$41.4M Skilled Nursing Development Grows in Florida; $6M Sale in Maryland

Propero Seniors Housing Equity Fund III, LLC partnered with Tender Loving Care (TLC) Management for a $41.4 million development in Florida.

The 170-unit Cortez Oaks Health and Rehabilitation in Brooksville, Fla. will feature 109 skilled nursing beds, along with 41 assisted living units and 20 memory care, according to a release from lender Lancaster Pollard.

The development was funded with a combination of equity provided by Propero and bank construction financing, and marks Propero’s second large project with TLC Management and its principals; the two companies previously collaborated to build Bridge Park in Ocala, Fla. back in 2016, Lancaster Pollard noted.

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Chris Mauger led the transaction for Propero, with Chris Blanda representing Lancaster Pollard Mortgage Company.

$6M SNF Sale in Baltimore to Growing Operator

Blueprint Healthcare Real Estate Advisors this week announced its involvement in a deal that saw an owner shed a single non-core asset outside of Baltimore.

Initially purchased as part of a larger portfolio, the facility was considered a strong performer that nevertheless didn’t fit into the owner’s current investment strategy. A SNF investor and operator looking to increase its presence in the state then swooped in to pick up the property for $6 million, according to a press release announcing the deal.

Blueprint Healthcare Real Estate Advisors’ Steve Thomes and Joshua Salzman handled the transaction.

Kindred and Anderson Healthcare Receive OK for New Rehab Hospital

The Illinois Health Facilities and Services Review Board granted certificate-of-need approval for the 34-bed Anderson Rehabilitation Hospital, a joint venture between Kindred Healthcare and Anderson Healthcare, a regional health network in southwestern Illinois.

The hospital will be built on Anderson Healthcare’s Goshen Campus in Edwardsville, Ill., with a groundbreaking expected in the summer of next year.

The new facility will replace a 20-bed hospital-based acute rehabilitation unit at Anderson Hospital that Kindred has managed since 2004; twelve beds will be designated specifically for brain and stroke injury care.

The facility will be the first freestanding rehab hospital in central and south Illinois, according to a joint statement announcing the deal.

Kindred — which used to have a major skilled nursing presence — currently offers services in 71 long-term acute care hospitals, 22 inpatient rehabilitation hospitals, 11 sub-acute units, and 95 inpatient rehabilitation units, among other modes. The company will manage the day-to-day operations of the facility, while Anderson will provide medical support services.

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