First Citizens Bank arranged the $270 million sale of a 30-facility portfolio across five states. MonticelloAM, meanwhile, financed a $33.6 million bridge loan for a New Jersey nursing home.

First Citizens Bank Arranged $270M in Nursing Home Portfolio Financing

First Citizens Bank, through its health care finance business, arranged $270 million in financing support for the acquisition of 30 health care facilities across Idaho, Oregon, Washington, Montana and Arizona.

Cascadia Healthcare and affiliate Olympus Retirement Living will continue to operate the properties, which include 15 skilled nursing facilities and seven campuses that include skilled nursing, independent living and assisted living units.

The buyer is an unnamed real estate investment group specializing in the post-acute care sector.

William Douglass, group head and managing director of Healthcare Finance at First Citizens Bank.

“Our team is committed to leveraging its deep industry knowledge and expertise to provide flexible and tailored financing solutions that help healthcare companies grow and better serve communities,” William Douglass, group head and managing director of health care finance at First Citizens Bank, said in a statement.

MonticelloAM Finances $33.6M Bridge Loan for NJ Facility

Specialized multifamily and seniors housing bridge lending platform MonticelloAM announced the financing of a $33.6 million bridge loan for the acquisition of a nursing home in New Jersey.

The borrower, a longstanding client of MonticelloAM, intends to use the loan for financing the purchase of a 180-bed northeastern NJ facility .

The loan has a 30-month initial term.

“We’re proud to strengthen our partnership with the borrower as they look to add to their extensive healthcare portfolio,” Joseph Borenstein, head of the MonticelloAM health care bridge lending team, said in a statement. “We have great confidence in their ability to execute their business plan and look forward to empowering them through our tailored financing solutions.”

Greystone provides $26M in Bridge Financing for New Build in California

National commercial real estate finance company Greystone provided $26 million in bridge financing for the acquisition of a newly built nursing home in California.

Greystone will lead the borrower through permanent financing with a HUD-insured loan.

“We are thrilled to have helped the sponsor acquire this beautiful new asset and look forward to ushering them through the FHA loan process, which provides longer terms and lower rates than other permanent debt options in today’s market,” said Ben Rubin, relationship manager at Greystone.

Greystone’s Rubin and Christopher Clare, managing director, originated financing for the California property.

The loan includes a 15-month term with a 12-month extension option at a floating rate, and is full-term interest only, Greystone said.

CIBC Provided Financing in Massachusetts

CIBC Bank USA closed on a $13 million commercial mortgage loan for a 120-bed skilled nursing facility in Massachusetts, near Boston.

The unnamed owner is a “high-quality, national skilled nursing operator,” CIBC said. The physical plant has an effective age of 20 years.

The property has posted strong operating results, with 89% occupancy and EBITDAR margins of 20%. Matthew Tyler and Neal Netzel with CIBC handled financing.

SLIB Engaged to Sell Ohio Nursing Home

SLIB was engaged to sell the 167-bed Chateau at Mountain Crest Nursing and Rehabilitation Center in Cincinnati, Ohio for an undisclosed amount.

The property was originally licensed for 199 beds but the number of beds was reduced to save on provider tax and improve the Medicaid rate, SLIB said in a statement. The Chateau was purchased by a Chicago investor in 2014 which subsequently went bankrupt.

The seller, a national lender, took the property back in 2018 due to poor operational management and financial performance, SLIB said, ending up running the property through receivership; a number of operational managers were employed between 2018 and 2023.

The most recent management company improved clinical outcomes and financial performance from a steep loss, ending close to breaking even. The unnamed buyer intends to invest significantly to upgrade the physical plant and in turn increase occupancy and quality mix, SLIB said.

The regional owner and operator is looking to grow in Ohio.

ESI Arranged Sale of Ohio Facility

Evans Senior Investments (ESI) arranged the sale of an 88-bed skilled nursing facility in Ohio for an undisclosed amount.

The buyer is an unnamed regional owner and operator expanding in the state – this is the operator’s second acquisition in Ohio in the past seven months. The owner, represented by ESI, was an institutional owner looking to exit the market.

The property included 20 independent living units as well, serving as a strong referral source for the nursing home, ESI said.

Forest Healthcare Properties Completes Two Transactions in June

Forest Healthcare Properties handled two separate off-market skilled nursing transactions in June.

One transaction was the sale of a 120-bed nursing home in a Southeast state, 85% occupied at closing. It was acquired by an unnamed regional operator expanding into the area.

Forest represented the seller in the second transaction, an unnamed operator divesting a facility in Suffolk County, New York, built in the 1970s. The nursing home had more than 90% occupancy at closing and “cash flowing” at the time of sale, Forest said in a statement.

The unnamed buyer has facilities in the surrounding area and was looking to expand.