White Oak Healthcare Finance on Tuesday announced its role in funding a $241 million senior credit facility for a group of 19 skilled nursing facilities. The portfolio consists of more than 2,000 beds across six states: Massachusetts, New Hampshire, Pennsylvania, Delaware, Maryland, and West Virginia.

A spokesperson for White Oak, a San Francisco-based lender, confirmed that the deal was the same as a previously announced transaction involving Meridian Capital.

“This portfolio was a great fit for our platform,” Isaac Soleimani, managing director and partner at White Oak, said in a release announcing the deal.

White Oak has closed $1.1 billion in transactions across the skilled nursing housing sector in 2019, totaling 13,000 beds and units in 15 states.

KeyBank Inks Loans for Northwind, Foundations Health Solutions

KeyBank Real Estate Capital procured $88 million of financing loans for the Northwind Group, based in New York. The Federal Housing Administration (FHA)-backed loans will pay down part of a bridge loan KeyBank provided to fund the purchase of eight health care properties.

The most recent financing covers three skilled nursing facilities and one assisted living facility in Ohio and Kentucky; Henry Alonso of KeyBank’s Healthcare Finance team and John Randolph of KeyBank’s Commercial Mortgage Group led the deal for the lender.

The exact funding broke down as follows:

• $26 million for the 189-bed Eastgatespring of Cincinnati
• $18 million for the 144-bed Heritagespring of West Chester, Ohio
• $23 million for the 140-bed Highlandspring of Fort Thomas, Ky.
• $21 million for the 110-bed Barrington of Fort Thomas, Ky.

KeyBank also secured $11 million in FHA financing for Foundations Health Solutions, based in North Olmsted, Ohio, to pay down part of a bridge loan used to purchase nine health care properties.

The $11 million covered one of the nine properties: McNaughten Point Nursing and Rehabilitation in Columbus, Ohio, a 150-bed facility.

To date, KeyBank has closed $47 million of FHA financing for the nine-property portfolio.

John Randolph of KeyBank’s Commercial Mortgage Group — along with Henry Alonso and Brandon Taseff of its Healthcare Finance team — arranged the deal.

Post Acute Medical, LLC Acquires 9 Acute Care Hospitals from LifeCare Holdings

Post Acute Medical, LLC (PAM) announced the acquisition of nine long-term acute care hospitals (LTACs) from LifeCare Holdings.

PAM will maintain key staff from LifeCare, which filed for bankruptcy earlier this year.

Gaining acute care hospitals in Texas, Colorado, Florida, Nevada, North Carolina, Louisiana, and Ohio will allow PAM to increase its network of speciality care services, the company noted in a statement announcing the deal.

“Because the hospitals are located primarily in large metropolitan areas, they will provide strong opportunity for future growth, as we respond to each community’s need for post-acute health care services,” president and CEO Anthony Misitano said.

The Enola, Pa.-based PAM provides post-acute health care through 41 long-term acute care hospitals and medical rehabilitation hospitals in 32 outpatient physical therapy locations, in 12 states.