CareTrust REIT (Nasdaq: CTRE) this week announced the $49.3 million acquisition of four skilled nursing facilities in California operated by Covenant Care, Inc. The 503-bed portfolio comes to the San Clemente, Calif.-based real estate investment trust (REIT) through a sale-leaseback arrangement, with initial annual cash lease payments of $4 million and a 15-year term. The […]
Blueprint Healthcare Real Estate Advisors
Capital Funding closed a $12.3 million refinance loan for a 105-bed skilled nursing facility in Baltimore through the Department of Housing and Urban Development’s (HUD) 223(f) program. The borrowers will use the proceeds in part to pay off debt on two other properties in their portfolio of SNFs, according to the Baltimore-based Capital Funding. The […]
Blueprint Healthcare Real Estate Advisors arranged the sale of four skilled nursing facilities with 400 beds on the East Coast, the Chicago-based brokerage announced last week. The four properties — three in greater Boston and one between Atlanta and Savannah, Ga. — had occupancy of 88% and annual revenues of $20 million at the time […]
Benedictine Health System Buys Nursing Home It Operates in Minnesota The ownership transfer of Benedictine Living Community, a nursing home in St. Peter, Minn., to Benedictine Health System was finalized by the City Council last week, The Mankato Free Press reported Tuesday. The move also terminated the old lease for the property. Benedictine Health System […]
Birchwood Sells West Virginia SNF/ALF to Public REIT Blueprint Healthcare Real Estate Advisors announced the sale of a skilled nursing and assisted living facility, Madison Park Healthcare in Huntington, W.V., to a public real estate investment trust (REIT). Blueprint arranged the sale for the seller, Birchwood Healthcare Partners, which focuses on seniors housing and nursing […]
Greystone Lands Nearly $24M Loan for Bronx Building Lending and advisory firm Greystone originated a $23.9 million loan to refinance the 200-bed Eastchester Rehab & Health Care Center in the Bronx, N.Y. The transaction represents a permanent financing of the property through the Federal Housing Administration, with a 30-year term. Eastchester Realty Associates will use […]
With the Patient-Driven Payment Model (PDPM) looming in 2019, some skilled nursing facilities have already decided to make their exit rather than deal with the challenges of the new Medicare payment system. “I know of a number of buildings in northern California that have already started to transition,” Mark Lamb, the chief investment officer at […]
Investment in skilled nursing facilities hasn’t slowed down despite persistent dark clouds surrounding the industry’s outlook. One of the overarching themes this past conference season — including at the summits held by the American Health Care Association (AHCA) and the National Investment Center for Seniors Housing & Care (NIC) — is that there’s an ongoing […]
Diversicare To Sell Three Kentucky Facilities for $18.7M Executives with the operator Diversicare Healthcare Services Inc. (Nasdaq: DVCR) signed an agreement to sell three Kentucky properties for a combined $18.7 million, Nashville Post reported. The sales are expected to close in the fourth quarter, and will cut Diversicare’s footprint in the state to 10 facilities. The […]
Preferred Care Selling Two Santa Fe Nursing Homes Preferred Care, which declared bankruptcy in November of last year, is selling two nursing homes in the Santa Fe, N.M. area, the Santa Fe New Mexican reported. Genesis HealthCare (NYSE: GEN), based in Kennett Square, Pa., is acquiring the Casa Real nursing home; the major nationwide provider […]
Legacy Healthcare Buys Elgin, Ill., SNF for $5M, Plans Millions in Renovations Legacy Healthcare purchased the Advocate Sherman West Court skilled rehabilitation and nursing facility in Elgin, Ill., and plans to invest $2 million in renovations, The Daily Herald reported. Most or all of the 75 staff members are expected to keep their jobs. The renovations […]
Reliant Named as Seller, Operator in $88M Griffin Deal Affiliates of Reliant Care Management Group sold a portfolio of eight skilled nursing facilities in Missouri to Griffin-American Healthcare REIT IV, Inc., and will stay on as operators going forward. Griffin-American first announced the $88.2 million deal in June, with the deal closing during the first week […]
Genesis Opens Short-Term Rehab Center in Exton, Pennsylvania Genesis Healthcare (NYSE: GEN) opened its 12th PowerBack Rehabilitation location in Exton, Penn., The Daily Local News reported. The 85,000 square-foot Exton center includes a rehabilitation gym and 120 private suites. It is expected to employ approximately 300 people, according to the publication. The PowerBack Rehabilitation service […]
Blueprint Turns Two in Ohio, Wisconsin Blueprint Healthcare Real Estate Advisors recently announced a pair of deals in the Midwest on behalf of major publicly traded real estate investment trusts (REITs). The 96-bed Pine Valley Care Center in Richfield, Ohio has a new owner-operator, according to the Chicago-based brokerage. Once a recipient of the coveted […]
HHC Lands $157M in Loans Since June Housing and Healthcare Finance this week announced a group of eight loans closed over the past two months, totaling $157 million for multiple skilled nursing facilities around the country. The Bethesda, Md.-based lender’s recent roster includes a $100 million bridge loan for an eight-facility portfolio in Pennsylvania, a […]
Blueprint Announces SNF sales in Arkansas, Pennsylvania Blueprint Healthcare Real Estate Advisors announced two separate sales of skilled nursing facilities, one in Pennsylvania and the other in Arkansas. The sale of Fairview Care Center of Bethlehem Pike, a 176-bed SNF in Philadelphia, was related to a recent eight-property portfolio sale in the same area, with […]
A portfolio of nine skilled nursing facilities, scattered over eight states, sold for $82 million, according to Blueprint Healthcare Real Estate Advisors, an investment advisory firm that specializes in senior housing and health care real estate deals. The portfolio consists of 981 licensed beds, with assets in California, Colorado, Idaho, North Carolina, New Mexico, Rhode Island, […]
$25M Facility Grows in Florida Greystone Healthcare Management announced the development of a 120-bed skilled nursing facility in Lakeland, Fla., with a target opening date in late 2020. The $25 million project will bring skilled services to the Lake Gibson Village assisted and independent living community, with the goal of creating a “health care resort” […]
Greystone Provides $20.6M Refi to Staten Island SNF Greystone provided a $20.66 million permanent loan insured by the Department of Housing and Urban Development (HUD) to refinance the 238-bed Golden Gate Rehabilitation & Health Care Center in Staten Island, N.Y. The permanent Federal Housing Administration (FHA) financing for the skilled nursing facility carries a 35-year term and […]
$4.7 Million Raised for New County Skilled Nursing Facility The Door County Medical Center in Sturgeon Bay, Wis., held a groundbreaking ceremony for a new 25,000-square-foot skilled nursing facility, the Door County Daily News reported. The facility is expected to be completed in the next year. Mike Herlache, executive director of the Door County Medical Center […]