Chicago-based specialty investment bank Ziegler announced this month it closed on $85,535,000 Series 2021 Bonds for a not-for-profit corporation with over 30 faith-based human service programs throughout New England.
Part of the deal included Fair Havens, which owns and operates Quaboag Rehabilitation and Skilled Care Center, which has a total of 147 skilled nursing beds; Lutheran Home of Southbury, which includes 120 skilled nursing beds; and Lutheran Rehabilitation and Skilled Nursing Center, which includes 107 skilled nursing beds.
Based in Massachusetts, Ascentria Care Alliance, Inc. dates back nearly 150 years and provides services to a broad range of individuals, including older adults, adults with disabilities and mental illness, children, families at-risk and others.
The bonds will be used to acquire real estate assets, fund various capital expenditures across the campus, fund a debt service reserve fund and pay costs of the financing.
Greystone Closes $15.8M Bridge Loan
Greystone announced that it provided a $15.8 million loan secured by the Department of Housing and Urban Development (HUD) for the financing of a skilled nursing, memory care and personal care campus in Erie, Penn.
Managing Director Fred Levine originated the loans for New York City-based Greystone.
One of the properties, Saint Mary’s East, renamed Nightingale Nursing and Rehab Center, sold through a short-term two-year floating rate, interest-only loan. The property is a six-building complex that includes 139 skilled nursing beds.
“This is the first step in the bridge-to-HUD process and a continuation of our commitment to provide liquidity to healthcare providers,” Levine said in the press release.
Blueprint Helps Sell Texas Nursing Home
Blueprint Healthcare Real Estate Advisors recently announced its involvement in the sale of a 70-bed transitional care facility in Texas.
The facility was reportedly developed by Mainstreet but never operated and the vacant property is located within a medical park with several nearby regional hospitals.
It sold for $10 million or approximately $145,000 per unit.
Blueprint ran a highly competitive bidding process and identified an experienced local real estate investor who will operate the facility as a specialty post-acute hospital.
The investor structured a lease with a national healthcare system based out of Southern California.
KeyBank Secures $10.2M in Financing for California SNF
KeyBank Real Estate Capital secured $10.2 million in fixed-rate financing to refinance debt on Livermore Healthcare in Livermore, Calif.
The SNF, built in 1966, underwent minor renovations in 2019, which included the installation of new vinyl flooring in several common area rooms and hallways. It consists of 30 units and 83 beds.
KeyBank used a fixed-rate loan through the Federal Housing Authority mortgage insurance program to pay down an interim bridge loan for health care real estate investment firm Eagle Arc Partners.
The loan is structured with a fully amortizing 35-year term.
John Randolph with KeyBank’s Commercial Mortgage Group and Grant Saunders with KeyBank’s Healthcare Group structured the financing.