White Oak Healthcare Finance provided funding for a $110 million senior credit facility secured by nine skilled nursing facilities in Virginia, with a total of more than 1,000 beds.
White Oak acted as administrative agent and sole lender on the funding, which was done on behalf of the client, “a well-respected real estate investor,” according to Isaac Soleimani, chairman and CEO at White Oak, in a press release announcing the transaction.
Oxford Finance Announces Role in Two Separate SNF-Related Credit Facilities
Oxford Finance announced two different credit facilities related to SNF acquisitions, with one deal taking place in Vermont and the other in Missouri.
The specialty finance firm announced the closing of a $44.6 million senior credit facility and revolving line of credit to MDA Capital Group, LLC for the acquisition of five SNFs in Vermont with 527 licensed beds. MDA Capital Group provides consulting services to the nursing home sector.
“Building upon their clinical expertise and best practices, the MDA team will provide the highest level of care for the residents and support for the staff,” Tracy S. Maziek, head of health care services at Oxford Finance, said in a press release announcing the transaction. “Oxford is happy to partner again with the company and support their vision in the long-term care industry.”
The Alexandria, Va.-based Oxford also announced the closing of a $7.4 million senior credit facility and revolving line of credit to REACH LTC for the acquisition of a SNF located in Town & Country, Mo. that contains 282 licensed beds.
SRZ Management, which was founded in 2018 as REACH LTC, recently acquired a 282-bed SNF in Town & Country, Mo. from National Healthcare Corporation.
CIBC Closes $20M Financing for Baltimore SNF
CIBC Bank USA announced that it closed a $20 million acquisition financing for a SNF in Baltimore; in addition to the two-year loan on the real estate, CIBC extended the terms on an existing revolving line of credit. The latter will be used to support working capital, according to the transaction announcement.
The 35-year-old building, which the existing operator acquired after leasing it since 2015, has 130 beds.
The facility’s historical occupancy was in the mid-80% range, according to the release, with EBITDAR [earnings before interest, taxes, depreciation, amortization and restructuring or rent costs] margins of about 22% on average.
Rhode Island SNF Goes to Regional Operator and NJ-based Entrepreneur
A 154-bed SNF in Providence, R.I. metropolitan statistical area was sold by a real estate investment trust (REIT) to a New Jersey-based entrepreneur “partnered with a reputable regional operator,” according to a statement announcing the transaction from Blueprint Healthcare Real Estate Advisors.
The facility, Pawtucket Center, was built in 1978, expanded in 1997, and renovated in the early 2000s; it is being rebranded as the Pawtucket Falls Healthcare Center. Its performance levels had fluctuated in recent years, according to Blueprint, which was engaged by the REIT to market and sell the SNF.