VIUM Capital announced that it closed on a $136,784,000 bridge loan in October that will be used to acquire the real estate of 17 Indiana-based skilled nursing facilities.
The deal marked one of VIUM’s largest single transactions to date under time pressure and without the need for syndication or partnership, according to Executive Managing Director Steve Kennedy.
The client involved was ultimately interested given a “uniquely strong” tenant and the quality of the operations, according to VIUM.
“The combination of those factors will make for a strong real estate investment and an attractive financing for HUD to ultimately insure,” Kennedy said in a statement.
VIUM’s month of October also included three other transactions, bringing the total for the month to 28 separate SNF and assisted living facility properties totaling $250 million across five states.
Blueprint Inks 5 Deals in 5 States
Blueprint Healthcare Real Estate Advisors recently advised in three skilled nursing transactions across three states.
The first involved a joint venture owner where Blueprint advised on the sale of a 90-bed skilled nursing facility in Lowell, Mass.
The facility is located near Lowell General Hospital, which sees 1,300 SNF discharges annual. The building over time maintained a stable census and a steady stream of referrals and admissions, according to Blueprint.
The selected buyer is a regional acquirer who plans to focus on tackling staffing challenges and investing in capital projects.
Blueprint was also selected by a public real estate investment trust (REIT) and its operating partner to sell two Maryland nursing homes as part of a larger portfolio with staggered closings.
Located along the Chesapeake Bay, the two facilities — located in Cambridge and Lexington Park — total 285 licensed beds. These facilities, with favorable Medicaid rates and few local competitors, maintained positive but lower cash flow compared to pre-Covid levels.
Blueprint ultimately selected an East Coast-based acquirer and operator partnership.
The third deal involved a public REIT looking to sell an 18-SNF portfolio across the state of Florida with a total of 2,185 licensed beds.
The portfolio averages a 3.5 CMS-star rating with 10 of its facilities rated four or five stars, according to Blueprint.
Given the state’s recently approved 7.8% Medicaid rate increase, Blueprint received more than 20 competitive offers — ultimately selecting an East Coast-based investor.
Blueprint’s fourth deal involved the sale of a 300-plus bed skilled nursing portfolio in the state of Ohio. The three facilities — located in Canton, Toledo and Rockford — were originally built in the 1960s and 1970s but were renovated and upgraded since 2015, according to Blueprint.
The seller, an East Coast-based private equity investor, cited a need to recycle capital in its decision to sell the portfolio. An East Coast-based group with a strong presence in the local market, who was already the current operator, was chosen as the buyer.
In its fifth deal Blueprint was selected to advise a joint venture owner in the sale of a three-facility, 380-bed nursing home portfolio in central Connecticut.
The portfolio has maintained stable census levels due in part to its wealth of regional referral sources, including Hartford Hospital, Manchester Memorial and Rockville General, Blueprint noted.
The acquirer plans to address staffing efficiencies and invest in capital projects.
NHI Funds $42.5M Loan to Refinance Texas SNF Portfolio
National Health Investors Inc. (NYSE: NHI) announced it funded a $42.5 million senior loan to refinance a Texas skilled nursing portfolio..
The five-year loan, which has an annual interest rate of 7.25% and two one-year extensions, was made to an affiliate of Capital Funding Group. The properties are leased by The Ensign Group (Nasdaq: ENSG) subsidiaries.
The deal aligns with the strategy shared by NHI leadership during its most recent earnings call.
NHI CEO Eric Mendelsohn said earlier this month that the Murfreesboro, Tenn.-based REIT is targeting another $50 million to $60 million in additional asset sales, including 10 properties currently being held for sale.
“We are focused on concluding our optimization efforts and returning to growth,” Mendelsohn said during the call. “We continue to be bullish on the long-term industry fundamentals for senior housing and skilled nursing.”
Companies featured in this article:
Blueprint Healthcare Real Estate Advisors, National Health Investors Inc., VIUM Capital
