Greystone provided a $51.5 million bridge loan to refinance a portfolio of skilled nursing facilities in Oklahoma. Meanwhile, Dewey Propco LLC bought Shadowbrook Gardens, an 80-bed skilled nursing facility in Carmichael, Calif., for $28.3 million.

Greystone Provides $51.5M for OK Portfolio

Greystone provided a $51.5 million bridge loan to refinance a portfolio of skilled nursing facilities in Oklahoma.

The portfolio consisted of 633 skilled nursing beds and 71 assisted living units across six facilities. Fred Levine, managing director for Greystone, originated the financing. The loan carries a 2-year term with extension option as the borrower intends to pursue permanent HUD financing.

“Greystone’s bridge lending platform continues to demonstrate its strength in delivering creative financing solutions for complex transactions like this six-facility portfolio,” Levine said in a statement.

Greystone has more than two decades of successful bridge-to-HUD financings under its belt, and is encouraged when providers “recognize and trust the value” added to multifaceted transactions like the most recent one in Oklahoma, the commercial real estate finance company said.

Dewey Propco Buys CA Nursing Home for $28.3M

Dewey Propco LLC bought Shadowbrook Gardens, an 80-bed skilled nursing facility in Carmichael, Calif., for $28.3 million, according to a report from the Sacramento Business Journal.

Dewey has the same address as International Equity Partners Inc., the report found, which has bought other nursing homes in the region.

Shadowbrook is a new build, with construction beginning back in 2019 and was set to be completed in spring 2024. While the property appears to be completed, it hasn’t opened its doors yet, reports found.

ESI Secures Tenant for NH Facility

Evans Senior Investments (ESI) has facilitated the lease of one of the largest nursing homes in New Hampshire.

ESI was engaged by an unnamed institutional owner and at the time of marketing, the property was performing well, according to the investment firm. A large-scale renovation, however, recently took 40 beds offline, ESI said.

A regional operator took the change as an opportunity to improve performance, ESI said, and through a competitive marketing process, the investment firm secured a tenant aligned with the seller’s strategic goals.

Blueprint Represents PE Seller in South Carolina Deal

Blueprint represented an unnamed institutional private equity (PE) seller in the closing of The Gables in South Carolina, which provides skilled nursing as well as memory care and assisted living.

A publicly-traded real estate investment trust was chosen as the buyer as a way to expand an existing partnership with a regional senior housing operator and further its growth strategy in the Carolinas, Blueprint said.

The Gables has a mix of private pay and Medicare residents, both drivers in strong recovery at the time of marketing, Blueprint said. The broker conducted a marketing effort to target the most active skilled and senior housing groups in the Southeast, garnering interest from a range of buyer profiles.