Capital Funding Group closed $10.9 million in financing for a 99-bed skilled nursing facility in California on March 30, on behalf of a nationally recognized borrower.
The funding supported the refinancing of an existing bridge loan, executed by CFG, into a HUD loan.
“We’re excited to announce this deal as it is a testament to how we take on our clients’ goals as our own and are persistent in finding solutions to help them grow,” said CFG Managing Director, Long-Term Care Tim Eberhardt.
Eberhardt added that the group’s relationship with HUD allowed them to execute bridge-to-HUD lending solutions and work with clients to mitigate HUD take-out risk.
This provides our team the competitive advantage to create customized financing solutions based on each of our client’s unique business needs and goals.”
The financing followed the closing of $3.3 million in Bridge-to-HUD financing for the acquisition of two skilled nursing facilities located in Washington, which support 108 beds. That transaction was closed on March 20, 2023.
“We’re excited to share the closing of this financing as it’s a testament to how we execute deals of all sizes to support our clients,” said CFG Managing Director, Long-Term Care Tim Eberhardt in a press release. “CFG’s host of loan offerings paired with our sole-ownership structure, gives us a competitive edge and allows our team to provide our clients a truly customized financing solution every time. More than a traditional lender, we are a partner to our clients, taking their goals on as our own to help them succeed.”
ESI Arranges the Sale of a Skilled Nursing Community in New Mexico
Evans Senior Investments (ESI) arranged the sale of a skilled nursing community on behalf of a southwest regional operator, for $16.5 million, or $163,366 per bed.
Despite the community being located in a rural market, the asset maintained an occupancy average of 83% during the marketing process. Upon closing, the community was 95% occupied. Accompanied by a strong Medicaid rate increase implemented in July 2022, the asset maintained a strong net operating income.
“Evans Senior Investments was able to showcase the expense savings with a new regional operator that would archive over $500,000 using our proprietary database of comparable nursing homes across the country” said Hank Fuller, Senior Associate at Evans Senior Investments, in a press release.
The facility is located in the northwestern part of New Mexico and included 101 skilled nursing beds. A West-coast based group that was looking to make their first acquisition in the state of New Mexico was ultimately selected as the buyer.
ESI leveraged its rolodex of buyers that are still actively looking to grow in today’s market to complete this transaction,” said Brendan DeSilvia, associate at Evans Senior Investments, in a press release.
Blueprint advises publicly-traded REIT on sale of 170 bed skilled nursing facility located in South Carolina
Blueprint advises publicly-traded REIT on sale of The Beaufort, a South Carolina facility that was constructed in several phases, beginning in 1969, and featured predominantly semi-private rooms.
According to Blueprint, prior to the pandemic, the asset had demonstrated an ability to generate positive cash flows with occupancies exceeding 90%, though was significantly impacted by census and staffing headwinds as a result of COVID-19, thereby generating millions of dollars in operating losses.
Blueprint said they were originally hired to run a confidential marketing process on a separate SNF that the REIT owned in South Carolina, however, after the firm procured eight competitive written offers during that process, the REIT decided to strategically explore the ability to also transact on the Beaufort, SC facility.
Ultimately, Blueprint recommended that the REIT move forward with a New York based owner/operator that was eager to grow its existing regional footprint.
Companies featured in this article:
Blueprint Healthcare Real Estate Advisors, Capital Funding Group, Evans Senior Investments
