Cambridge’s $24M HUD Refinance; Senwell Arranges Ohio Bed License Swap

Cambridge Realty Capital Companies provided a pair of $24 million Department of Housing and Urban Development (HUD) loans to refinance two Ohio combination skilled nursing and senior living properties.

The loan covers the the Vista Care Center of Lisbon — a 76-bed, mixed-use skilled care and assisted living facility — and Vista Center at The Ridge of Mineral Ridge, a 181-bed facility that also has both skilled nursing and assisted living units.

Both loans were fully amortized with 30- and 35-year terms offered for the owner, an Ohio-based limited liability company, and processed through the HUD 232/223 program — with Cambridge Realty Capital Ltd. of Illinois underwriting the deal.

Advertisement

Both facilities offer a variety of private and shared living quarters, as well as on-site dentistry, podiatry, IV therapy, optometry, audiology, counseling, and medical imaging.

Senwell’s License Swap in Ohio

Senwell Senior Investment Advisors announced a bed license transfer transaction in Franklin County, Ohio, outside of Columbus.

The buyer, a local nursing home operator, required a substantial number of beds to build a new facility. Senwell worked with both the seller, a national senior housing and care operator, and the buyer to ensure the certificate of need (CON) application was properly completed.

Ben Bohland led the transaction for the Toledo, Ohio-based Senwell.

Four Troubled Absolut Nursing Sites Transferred in Western New York

A new management firm is set to take over four properties in western New York previously owned by the bankrupt Absolut Care, according to a report in Buffalo Business First.

The new operator, Personal Healthcare LLC, documented its plans with the state’s Department of Health for facilities in Salamanca, Houghton, Dunkirk, and Eden, the outlet reported.

Personal Healthcare, based in Tarrytown, N.Y., has a large presence in nursing and rehab sites on the East Coast and western New York such as the 160-bed residential Gowanda Rehabilitation and Nursing Center and Orchard Manor Rehabilitation and Nursing Center in Orleans County, according to Buffalo Business First.

Absolut reported a plan to sell the four facilities sometime in 2018, with Personal Healthcare taking over management that year, the publication reported; Absolut formally filed for bankruptcy protection in 2019, citing staggering rent burdens.

Personal Healthcare indicated its intent to improve the buildings’ occupancy, referring back to a history of turnarounds at multiple facilities, according to the publication.

Companies featured in this article:

, ,