Greystone announced that it provided a $35 million loan insured by the Department of Housing and Urban Development for the refinancing of a five-property, 558-bed nursing portfolio across southeast Wisconsin.
The properties are located in Antigo, Burlington, Manitowoc, and Kenosha.
Fred Levine originated the loans for New York City-based Greystone.
Each of the non-recourse loans features a fixed interest rate, is fully amortized over 30 years and refinance the existing debt on the properties, Rebusinessonline reports.
Evans Senior Investments Helps Sell $9.2M Skilled Nursing Community
Evans Senior Investments (ESI) announced the sale of Rochester Manor + Villa, a 122-bed skilled nursing and 62 unit personal care community for $92 million ($64,000 per functional bed).
ESI represented the seller in the deal.
Built-in 1965, the Pennsylvania community had a $2.5 million renovation from 2015-2019 but was reportedly not profitable at the time of marketing the offer with census averaging 69% and a net operating loss of $1 million.
Of the 62 personal care units, only 22 were currently operating at the time of sale.
The buyer was an East Coast-based owner-operator of skilled nursing communities who reportedly wants to grow their presence in the state.
MA Health Care System Covenant Health Buys Bangor Nursing & Rehabilitation
Covenant Health, based in Tewksbury, Mass, has reportedly purchased Bangor Nursing & Rehabilitation, located on the University of Maine’s Augusta’s Bangor campus.
The price for the centuries-old 60-bed nursing home was not disclosed, Mainebiz reports.
After Covenant acquired Bangor-based St. Joseph Healthcare and its 112-bed St. Joseph Hospital in 2010, Covenant Health President and CEO Stephen J. Grubbs said bringing the nursing home into the Covenant Health family was the natural next step in their relationship.
The only nonprofit nursing home in the area and the only independent one in Penobscot County, the deal for the Bangor Nursing & Rehabilitation Center is expected to close in the next two to three months after approval from the Maine Department of Health and Human Services.
Cushman & Wakefield April Deals Exceed $250M in Senior Housing
Cushman & Wakefield announced that its Senior Housing Capital Markets team completed more than $250 million in transaction closings in April.
In a separate deal, Cushman & Wakefield advised a large public real estate investment trust (REIT) on the disposition of two assets: Brookdale West Bay and The Sienna at Otay Ranch.
Cushman & Wakefield also handled the sale of two skilled nursing facilities from Healthcare Trust Inc., The Addington at Wellington Green, a 120-bed skilled nursing and 52-unit assisted living community, and The Institute for Healthy Living at Jupiter, a 129-bed skilled nursing, 62-unit assisted living and 30-unit memory care campus that recently completed construction.
The team also represented a pension fund investor in the sale of Wingate at Harwich, a 135-bed skilled nursing facility in Massachusetts, which was reportedly acquired by a regional operator.
The Cushman & Wakefield team that was collectively involved in closing these transactions includes Richard Swartz, Jay Wagner, Aaron Rosenzweig, Tim Hosmer, Jim Dooley, Dan Baker and Sam Dylag.
Companies featured in this article:
Covenant Health, Cushman & Wakefield, Evans Senior Investments, Greystone, Healthcare Trust Inc.
