Cushman & Wakefield earlier this month announced its involvement in a three-building, $118 million skilled nursing portfolio deal on behalf of Healthcare Trust, a non-public real estate investment trust (REIT) based in New York City.
The real estate services firm kicked off the process with the successful sale of Lutz Healthcare and Rehab in Lutz, Fla. — a suburb of Tampa — to a regional owner-operator. The facility, built in 2011, has 120 beds.
“This property is a recently constructed, high-performing skilled nursing facility with remaining upside in a growing location and an attractive quality mix,” Cushman & Wakefield managing director Aaron Rosenzweig said in a statement. “We were proud to execute on behalf of the seller and look forward to closing the rest of the portfolio.”
Along with Rosenzweig, vice chairman Richard Swartz, executive managing director Jay Wagner, and directors Dan Baker and Sam Dylag handled the transaction for Cushman & Wakefield.
Dwight’s $117M Quarter
Dwight Capital closed out 2020 with a slew of skilled nursing transactions, bringing the New York City-based real estate finance company’s quarterly total of health care deals to $117.6 million.
Among the highlights, Dwight landed $15 million in bridge and mezzanine loans for the 253-bed Recover Care KS portfolio, which consisted of three skilled nursing and assisted living properties across Kansas, along with $13.95 million for the three-building skilled nursing/assisted living Laurels portfolio — spanning 313 beds across The Laurels of Shane Hill, the Laurels of Toledo, and the Laurels of Canton in northeast Ohio.
Managing principal Adam Sasouness handled both transactions for Dwight.
The company also provided $11.5 million in Department of Housing and Urban Development (HUD)-backed financing for a pair of properties — The Pavilion Rehabilitation and Nursing Center and Saint Francis Rehabilitation & Nursing Center — in Massachusetts. The 219-bed deal was subject to a four-year pre-payment penalty, with Dwight managing director Adam Offman helming the transaction.
Dwight additionally announced the following transactions closed during the final three months of 2020:
- $13.1 million in HUD loans for Meeker Manor Rehabilitation Center and North Shore Estates in Minnesota
- $11.5 million bridge financing for Heart of Georgia, a 100-bed SNF in Eastman, Ga.
- $7.5 million bridge acquisition loan for Pawtucket Falls Healthcare Center, a 154-bed SNF in Pawtucket, R.I.
- $6.4 million bridge loan for Green Prairie Rehabilitation and Assisted Living Center, an 86-bed assisted living and nursing facility in Plainview, Minn.
- $6.1 million in HUD financing for Sunset Healthcare Center, a 120-bed SNF in Union, Mo.
- $6 million bridge loan for Hilltop Lodge, a 140-bed assisted living and skilled nursing facility in Beloit, Kan.
- $4.5 bridge financing for Edenbrook of Green Bay, a 136-bed SNF in Green Bay, Wis.
- $4 million bridge loan for Advent Health Care Center San Marcos, a 116-bed skilled nursing facility in San Marcos, Texas
- $3.95 million bridge loan for Continental Manor Nursing and Rehabilitation Center and Mason Health Care Center in Ohio
- $2.1 million bridge loan for St. Joseph Nursing Home, a 93-bed SNF= in Lacon, Ill.
Senwell Brokers Small Home Sale
Senwell Senior Investment Advisors handled the sale of The Village of Goshen, a “small home”-style skilled nursing community in Goshen, Ind.
The campus boasts four homes with 12 private rooms, each equipped with its own open-concept kitchens, dining rooms, and family gathering spaces designed to more closely match the feeling of a private home. The owner-operator that sold the facility had supervised its construction in 2018, and interest in the model has only increased amid the ongoing COVID-19 pandemic.
Managing partner Ben Bohland led the deal for Senwell, a Toledo, Ohio-based brokerage.