Capital Funding Group last week announced the $13.8 million closing of a bridge loan backing Preferred Care’s acquisition of a 126-bed skilled nursing facility in New Jersey.
The Baltimore-based Capital Funding and Preferred Care plan to refinance the debt through the Department of Housing and Urban Development’s 223(f) refinance program, which offers financing with longer terms and amortization at a lower interest rate.
Craig Casagrande, director of real estate finance at CFG, originated the transaction — which closed at the end of August.
Editor’s Note: An earlier version of this story misidentified Preferred Care; the company involved in this deal is unrelated to the Texas-based company of the same name that experienced bankruptcies in 2017. SNN regrets the error.
Blueprint Brokers Transfer of Special Focus & Tertiary SNFs in Arizona
Blueprint Healthcare Real Estate arranged the sale of two skilled nursing facilities with a total of 232 licensed beds in Arizona.
The Chicago-based brokerage worked with a real estate investment trust (REIT) owner to help find potential new operators, eventually settling on an unnamed company with experience in the market.
The two SNFs are located on opposite sides of Arizona — with one in a tertiary market. The other property was designated as a Special Focus Facility, the federal government’s list of distressed properties, and was in need of capital improvements and regulatory upgrades.
The brokerage team pointed to strong Medicare census and identifiable fixes to the buildings’ problems when marketing the deal.
Blueprint’s Amy Sitzman, Christopher Hyldahl, and Gideon Orion led the transaction.
SLIB Handles Sale of Renovated SNF in Kentucky
Senior Living Investment Brokerage (SLIB) facilitated the sale of a 85-bed skilled nursing community near Lexington, Ky. to a Northeastern operator looking to expand into the Bluegrass State.
Previously owned by a local firm that has since exited the skilled nursing industry, the facility featured a well-maintained physical plant with several recent renovations — as well as stable occupancy, according to the Glen Ellyn, Ill.-based SLIB.
“Dover Manor has been historically well occupied with a great reputation in the local community. This will be a great transition given the buyer’s growing footprint across the Southeast,” SLIB senior associate Dan Geraghty said in a statement announcing the deal.
Geraghty and Brad Clousing handled the transaction for SLIB.