$169M Skilled Nursing Portfolio Deal in N.J.; Legacy Grows with a Pair of SNFs in Chicagoland

Peace Capital and its affiliated operator Complete Care Management acquired a 930-bed senior living and skilled nursing portfolio in the Ocean County, N.J. area in a $169 million deal.

The transaction was financed by a $26 million mezzanine loan from the New York City-based private equity firm Northwind Group, and a $131 million senior financing from KeyBank.

Northwind’s head of senior living and health care Jonathan Slusher led the transaction for the private equity provider, with senior banker and senior vice president Henry Alonso working on the transaction for KeyBank Real Estate Capital.

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The financing was arranged by Meridian Capital Group, led by Meridian managing directors Ari Dobkin and Ari Adlerstein. Peace Capital intends to refinance the term loan with a permanent Federal Housing Agency (FHA) financing led by KeyBank.

The Howell, N.J.-based Complete Care Management provides short-term rehabilitation, long-term care, and specialty services.

Northwind’s total portfolio includes 1,037 skilled nursing beds and 348 assisted living units in New York, Ohio, and Kentucky; the firm has a goal of investing $1 billion in the senior housing and care space over the next few years.

Legacy Healthcare Adds Two Chicago-area SNFs

Legacy Healthcare picked up a pair of properties in the greater Chicago area, bringing the provider’s total to 49 skilled nursing facilities across the Upper Midwest.

The Skokie, Ill.-based Legacy announced last week that it has acquired the operations of Bella Terra Streamwood and Bella Terra Wheeling, each located in its namesake Illinois town; the facilities have 214 and 215 beds, respectively.

“This acquisition continues our growth north and west, giving us more access to partnerships with major hospital networks, new communities, and healthcare providers,” Shai Bergudo, Legacy’s chief operating officer, said in a statement announcing the deal.

The operator has seen steady expansion over the last few years alongside similar activity from its investment affiliate, Cascade Capital Group.

Also based in Skokie, Cascade has made headlines in recent months with the acquisition of 16 properties formerly operated by troubled provider Skyline Healthcare in South Dakota, as well as a 15-building pickup across two portfolios in California, Minnesota, and South Dakota.

California Hospital to Build $26.5M SNF

The Sierra View Medical Center in Porterville, Calif., will replace its existing 35-bed skilled nursing unit and begin work on a new standalone SNF, The Porterville Recorder reported.

The new facility, which has a projected cost of $26.5 million, will have 44 beds, and bonds will be issued to pay for the project, the Recorder reported.

Plans for the facility will be submitted to California officials by the end of this year, and because the Golden State usually taking a year to review plans, construction should begin in early 2021, according to the article.

Alex Spanko contributed to this report.

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