Ziegler Closes $24,405,000 in Financing for Eliza Jennings; Blueprint Facilitates Sale of Minnesota SNFs

Specialty investment bank Ziegler closed on Series 2022A Bonds for Ohio-based not-for-profit senior care provider Eliza Jennings.

Eliza Jennings owns and operates three senior living campuses with a combined total of 216 skilled nursing beds, 175 independent living apartments and villas and 89 assisted living units.

The Renaissance, located on 88 acres in Olmsted Falls, will be operating a total of 314 units of senior living and care facilities (an increase of 26 net units to historic operations) by Sept. 30. The Devon Oaks campus operates a 66-unit assisted living facility in Westlake. Eliza Jennings Home owns and operates a 126-bed residential and licensed skilled nursing home in Cleveland.

The Series 2022A Bonds consist of tax-exempt fixed rate bonds with a 20-year final maturity of May 15, 2042. The Series 2022A Bonds were issued in conjunction with the Series 2022B Bonds, which were directly placed, variable rate interest bonds with a local Ohio bank.

Blueprint Facilitates Sale of 2 Minnesota SNFs

Blueprint recently completed the sale of two skilled nursing facilities totaling 234 beds on behalf of a Minnesota-based regional owner-operator.

One of the facilities is located within the Minneapolis metropolitan area while the second is based approximately 2.5 hours north of the Twin Cities.

Both facilities were built in the early to mid 1960s, but have recently undergone renovations by the current ownership.

Despite ongoing market challenges, the facilities reportedly maintained a strong census with average occupancy exceeding 90% and quality-mix exceeding 40%.

Blueprint approached four of the most active skilled nursing buyers in Minnesota and received three written offers.

The seller selected was ultimately a national skilled nursing owner that was looking to expand their tenant’s footprint within the state.

Helios Helps Structure Missouri Nursing Home Sale

Mercy, a St. Louis-based non-profit health care network, sold a 146-bed nursing home in Springfield, Mo., Helios Healthcare Advisors announced this week.

The facility was owned on a leased-fee basis and is located between Mercy’s regional acute care and clinical sites, according to a news release announcing the deal.

The current tenant, one of the largest private operators of nursing homes in the state, put forth the most competitive offer and purchased the facility from Mercy, according to Helios.