Newmark Knight Frank, a commercial real estate advisory firm, this week announced the sale of six skilled nursing facilities in the state of Arkansas.
The portfolio had an average occupancy of 82%, with a total of 868 beds. The properties had an “average vintage” of 1985, according to the release announcing the deal, which was classified as an investment sale.
New Jersey SNF Secures $12.4M HUD Loan
Dwight Capital provided a Department of Housing and Urban Development (HUD) loan of $12.4 million for the Manhattanview Healthcare Center, a 127-bed SNF in in Union City, N.J.
The refinance was secured via HUD’s 223(a)(7) program, and allowed the borrower to reduce the current interest rate on the loan and extend the term and amortization to the loan’s original 35 years.
The transaction was originated by Adam Offman, Dwight’s managing director of health care finance.
150-Bed SNF in Texas Sold
Blueprint Healthcare Real Estate Advisors announced the sale of a 150-bed SNF located in Kerrville, Texas, that was built in 2006 and was enrolled in the Texas Quality Incentive Payment Program, which is designed to boost Medicaid payments for SNFs that improve on key quality metrics.
Though it had “census levels in the low 50% range,” the facility had “near-stable, positively-trending operating cash flow” before revenue from the QIPP program, according to Blueprint’s release announcing the sale. The seller and buyer, which was described as a private investor, were not named; the buyer contracted with “a Texas-based provider as its tenant.”
The facility was not named, but a photo released with the Blueprint announcement resembles the facade of River Hills Health and Rehabilitation Center, which is located in Kerrville and has 150 beds, according to its profile on the Centers for Medicare & Medicaid Services (CMS) Nursing Home Compare tool. That site lists the legal business name as the Uvalde County Hospital Authority.