Greystone Closes $43.9M Portfolio Deal; Tryko Picks Up 200-Bed SNF from Receivership for $14.5M

Greystone this week announced the closure of $43.9 million in Department of Housing and Urban Development (HUD)-backed financing for three affiliated skilled nursing facilities operated by Centers for Care. The three properties in upstate New York — the Ontario Center for Nursing and Rehabilitation in Canandaigua, the Steuben Center for Nursing and Rehabilitation in Bath, […]

‘Nobody Would Qualify’: Skilled Nursing Lenders Adapt to Difficult Medicaid Math

Operators have begun to settle into the Patient-Driven Payment Model, the overhaul for Medicare reimbursement that took effect for skilled nursing facilities last year. But most nursing home residents will be covered by their state’s Medicaid program, and reimbursement shortfalls across the country have created a landscape where most nursing homes are barely breaking even […]

Monticello Lands $32M Refinance on Single SNF; Greystone’s $62M Skilled Nursing Portfolio Deal

MONTICELLOAM, LLC and its affiliates this week announced the completion of a $32 million refinance for a 177-bed skilled nursing facility in Maryland. The New York City-based private real estate lender and asset manager, collectively known as Monticello, also provided a $2 million working capital loan through its asset-based lending arm, Monticello Commercial Capital, LLC. […]

Greystone Confirms Takeover of 13-Property Rosewood Skilled Nursing Portfolio from HUD

Greystone on Monday formally announced its takeover of 13 properties from the federal government, marking a new chapter for the much-publicized Rosewood Care Centers portfolio. The New York City-based investment firm installed an operational affiliate, Greystone Healthcare Management-Midwest, as the operator of the former Rosewood buildings in Illinois and Missouri, which include 12 skilled nursing […]

Ensign Picks Up Texas Skilled Nursing Facility; Greystone’s $8M Financing

The Ensign Group (Nasdaq: ENSG) picked up where it left off in 2019 with a single skilled nursing and assisted living facility acquisition in San Antonio, Texas. The San Juan Capistrano, Calif.-based nursing facility giant on Tuesday announced the purchase of The Healthcare Center at Patriot Heights, a combined facility with 59 skilled nursing beds […]

Greystone Emerges as Incoming Owner of Troubled Skilled Nursing Facilities at Center of Record Default

The Department of Housing and Urban Development (HUD) has reached a deal that will see the New York City-based lending and advisory firm Greystone take over a troubled group of nursing homes and one assisted living facility (ALF) associated with the largest default in the department’s history. The New York Times first reported the news […]

Berkadia’s $76.8M Skilled Nursing Portfolio Deal; Wingate Hands Off Three to Vero

Berkadia announced its involvement in a $76.8 million portfolio deal that saw a nursing facility operator take ownership of nine buildings it had leased since 2004. The New York City-based lender’s Seniors Housing & Healthcare Group extended the financing for an affiliate of an unnamed Tennessee-based owner-operator of skilled nursing facilities. The nine properties — […]

Despite Recent Challenges, Skilled Nursing-REIT Relationship Isn’t Going Away

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,” […]

Greystone’s $72M Portfolio Deal; Formation’s 12-SNF Sale in VA; Strawberry Fields Grows to 70 SNFs

Greystone on Tuesday announced the successful closing of a nearly $72 million bridge loan used in the acquisition and refinance of a seven-building skilled nursing portfolio across North Carolina and Kentucky. The New York City-based lending and advisory firm extended 24-month payment terms on the $71.9 million bridge financing, along with a pair of six-month […]

Capital Funding Closes $18.5M Bridge Loan for Texas Portfolio; CCRC Plots New Skilled Nursing Development

Capital Funding Group announced its involvement in a $18.5 million bridge loan used to acquire a four-building skilled nursing portfolio in Texas. The deal, which closed in April, was intended as a step toward eventually refinancing the debt through the Department of Housing and Urban Development’s (HUD) 232(f) program. The portfolio, under the control of […]

Greystone’s $58M Hamptons Refinance; Monticello’s $38M Financing for 600 SNF Beds

Greystone on Wednesday announced the closing of a $58.8 million refinance loan for a skilled nursing facility in Southampton, N.Y. The 35-year loan was originated under the Department of Housing and Urban Development’s (HUD) 232 program, which allows investors and operators to refinance existing debt into non-recourse loans with lower fixed interest rates. The 280-bed […]

Greystone Courts Investors in India for New Skilled Nursing Development in FL

Investment in skilled nursing facilities has remained steady despite industry pressures, and one leading operational and investment firm has begun to look abroad for cash as it looks to expand. Greystone & Co., Inc. is pitching potential investors in India on a 180-bed skilled nursing development in the Orlando area under the federal government’s EB-5 […]

Greystone Lands $78.5M for New York Skilled Nursing Property; Eduro Enters Idaho

Greystone & Co. on Wednesday announced the origination of $78.5 million in financing for a 585-bed skilled nursing facility in the New York City suburb of Woodbury, N.Y. The firm originated the loan for the Cold Spring Hills Center for Nursing & Rehabilitation through the Department of Housing and Urban Development’s (HUD) health care lending […]

Plum Healthcare Lands $22.5M for New Development; $18.4M Bridge Financing for Kentucky Portfolio

Lancaster Pollard Mortgage Company arranged $22.5 million in development financing for Plum Healthcare Group, LLC to build a new skilled nursing facility in Walnut Creek, Calif. The Columbus, Ohio-based firm worked with a local banking partner on the transaction; Grant Goodman led the transaction for Lancaster Pollard Mortgage Co., along with Joe Munhall, who leads […]

Ensign Grows in Utah with 120-Bed Pickup; Greystone’s $14M Kansas Play

The Ensign Group (Nasdaq: ENSG) on Thursday announced the acquisition of Bella Terra Cedar City, a 120-bed skilled nursing facility in Cedar City, Utah. The transfer, which includes both the real estate and operations, became effective January 1, and the terms of the deal were not disclosed. Milestone Healthcare, Ensign’s Utah-based portfolio subsidiary, will operate […]

Greystone’s $24M Deal in the Bronx; SNF-to-Behavioral Conversion in Mass.

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 […]

Private Equity Must Be Nimble, Innovative to Succeed in Skilled Nursing

Tempted by demographic trends and a new reimbursement system, private equity has taken a keen interest in the skilled nursing industry over the past year. But executives at these investment vehicles would be foolish to think they can plug their existing models into nursing home business and expect the same kind of success they may […]

$32M Bridge Loan for TX Portfolio; Nursing Home Breaks Ground in Illinois

Greystone Provides $31.5M Bridge Loan for SNF Portfolio in Texas Greystone provided a $31.5 million bridge loan for a portfolio of four skilled nursing facilities in Texas. The non-recourse loan carries an initial term of 24 months with two six-month extension options; it also includes a floating interest rate and interest-only payments for the entire term. […]

Greystone Provides $100M in Financing for Two Centers Health Care SNFs

Greystone on Wednesday announced the origination of $100.75 million in loans, insured by the Department of Housing and Urban Development (HUD), to refinance two skilled nursing facilities in the state of New York. The loans were originated for Centers Health Care by Fred Levine, managing director in Greystone’s Monsey, N.Y. office. Centers has roughly 50 facilities […]