ESI Helps With $150M Sale; Greystone Closes $13.6M Deal

Evans Senior Investments (ESI) announced the sale of a Pennsylvania portfolio in three separate transactions that consisted of eight long-term care communities for the combined purchase price of $150 million or $121,000 per functional bed.

The first tranche of the portfolio included four communities totaling 661 licensed skilled nursing beds and 88 independent living cottage units. At the time of marketing it had an average census of 74% with total revenue of $48 million and net operating income of $2.3 million. The buyer was a regional owner/operator looking to grow their skilled nursing presence in Pennsylvania.

The second tranche, an entrance fee continuing care retirement community with 179 skilled nursing beds, 134 independent living units, 81 personal care units and 21 memory care units was sold to a New Jersey-based owner/operator. It had an average census of 74% with total campus revenue of $24.8 million and net operating income of $1.4 million.

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The third transaction a standalone personal care community.

Greystone Gets $13.6M in Bridge Financing

National commercial real estate finance company Greystone provided $13.6 million in bridge acquisition financing for a 144-bed senior housing campus consisting of assisted living, memory care and skilled nursing.

The campus is located in West Palm Beach, Fla. Greystone Managing Director Leor Dimant originated the transaction on behalf of Gold Standard of Care.

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“Greystone’s expertise in senior housing and healthcare, coupled with their industry-leading bridge-to-HUD platform for financing acquisitions, made it a simple choice to finance the purchase through them,” Gold Standard of Care CFO Rich Lecomte said in the press release.

Ziegler Closes $27.24M for Senior Care Community

Specialty investment bank Ziegler announced it closed $47.24 million Series 2021 bonds for Redstone Presbyterian SeniorCare.

Redstone consists of nearly 500 senior living units on three separate campuses, including 77 skilled nursing beds.

Proceeds from the bonds will be used to refund outstanding bonds held with Huntington Bank, finance a swap termination related to the bonds, fund a debt service reserve fund and pay for costs of issuance related to the financing.

Blueprint Helps Sale of 92-bed SNF in Ohio

Blueprint Healthcare Real Estate Advisors earlier this month helped the sale of a 92-bed skilled nursing facility in northwest Ohio.

The facility, Park View Nursing Center, sold to an experienced Kentucky-based operator seeking to grow its regional presence with its first facility real estate acquisition.

While Park View was reportedly operationally improving, the operator determined it was a geographic outlier to its greater Ohio region and it would benefit both landlord and tenant to seek a strategic exit.

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