$28.3M Financing for Skilled Nursing Campus; Shuttered Former Genesis SNF to Reopen Under New Owners

Walker & Dunlop provided $28.3 million in bridge financing for the acquisition of the 194-bed Pleasant Bay Campus in Brewster, Mass., which features skilled nursing and assisted living services

The campus, operated by Point Group Care, includes the 59-bed assisted living facility The Woodlands at Pleasant Bay and the 135-bed Pleasant Bay Nursing and Rehabilitation Center. The owner plans to renovate the property and position it for conversion to permanent financing through the U.S. Department of Housing and Urban Development (HUD) in 2021.

The financing, led by managing director Joshua Rosen, was structured to cover about 90% of acquisition costs. The two-year loan includes interest-only payments for the whole life of the loan, and has flexible prepayment options, according to Walker & Dunlop.

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Former Genesis SNF to Reopen Next Year After Selling for $1.1M

A skilled nursing property in Marietta, Ohio, that was once operated as Marietta Center by Genesis HealthCare (NYSE: GEN), has sold for $1.1 million to Foundations Healthcare Solutions, The Marietta Times reported.

Genesis announced the center’s closure in January; the Kennett Square, Pa.-based operator had leased the property from Ventas Realty LLC. The sale of the property was conducted between Ventas and Marietta Health Realty, which was established in April as an affiliate of Foundations, the Marietta Times reported, citing state records.

The purchase was recorded October 17 for $1.1 million by the Washington County Auditor’s Office, and Foundations expects the facility to reopen in spring of next year, according to the publication.

The property, which used to have 150 beds, will be renovated into a 67-bed facility with all-private rooms, Levi Lunsford, director of operations for Foundations Healthcare Solutions, told the publication.

The Cleveland-based Foundations owns 57 nursing homes in Ohio.

Liberty Senior Living Picks Up N.C. SNF from Health System

The Appalachian Regional Healthcare System (ARHS), based in Boone, N.C., sold the 112-bed Foley Center at Chestnut Ridge, a skilled nursing and assisted living facility in Blowing Rock, N.C., to Liberty Senior Living.

The High Country Press reported the news.

Specifically, Liberty Healthcare Properties of Watauga County, LLC and Liberty Commons Nursing and Rehabilitation Center of Watauga County, LLC became the owner and operator, respectively, of the facility on October 1.

The change is part of a broader partnership agreement with Liberty to develop a senior living community, AHRS president and CEO Chuck Mantooth told the publication. The system’s contract with Liberty includes incentives to accelerate the study and development of such a community, he added.

“Over the last year, as we worked with Liberty to plan the development of a senior living campus at Chestnut Ridge, it became clear that the skilled nursing and assisted living services should be integrated within their care continuum,” Mantooth told the outlet. “Liberty can now take the next steps forward to evaluate the nature of and develop the retirement community that we have been working toward for the last 10 years.”

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