Greystone provided $29.9 million in bridge financing for the acquisition of a six-facility portfolio in Rhode Island. Meanwhile, a 300-bed New York nursing home received $25 million in financing from MONTICELLOAM.

Greystone Provides $29.9M in Bridge Financing for Six Facilities

Greystone provided $29.9 million in bridge financing for the acquisition of a six-facility skilled nursing portfolio in Rhode Island.

Bridge financing was originated by Greystone Managing Directors Ryan Harkins and Christopher Clare. Seller and buyer were not listed.

“Greystone’s bridge lending platform is particularly well-suited for the skilled nursing sector, as we have a variety of industry-leading permanent financing options, including our top-ranked [Department of Housing and Urban Development (HUD) and Federal Housing Administration (FHA)] platform, that can help meet a borrower’s needs,” said Harkins. “Our team’s deep experience in the healthcare and seniors sector is a clear advantage for our clients.”

The following facilities are included in the portfolio: 120-bed Bayberry Commons; 76-bed Eastgate Nursing & Rehabilitation Center; 112-bed South Kingstown Nursing & Rehab Center; 149-bed West Shore Health Center; 95-bed Village House Nursing & Rehabilitation Center; and 70-bed Elmwood Nursing & Rehabilitation Center.

Staten Island Nursing Home gets $25M financing from MONTICELLOAM

MONTICELLOAM announced the financing of a $25 million mezzanine loan for a skilled nursing facility in Staten Island, with the sponsorship group being a longstanding client of the specialized multifamily and seniors housing bridge lending platform.

Loan proceeds will be used to recapitalize existing equity in the 300-bed facility.

“It’s always rewarding to support a repeat health care client with another successful financing,” said Joseph Borenstein, head of the MONTICELLOAM healthcare sales desk. “Their continued trust in our platform speaks volumes about our ability to structure creative solutions that align with their business goals.”

99-Bed Ohio Nursing Home Sold

Blueprint facilitated the sale of a nursing home in Ohio for an undisclosed amount.

The seller, nonprofit Columbus Colony for Elderly Care Inc. was established by the Ohio School for the Deaf Alumni Association in 1977; it is one of five organizations in the nation to offer specialty services for the hearing and visually impaired.

While being widely known across the state and in other states for its commitment to resident-centered care, the Ohio facility had to reduce its licensing capacity from 150 beds to110 beds, with an additional 11 beds being sold separately, bringing it down to 99 beds at the time of sale.

Columbus Colony ended up selecting Ohio’s largest owner and operator as the buyer, with the unnamed company committing to continuing high-quality care services for the unique needs of the community.

Facility in Dayton, Ohio Sold

Blueprint was engaged by an unnamed legacy owner and operator in Ohio to execute the sale of Grafton Oaks, a 99-bed skilled nursing facility in Dayton.

The legacy owner and operator sought to sell their only asset in the sector and retire from the industry, Blueprint said.

“Despite being cash flow negative, the facility presented a strategic opportunity for buyers focused on long-term value and operational improvement,” Blueprint representatives said of the deal.

A select group of well-capitalized investors and regional operators with a strong understanding of regulatory considerations in the state were targeted by Blueprint, eventually landing on an owner that was looking to expand its presence in Southwest Ohio.

Two More Ohio Nursing Homes Totaling 203 Beds Sold

Blueprint facilitated the sale of two skilled nursing facilities in Ohio, totaling 203 licensed beds.

The seller was an unnamed Midwest-based group looking to strategically divest of non-core assets and was looking for a “well-capitalized’ buyer with expertise to enhance operations while maintaining high-quality care.

Regional and national investors with existing operational scale in the state were targeted by Blueprint, with a Cleveland-based group selected as the buyer for their presence in the state.

“With the buyer’s established footprint in Ohio, the acquisition aligned seamlessly with their growth strategy, ensuring continuity of care,” Blueprint representatives said.

House of Loreto in Ohio Sold

The 50-bed House of Loreto nursing home in Ohio has been sold for an undisclosed amount by the Congregation of the Divine Spirit to the Hari Group, an Ohio LLC. The sale was approved by Bishop David J. Bonnar, head of the Catholic Diocese of Youngstown.

The building was constructed in 1963 with an endowment from William Zink and was paid in full in 1972, according to a report from the Canton Rep. Congregation nuns will continue their ministry in Canton and a modified role as volunteers at the House of Loreto.

Ikaria Capital Expands Partnership with CareTrust

Ikaria Capital Group plans to expand lending in the senior housing and nursing home sector through strengthening its partnership with CareTrust REIT (NYSE: CTRE).

Ikaria is formalizing an arrangement with CareTrust to deploy capital that will lend into the nursing home and senior housing sectors; the companies have worked together on debt transactions since 2022.

“This has been an innovative partnership from day one,” said Dave Sedgwick, CEO of CareTrust REIT, referring to past transactions with the Ikaria team, led by industry veterans Jason Dopoulos and Ken Gould. “We are pleased to build on our track record with the Ikaria team, which has to date outperformed expectations by greatly enhancing our off-market asset acquisition pipeline while providing excellent yields to our investors.”

CareTrust’s investment priority will always focus on acquiring real estate through accretive transactions, Sedgwick said, adding that Ikaria understands the REIT’s “operator-centric” approach to these sectors and strategic criteria needed for debt investments.