Bed prices at nursing homes have remained robust in recent years despite industry upheaval, and while it’s impossible to paint the state of the market with a broad national brush, the coming year could bring even higher figures as owners and operators pull off turnaround projects. A snapshot from the third quarter of 2019 revealed […]
Thornton Hall Nursing and Rehabilitation, a 60-bed skilled nursing facility located in Norfolk, Va., was sold in a 60-day span. The transaction was sparked by an active skilled nursing investor — with an expanding regional operating platform in the state — who presented an unsolicited offer to acquire the SNF from a client of Blueprint […]
Blueprint Healthcare Real Estate arranged the sale of a vacant 150-bed skilled nursing facility in Southeast Ohio. The Chicago-based brokerage worked with a real estate investment trust (REIT) owner and its national skilled operator tenant, which was looking to exit the state. The property was designated a Special Focus Facility, the federal government’s list of […]
Capital Funding Group last week announced the $13.8 million closing of a bridge loan backing Preferred Care’s acquisition of a 126-bed skilled nursing facility in New Jersey. The Baltimore-based Capital Funding and Preferred Care plan to refinance the debt through the Department of Housing and Urban Development’s 223(f) refinance program, which offers financing with longer […]
Propero Seniors Housing Equity Fund III, LLC partnered with Tender Loving Care (TLC) Management for a $41.4 million development in Florida. The 170-unit Cortez Oaks Health and Rehabilitation in Brooksville, Fla. will feature 109 skilled nursing beds, along with 41 assisted living units and 20 memory care, according to a release from lender Lancaster Pollard. […]
Meridian Capital Group this week announced its involvement in a 19-building skilled nursing portfolio deal that saw the New York City-based finance and investment firm provide $241 million in acquisition financing. The portfolio has a total of 2,175 beds, with locations in Massachusetts, New Hampshire, Pennsylvania, Delaware, Maryland, and West Virginia. Meridian’s managing directors, Ari […]
Texas’s failure to pass a program to increase Medicaid payment to skilled nursing facilities was the latest step not taken in improving the reimbursement in the Lone Star State. The legislation, which would have set up a long-term care quality provider participation program (QPPP) to funnel additional compensation to SNFs for meeting certain quality metrics, […]
Walker & Dunlop (NYSE: WD) on Friday announced that it had provided a $12.8 million bridge loan for the acquisition of The Grove Fox Valley, a 156-bed skilled nursing facility in the Chicago suburb of Aurora, Ill. The Bethesda, Md.-based real estate finance company originated the loan for Cascade Capital Group of Skokie, Ill., which […]
The Evangelical Lutheran Good Samaritan Society continues to strategically trim its post-acute portfolio, selling off a trio of skilled nursing campuses along the Illinois-Iowa border. The three properties had a total of 214 skilled nursing beds and 65 independent and senior living apartments, according to Blueprint Healthcare Real Estate Advisors — which brokered the deal […]
KeyBank Real Estate Capital secured $45 million in Federal Housing Authority (FHA) loans for the refinancing of three skilled nursing facilities in the state of Texas. The loans were $16 million for the 120-bed Regency-Windsor Calallen in Corpus Christi, $14.5 million for the 120-bed Regency-Bastrop Nursing & Rehabilitation Center in Bastrop and $14 million for […]
Two groups of buyers are involved in the transition of a skilled nursing facility located in Warsaw, N.Y., Buffalo Business First reported. Bartholomew Health Care Group of Rochester’s decision to sell the 80-bed East Side Nursing Home came after financial problems primarily stemming from Medicaid funding, owner A. John Bartholomew told the publication. The initial […]
Colony Capital, Inc. (NYSE: CLNY) on Thursday announced the successful refinance of a $1.73 billion consolidated loan on its health care portfolio, which includes skilled nursing facilities, senior housing properties, hospitals, and medical office buildings. The new interest-only loan totals $1.52 billion, with a five-year term and a blended interest rate of one-month LIBOR plus […]
Though the leasing relationships between real estate investment trusts (REITs) and their skilled nursing tenants have come under scrutiny — and criticism — in recent months, it may be premature to declare their permanent demise. “There’ll be health care — broadly defined — REITs that’ll move in and out of the sector, upsize and downsize,” […]
A pair of properties formerly operated by the troubled Dycora Transitional Health and Living chain in the Golden State have a new owner. Eduro Healthcare entered the California market with the acquisition of the two former Dycora properties in Fresno and Stockton, Calif. Michael Bewsey, managing partner at the Salt Lake City-based Eduro, characterized the […]
Regional Health Properties, Inc. (NYSE American: RHE) this week announced an agreement to sell four skilled nursing properties to MED Healthcare Partners, LLC, for a total of $28.5 million. The 500-bed portfolio consists of Attalla Health & Rehab in Attalla, Ala.; Healthcare at College Park in College Park, Ga.; Northwest Nursing Center in Oklahoma City; […]
Long Term Care Investments VI is pitching a $7 million skilled nursing facility in Merrillville, Indiana, the Times of Northwest Indiana reported. The development would include five residential buildings, each with 12 beds, a dining area, a spa and a beauty salon; 12 of the units in the development would be designated for dementia patients. […]
Dwight Capital, a commercial real estate finance firm based in New York, closed several transactions for skilled nursing facilities in the month of March. These included a $3.3 million bridge loan for the 82-bed Victory Health and Rehabilitation Center in Minneapolis, which was bought from a health care real estate investment trust (REIT), and a […]
Summit Healthcare REIT, Inc. acquired an interest in 14 skilled nursing and assisted living facilities in Indiana for $125 million, with plans to lease them back to the seller on a triple-net basis. The acquisition, announced Wednesday, was made through a newly formed joint venture among a wholly-owned subsidiary of Summit, a real estate holding […]
The property associated with the Sanatoga Center skilled nursing and rehabilitation facility in Sanatoga, Penn., sold for more than $20.9 million, The Santoga Post reported Wednesday. The deal closed on Jan. 28. The property was previously owned by DELM Nursing Inc. of Kennett Square, Pa.; it was sold to a company called Santoga RE, according […]
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 […]