MONTICELLOAM, LLC and its affiliates announced $42.08 million in first lien debt financing for the acquisition of a skilled nursing facility in Virginia. The transaction includes a $3.5 million working capital loan for the operating companies, provided by Monticello Commercial Capital, the real estate and asset-based lender, asset manager and servicer’s asset-based lending group.
The sponsor of the transaction is an owner and operator with an established relationship with Monticello, which financed several facility acquisitions in 2020 for the sponsor, according to the press release announcing the deal.
SRZ Management Acquires NHC Healthcare Town & Country from National Healthcare Corporation
SRZ Management, which is based in St. Charles, Mo., and operates 16 SNFs in the state, acquired NHC Healthcare Town & Country from National Healthcare Corporation (NYSE American: NHC).
The 282-bed facility in Town and Country, Mo., will be renamed Town & Country Health & Rehab, according to the press release announcing the transaction.
“We do not plan to expand the current facility or tear it down and build a larger facility as was proposed by previous parties interested in purchasing this property,” SRZ CEO David Murphy said in the release. “Instead, we plan to continue providing services in the same facility and make improvements where needed to enhance the quality of care and living experience for all residents. This plan fits with our successful business model of purchasing and transitioning underperforming nursing home facilities in good market areas by improving the quality of care, clinical support and services offered.”
Terms of the transaction were not disclosed; SRZ plans to retain all current staff at the facility, according to the release.
SRZ was founded in 2018 as REACH LTC and is currently undergoing a rebranding, the release noted. During that transition, it is officially named SRZ Management dba REACH LTC.
Greystone Provides $10.37M Bridge Loan to Refinance NY SNF
The New York-based commercial real estate finance company Greystone provided a $10.37 million bridge loan for the refinancing of the 120-bed Sunset Nursing and Rehabilitation Center in Boonville, N.Y.
Greystone managing director Fred Levine originated the transaction for Sunset PropCo LLC and Sunset Operating LLC.
The non-recourse bridge loan allows the owner to refinance existing recourse senior debt and stabilize the SNF until it is ready for permanent financing through the Federal Housing Administration’s (FHA) 232(f) program, according to the press release announcing the transaction.
Blueprint Announces Part in 4-SNF Texas Sale
Blueprint Healthcare Real Estate Advisors announced its role facilitating the sale of four SNFs in Texas, with a combined 340 beds, that were located in rural and suburban areas. Two were built in the late 1960s and early 1970s, and two in 2000.
The SNFs were owned by a real estate investment trust (REIT) and operated by “an in-state provider experiencing notable financial challenges,” according to the release announcing the transaction. Three of the facilities were enrolled in the third year of the state’s managed Medicaid program, the Quality Incentive Payment Program (QIPP).
The facilities were sold separately to two different buyers, according to Blueprint’s release.
Companies featured in this article:
Blueprint Healthcare Real Estate Advisors, Greystone, MONTICELLOAM, National Healthcare Corporation, SRZ Management
