An Indiana-based private owner exited the nursing home business by selling its final skilled nursing facility (SNF) to an East Coast-based operator. Separately, an Ohio-based chain sold three SNFs to an operator expanding into the Midwest.
SNF sold in Indiana
Senior Living Investment Brokerage facilitated the sale of Northwest Manor, a 126-bed skilled nursing facility in Indianapolis, Indiana.
The seller was a private owner, planning to exit the nursing home business with the sale of its final facility.
SLIB generated more than 25 competitive bids through a targeted marketing campaign, ultimately selecting an experienced East Coast operator with nine other Indiana communities and an existing partnership with the county hospital.
Ryan Saul of SLIB handled the transaction.
Blueprint Assists in Sale of Three SNFs in Ohio
An Ohio-based chain decided to sell three of its nursing homes in the state, totaling 280 licensed beds.
Blueprint targeted regional providers and private investors to buy the properties, selecting a new entrant to the state eager to grow its regional Midwest footprint. The broker offered a low fixed-rate HUD mortgage debt with over 20 years remaining on the loan term.
The portfolio sale was split between the start of the third and fourth quarters because timing was critical. Blueprint wanted the buyer to preserve facility points and reimbursement rates while the team worked through the HUD loan assumption process.
Each of the facilities was constructed between 1971 and 1985 and ranged in licensed-bed capacity from 63 to 130 beds.
MONTICELLOAM Closes $195.7M Financing for 7-SNF Portfolio
MONTICELLOAM provided $195.7 million in bridge and mezzanine loans for the refinancing of three SNFs in Virginia, and the acquisition of four more SNFs in Indiana.
An $11 million working capital line of credit will be used by the sponsor to support daily expenses of the 900-plus portfolio, the lender said.
“Skilled nursing operators who are expanding their portfolio need a capital partner that can keep pace with their goals and bring genuine depth to every transaction,” said Joseph Borenstein, head of MONTICELLOAM healthcare bridge lending team.
“This financing gives them room to handle today’s challenges while staying ready for what’s ahead,” added Matthew Lark, head of healthcare underwriting at MONTICELLOAM.
(Amy Stulick contributed to the reporting of this story.)
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