CIBC Bank USA closed a $73.4 million acquisition loan for a four-home senior care portfolio in Pennsylvania and a $21 million cash-out refinance for a three-home portfolio in Nebraska last month.
The Pennsylvania portfolio, which includes approximately 675 skilled nursing beds and 100 senior living units, received a five-year mortgage loan and a $6 million revolving line of credit for working capital
Its historical EBITDAR had been negative without stimulus with historical occupancy of approximately 70%.
The Nebraska portfolio, which has been operated by a local provider for four years, received a five-year mortgage loan and a $2 million revolving line of credit for working capital.
Occupancy for the homes has been approximately 70% with EBITDAR margins in the mid-teens.
CIBC’s Matthew Tyler and Daniela Miranda closed both deals.
Tryko Partners Grows SNF Portfolio Through Senior Living Community Acquisition
Brick, N.J.-based private equity firm Tryko Partners acquired the Allendale Community for Senior Living, adding the 299-bed facility to its New Jersey portfolio, according to a statement announcing the deal.
The two-story building includes three sections, one of which is Allendale Nursing Home.
“The acquisition of this outstanding asset enables us to add significant scope to our real estate investment presence in the sought-after northern New Jersey market,” Tryko Director of Acquisitions Uri Kahanow said in a statement.
The facility’s primary referral source for short-term residents is The Valley Hospital in Ridgewood. In addition, Allendale draws admissions from Hackensack University Medical Center in Hackensack and Hackensack University – Pascack Valley Medical Center.
The 299-bed facility had been family owned for 55 years.
A significant capital improvement program is planned for the community, Kahanow said in the press release.
Blueprint Helps Sale of 123-Bed SNF in Washington
Blueprint announced the sale of Alaska Gardens Health and Rehabilitation Center, a 123-bed skilled nursing facility in Tacoma, Wash. for an undisclosed sum.
The seller in the deal was Westlake Village, Calif.-based LTC Properties Inc.
Blueprint focused on the facility’s strong historical revenue during marketing.
The private owner/operator buyer was chosen as it presented the best blend of pricing, terms and execution probability.
Goodman Group Adds Discovery Care Centre
Minnesota-based The Goodman Group announced it acquired Discovery Care Centre, located in Hamilton, Mont.
The facility includes 58 licensed skilled nursing beds and 35 assisted living and memory care residences.
“We are excited to expand our portfolio with the addition of Discovery Care Centre,” said Kim Te Brugge, vice president of senior living and health care at The Goodman Group. “We look forward to strengthening connections within the Hamilton community.”
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