2 Florida Skilled Nursing Facilities Secure $17.4 Million in Refinancing; Connecticut-based 90-Bed Miller Memorial Sold

Two Florida-based skilled nursing facilities received $17.4 million in refinancing brokered by CFG, a subsidiary under CFG Bank.

This financial arrangement, completed on February 27, 2024, involved securing two HUD loans and benefited a nationally recognized borrower.

The development comes shortly after CFG’s announcement of another successful refinancing venture involving two skilled nursing facilities in Illinois, totaling $13.55 million in HUD loans.


SLIB Facilitates Sale of Miller Memorial Community in Meriden, Connecticut

SLIB recently oversaw the sale of Miller Memorial Community located in Meriden, Connecticut. The facility, with 90 beds for skilled nursing and 19 Active Adult cottage-style apartments, had been under non-profit ownership since its inception until the decision was made to divest the asset.

Despite operating at a significant loss during the marketing phase, SLIB said potential buyers were drawn to the community’s non-union status and above-average Medicaid rate. The seller was a Connecticut-based non-profit and the buyer was a Northeast-based private equity group.

Chicago-Area Deal Finalized by Blueprint

In a recent development, Blueprint guided a national investor through the sale of a three-community portfolio comprising assisted living, memory care, and skilled nursing facilities in the western suburbs of Chicago.


According to Blueprint, the communities were initially acquired in a sizable portfolio deal prior to the onset of COVID-19, with a strategic plan focusing on operator transitions, regional groupings, and substantial investments in renovations and repositioning efforts.

However, the challenges posed by the pandemic and a subsequent surge in interest rates necessitated a reassessment of the original strategy, leading to a comprehensive portfolio re-prioritization, rationalization, and de-leveraging initiative.

The portfolio encompasses three closely situated communities managed by two different entities, 290 assisted living and memory care units, along with approximately 40 Medicare-only skilled nursing units. Despite recent capital improvements, the communities faced post-COVID difficulties yet presented an enticing value-add opportunity, Blueprint said in a press release.

In light of these circumstances, the seller opted to divest the communities to bolster liquidity and streamline the portfolio. The seller chose to proceed with a bid from a local owner-operator eager to extend their Midwest portfolio into Illinois while retaining the skilled nursing operations. 

Cambridge Realty Capital Arranges $5.95M Loan for Acquisition of Twilight Haven

Cambridge Realty Capital Companies recently facilitated a $5,950,000 conventional loan for the acquisition of Twilight Haven Senior Living in Fresno, California. The transaction, secured for a California limited liability company, was underwritten by a Utah-based industrial bank.

Twilight Haven, a comprehensive senior living community, is comprised of 60 independent living units, 116 assisted living beds, and 50 skilled nursing care beds.

Brent Holman-Gomez, Cambridge’s Senior Vice President, said the selling operator was in bankruptcy, with the skilled nursing facility closed. Despite these challenges and the current credit market conditions, the loan-to-cost ratio was notably high within traditional norms, providing the borrower with strategic growth opportunities while minimizing upfront cash requirements