Greystone provided a $17.18 million loan insured by the Department of Housing and Urban Development (HUD) to refinance the 103-unit skilled nursing facility Sapphire Estates Rehab Centre in Tucson, Ariz.
The HUD-insured Section 223(a)(7) financing carries a new 40-year term with a low fixed interest rate, and was originated by Greystone managing director Eric Rosenstock on behalf of Eli Atkin & Shua Seif of Sapphire Estates Properties LLC. According to the press release announcing the transaction, the financing creates “true cash flow upside, given the debt service savings.”
The facility was built in 2016 and provides comprehensive skilled nursing and physical, occupational and speech therapy.
“Arizona has been greatly impacted by the pandemic, and it’s been our duty to keep residents safe. Since Sapphire Estates is their home, we want to ensure it is continually invested in and upgraded, and this low-rate financing will enable us to do that,” Sheif, the CEO of Sapphire Estates, said in the press release.
Ensign Buys Texas SNF
The Ensign Group (Nasdaq: ENSG) purchased the 108-bed SNF Windsor Rehabilitation and Healthcare in Terrell, Texas, effective May 1.
“We are very excited to add another operation in North Texas and believe that this newer building is poised to do great things,” Ensign CEO Barry Port said in a press release announcing the transaction. ““We will continue to look for opportunities in Texas and are confident that our local clusters are well prepared for this addition and for additional growth.”
The pandemic necessitated extra safety protocols that allowed extra time to prepare for the transition, Kevin Niccum, president of Keystone Care LLC, Ensign’s Texas-based subsidiary, noted.
The acquisition brings Ensign’s portfolio to 236 healthcare operations, 22 of which also include senior living operations.
$17.3M Financing for Long Island SNF
Greystone provided a a $17.3 million HUD-insured loan to refinance a 214-bed SNF in Nassau County, Long Island, in New York. The financing carries a a 33-year term and 40-year amortization with a low, fixed interest rate.
Greystone managing director Fred Levine originated the transaction.
Blueprint Facilitates Ohio SNF-AL Sale to Private Equity Buyer
Blueprint Healthcare Real Estate Advisors facilitated the sale of a skilled nursing and assisted living community in Akron, Ohio, from a regional owner-operator to a private equity acquirer who was able to close during the pandemic, according to a press release announcing the transaction.
The facility had been built in 1917 and renovated in the mid-2000s, but the seller wished to focus on other aspects of their portfolio, according to the release from Blueprint.
Blueprint managing director Connor Doherty and associate Ryan Kelly worked on the transaction.