Senior Living Investment Brokerage (SLIB) facilitated the sale of a 122-bed skilled nursing facility in Savannah, Ga., which was occupied by 88 residents at the time of sale.
The 4.9-acre site may be expanded to use all of its licensed beds.
“The seller ultimately selected the buyer whose future goals lined up well with the staff and residents of the community,” Dan Geraghty, senior associate at SLIB, said in a statement announcing the deal.
Geraghty and Brad Clousing handled the transaction for the Glen Ellyn, Ill.-based brokerage firm.
In a separate transaction, SLIB also arranged the sale of two skilled nursing and seniors housing communities for the Diocese of Scranton, Pa: Little Flower Manor, a 133-bed skilled nursing facility with an attached 60-unit personal care building, and St. Luke’s Villa, a community with 50 skilled nursing beds, 48 personal care units, and 31 independent living units.
The diocese plans to use the sale to support other ministry and community-related initiatives — including the Independent Survivors Compensation Program, a fund that provides compensation for victims of abuse by priests and other diocese employees.
Toby Siefert and Ryan Saul handled the transaction for SLIB.
Greystone Provides $96 Million in HUD Financing for Kentucky SNF Portfolio
Greystone last week announced the successful completion of $96 million in Department of Housing and Urban Development (HUD) financing for an 11-building skilled nursing portfolio in Kentucky.
The New York City-based commercial lending and advisory firm had provided a bridge loan for the acquisition of the facilities, which have a total of 1,122 beds, in 2017.
The 11 Federal Housing Administration loans range from $3.6 million to $14.5 million, and carry 35-year terms.
Managing director Fred Levine led the deal for Greystone.
CareTrust REIT Expands in California’s Central Valley
CareTrust REIT (Nasdaq: CTRE) acquired a pair of SNFs for $22.8 million in California’s Central Valley.
The real estate investment trust (REIT) picked up Central Valley Post Acute, a 70-bed skilled nursing facility in Modesto, Calif., and Saint Claire’s Nursing Center and Saint Francis Senior Residence, a 99-bed skilled nursing and 72-unit assisted living campus in Sacramento, Calif..
CareTrust leased both assets to Kalesta Healthcare, LLC, an existing tenant that rebranded the Modesto facility as Valley Skilled Nursing and the Sacramento campus as City Creek Post-Acute and Assisted Living.
Scheduled cash rent for the first two years is about $3.9 million, with Consumer Price Index-based escalators kicking in thereafter.
Mark Lamb, CareTrust’s chief investment officer, said that the operating records of Kalesta’s principals in the market offer an advantage in achieving a smooth operational transition.
“We expect that the sterling reputations and extensive local relationships of Kalesta’s principals will give them an enormous head start in recruiting key staff and working with physicians, hospitals and other referral sources,” Lamb said in a statement announcing the deal.