Oxford Finance’s Healthcare Real Estate Group closed over $280 million in transactions in the first quarter of 2022, providing credit facilities ranging from $5 million to more than $110 million.
Some of the deals Oxford closed included a $80.7 million term loan along with a $8.5 million revolving line of credit to finance the acquisition of four skilled nursing, assisted living and independent living facilities in Ohio.
Oxford also provided a $70 million term loan to refinance seven skilled nursing facilities and five assisted living facilities containing 1,198 licensed beds/units in Ohio and Pennsylvania.
The group’s largest transaction of the quarter included a $115.5 million term loan and $9 million revolving line of credit to finance the acquisition of seven skilled nursing facilities containing 906 licensed beds in Florida.
$32M Senior-Secured Loan for 340-Bed SNF Portfolio
CIBC Bank USA provided a local operator with a $32 million of senior-secured loan facilities related to a three-home skilled nursing portfolio acquisition.
The 20-year-old Mississippi homes include 340 skilled nursing beds. Historical occupancy for the homes has been approximately 70% and they reported a 10% EBITDAR margin pre-pandemic.
Loan facilities consist of a $29 million acquisition mortgage term loan and a $3 million revolving line of credit for working capital, CIBC said in its news release.
CIBC’s Matthew Tyler and Neal Netzel handled the financing.
Elevation Financial Group Acquires 220-Unit Senior Care Community
Blueprint Healthcare Real Estate Advisors helped facilitate the sale of a South Carolina CCRC to Elevation Financial Group.
Easley Place, a 222-unit campus containing independent living, assisted living and skilled nursing units, is located in Greenville-Spartanburg and was built in 1985.
The seller, who acquired the property in 2019, was looking to divest after its turnaround plan was impacted by Covid. Operations experienced a 30% reduction in occupancy, which was further compounded by a labor shortage in the market, according to Blueprint.
Elevation Financial Group will undergo a capital expenditure plan to revitalize the campus and convert the community into affordable senior living.
Orchard Hill Completes $5M Renovation
Marquis Health Consulting Services announced that Orchard Hill Rehabilitation & Healthcare Center recently completed a $5 million renovation and modernization.
“Orchard Hill has been completely transformed into a modern, home-like environment for residents – one that accommodates progressive skilled nursing care and services,” said Nikki Gachot, regional director of market development for Marquis, in the news release.
The renovation featured upgrades throughout the facility, including the addition of a 2,500-square-foot therapy gym. The gym features new equipment, including a smart car, and technology to support the delivery of progressive rehab services.
During the renovation process, Orchard Hill and Marquis also enhanced the facility’s specialized programming to include specialized cardiac care, palliative care, physiatry and chronic kidney disease (CKD) management programs, as well as a pulmonary rehab program featuring a full-time respiratory therapist.
Companies featured in this article:
Blueprint Healthcare Real Estate Advisors, CIBC Bank USA, Elevation Financial Group, Marquis Health Consulting Services, Oxford Finance LLC
