Oxford Finance LLC announced the closing of a $9.5 million senior credit facility and revolving line of credit to AB Asset Management LLC and Vitalogy Property Holdings LLC to finance the acquisition of two skilled nursing facilities in Wisconsin with 158 beds in total.
To acquire the properties, Vitalogy formed a partnership with AB Asset Management and Symmetry Healthcare; Vitalogy plans to expand its existing multi-state operating platform to the Midwest, according to the press release announcing the deal. The company was founded by Levi Rudd and Louis Kass in 2015.
AB Asset Management is based in Miami Beach, Fla. and manages equity funds for select family offices and strategic partners, according to the release.
Michigan SNF/AL Sale Provides Expansion Opportunity for Buyer
A skilled nursing and assisted living campus in Bay City, Mich., with 38 units in the AL component and 120 beds in the SNF unit, was sold for a combined $37,975 per unit/bed price.
According to Senior Living Investment Brokerage, which facilitated the sale, the facilities give the new buyer an expansion opportunity mainly through development of an additional AL building. The buyer also plans to use the renovated SNF campus to improve the Medicare census.
The seller is retiring; the asset is part of a family business that has been in operation for more than 50 years, according to the release announcing the transaction.
“This was historically a well-operated asset that struggled in recent years,” SLIB managing director Bradley Clousing said in the release. “The asset will be an excellent addition to the buyer’s regional portfolio.”
The deal was handled by SLIB’s Clousing, Ryan Saul, and Joe Young.
Former SNF in Connecticut Changes Over to Addiction Recovery Center
Blueprint Healthcare Real Estate Advisors identified a tenant for a former skilled nursing facility owned by a real estate investment trust (REIT); the site is now zoned as a recovery center.
After the asset had closed as a SNF, 66 beds had reverted the state of Connecticut; when the local zoning board eventually approved the center, the tenant was able to move forward on executing the lease with the REIT.
Pediatric SNF Under Construction in Las Vegas
A 36-bed pediatric SNF in Las Vegas, Silver State Pediatric, is under construction near the Las Vegas Medical District.
The facility, founded by the Nevada-based post-acute health care management company PureCare Living, is funded through the commercial real estate investment and management firm Insight Investment Partners.
The facility expected to specialize in pulmonary and post-acute care for children with traumatic injuries and cognitive and physical disabilities.
The CEO of PureCare, Daniel Mathis, announced Branden Murphy as director of nursing for the new facility in October.