CIBC Bank USA and a Greystone Monticello affiliate, along with other co-lenders, provided 980Investments with $137 million to refinance a nursing home portfolio.

980Investments is owned by Simcha Hyman and Naftali Zanziper, and the 1,135-bed portfolio is located in North Carolina.

CIBC additionally provided a $6.5 million revolving line of credit to support the ongoing operations of a third-party tenant, according to Matthew Tyler of CIBC.

Financing was handled on behalf of CIBC by Tyler and Neal Netzel, and on behalf of Greystone Monticello by Karina Davydov and Danny Sweeney.

NHC Adds White Oak Portfolio

National Healthcare Corporation (NYSE American: NHC) on Aug. 6 completed the acquisition of the White Oak Senior Living portfolio, which consists of 15 skilled nursing facilities, three of which double as continuing care retirement communities (CCRCs) while two also have assisted and independent living units.

The properties are located in North and South Carolina, representing an expansion of NHC’s operations into a new state and strategic advancement of its growth in its existing operational footprint.

“White Oak has been a premier skilled nursing and senior living provider in North and South Carolina for many years. We are honored to acquire and operate the White Oak brand and continue to provide critical services to their patients and families,” Steve Flatt, CEO of NHC, said in a statement.

NHC will be entering the North Carolina market while expanding offerings in South Carolina.

“We expect this acquisition to be accretive to NHC’s earnings and create several long-term operational efficiencies and synergies inside our operating networks,” Flatt said. “Above all, the cultures at White Oak and NHC both value excellent care as the highest priority. That’s what made this opportunity so attractive.”

The acquisition will add 1,928 skilled nursing beds, plus 48 assisted living units and 302 independent living units to NHC’s current operations. NHC currently operates for themselves and third parties 80 SNFs, 25 assisted living communities, nine independent living communities, three behavioral health hospitals, 34 homecare agencies, and 30 hospice agencies.