Walker & Dunlop facilitated a $16.41 million financing for three skilled nursing facilities in central Colorado through the Department of Housing and Urban Development’s (HUD) LEAN 232/233(f) refinance program, which provides long-term and reduced-rate financing for specialty healthcare facilities.
The facilities were the 99-bed Pioneer Health Care Center in Rocky Ford, Colo., the 56-bed Paonia Care & Rehabilitation in Paonia, Colo., and the 54-bed Glenwood Springs Health Care in Glenwood Springs, Colo.
The HUD proceeds were used to recoup partner debt to fund capital improvements and to refinance existing third-party debt for each facility.
Kevin Giusti, managing director at Walker & Dunlop, led the origination team for the transaction.
Housing & Healthcare Finance Closes Seven HUD Loans of $119M
Housing & Healthcare Finance (HHC Finance) closed seven HUD loans with a total of $119 million total.
The first was a $61 million HUD refinance loan for a 360-bed SNF in New York, which had an occupancy rate in the mid-90% range as of July 24 release; the second was a $22 million HUD refinance loan for a 120-bed SNF in Florida, with an occupancy in the range of high 80% as of July 24.
Both of the transactions were followed by five HUD loan modifications totaling $36 million for clients with SNFs in the states of Rhode Island, Virginia, and New Mexico.
Fort Worth Owner-Operator Buys Athens, Texas SNF From REIT
Blueprint Healthcare Real Estate Advisors marketed the sale of a 112-bed SNF in Athens, Texas, from a real estate investment trust (REIT) to an owner-operator based in Fort Worth, Texas.
The SNF was built in 1987 and was enrolled in the state’s Quality Incentive Payment Program (QIPP), which lets operators increase Medicaid reimbursements by reaching certain quality benchmarks.
The buyer has a presence in East Texas and experience working with the seller on transactions, according to a release announcing the deal.
Gideon Orion and Michael Segal worked on the transaction for Blueprint.
Eduro Acquires 66-Bed California SNF
Eduro Healthcare, which is based in Salt Lake City, acquired the 66-bed Oakhurst Healthcare Center in Oakhurst, Calif., effective August 1.
“This building was an exciting acquisition for us as we are combining
Oakhurst’s experienced team with Eduro’s emphasis on outstanding clinical care in a market where Eduro plans to continue growing,” Eduro managing partner Michael Bewsey said in a release announcing the deal. “This building and team will seamlessly integrate into our California platform and continue to be a top performer.”