Capital Funding Group (CFG) announced over $41 million in financing for three transactions involving four skilled nursing facilities as well as other senior housing properties. Meanwhile, Illinois-based WLC Management Firm, which operates 19 nursing and rehabilitation care centers, purchased a 71-bed facility in Virginia, Ill. 

CFG Provides $41M in Financing

Capital Funding Group (CFG) announced over $41 million in financing for three transactions from mid-February to early March for four skilled nursing facilities and an assisted living and memory care community across the country, all executed on behalf of nationally recognized borrowers.

“We’re excited to share the closing of these deals, which demonstrates CFG’s ability to provide flexible financing solutions that support our clients through operational transitions,” Tim Eberhardt, CFG Bank’s chief lending officer for Bridge and HUD Loans, said in a press release.

The financing included a $27 million bridge-to-HUD loan for the refinancing of three skilled nursing facilities in South Carolina and Missouri, featuring a total of 397-beds. The transaction closed on Feb. 12, and CFG refinanced and upsized the debt on a portfolio, allowing the borrower to recoup operational losses resulting from a re-tenanting process.

CFG also provided $8 million for a bridge-to-HUD loan, which included $1.0 million in capital expenditures for the acquisition of a 95-bed skilled nursing facility in Connecticut, with the deal closing on Feb. 27.

Finally, CFG executed a $6.7 million bridge-to-HUD loan on behalf of Cascadia Senior Living & Development to support the acquisition of an 84-unit and 86-bed assisted living and memory community in Yakima, Washington, closed on March 5. Headquartered in Yakima, Cascadia has extensive experience in managing senior living facilities. Cascadia already owns and operates three other buildings in Yakima, which are collectively 99% occupied and have an impressive 28% NOI Margin, CFG noted in a press release.

WLC Management Acquires SNF

Illinois-based WLC Management Firm, which operates 19 nursing and rehabilitation care centers in central and southern Illinois, purchased Walker Nursing Home, a 71-bed facility based in Virginia, Ill. The terms of the deal were not disclosed.

Walker Nursing Home has been operational since 1950. The facility holds a five-star rating and will now operate under the name Cass County Senior Living and Rehabilitation, according to a story in the Journal Courier.

Bryan White and his sister, Rachel White Schaddel, who have owned the nursing home, will continue to manage it, with Bryan White staying on as administrator.

The decision to sell came due to rising costs and increasing regulations, making it challenging for the family to manage the facility, the article notes.

WLC Management operates several facilities, including Three Springs Senior Living and Rehabilitation, StoneBridge Nursing and Rehabilitation Center, and Imboden Creek facilities in Decatur.

2 Michigan SNFs Sold

Blueprint was engaged by a Michigan-based owner-operator to facilitate the confidential, off-market sale process for two skilled nursing facilities in Jackson and Lansing. The facilities were deemed geographic outliers within the seller’s operating footprint in the state, motivating the seller to strategically exit these locations and shift focus to its holdings in metro Detroit and the greater Saginaw submarkets.

The sale included Aria Nursing & Rehabilitation, a 110-bed dually-certified skilled nursing facility in Lansing, and Allegra Nursing & Rehab Center, an 82-bed dually-certified skilled nursing facility in Jackson. At the time of sale, both facilities were generating positive cash flow with combined census and quality payor mix above 80% and 30%, respectively.

Abiding by the seller’s preference not to formally market the facilities for sale but rather directly approach a very limited number of pre-selected potential buyers, Blueprint capitalized on its real-time market knowledge and longstanding local relationships to procure a compelling acquisition offer from a larger regional provider. Within several locations in the state and a strong reputation for quality care delivery, the buyer was chosen as the optimal counterparty for this sale.

Upon offer acceptance, Blueprint worked diligently with all parties and respective counsels to proactively navigate and overcome any and all transactional challenges to maximize execution certainty while ensuring a timely closing and smooth transition process.