 108-bed skilled nursing facility will include six 18-bedroom residential houses linked by interior shared support spaces.

The U.S. Department of Veterans Affairs is contributing a $30.5 million grant, while Bradley County and the city each chipped in $2 million. The state of Tennessee added $10 million, and an anonymous donation of $3 million was pledged in 2006 — three years after the county and the Cleveland City Council passed resolutions in support of a nursing facility for the long-term care of veterans.

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Philip Health Services Receives USDA Grant to Improve South Dakota SNF

Philip Health Services, Inc. received a grant of almost $5 million in federal funding to improve its nursing home in Philip, S.D. from the U.S. Department of Agriculture’s Rural Development office, the Capital Journal reported.

The funding, along with $4.735 million in other contributions, will support renovations for the current nursing home, including a 14,500 square-foot addition with a memory care unit and 12 additional beds.

“This project will assist PHSI with improving their health care facility that delivers a foundation for growth and prosperity in this rural community,” Julie Gross, state director for USDA Rural Development, said.

Capital Funding Announces $5.8M Closing for Bridge-to-HUD Loan for Ohio SNF

Capital Funding, LLC this week announced the closing of a $5.8 million bridge-to-HUD loan on July 31, in a deal that allowed the owner of the 120-bed Longmeadow Skilled Nursing and Rehabilitation Center in Ravenna, Ohio, to refinance the SNF — which is currently operated by Embassy Healthcare.

The Baltimore-based Capital Funding Group — a subsidiary of CFG Community Bank — expects to ultimately refinance the debt through the Department of Housing and Urban Development’s (HUD) 223(f) Refinance program.

The deal was originated by Capital Funding’s Craig Casagrande.

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