$17.18M HUD Financing for Arizona SNF; Ensign’s Texas Buy

Greystone provided a $17.18 million loan insured by the Department of Housing and Urban Development (HUD) to refinance the 103-unit skilled nursing facility Sapphire Estates Rehab Centre in Tucson, Ariz. The HUD-insured Section 223(a)(7) financing carries a new 40-year term with a low fixed interest rate, and was originated by Greystone managing director Eric Rosenstock […]

Greystone’s $25M HUD Loan; Capital Funding Group’s Record $800M Quarter

Greystone provided a $24.9 million loan insured by the Department of Housing and Urban Development (HUD) for the refinancing of the 120-bed skilled nursing facility Adira at Riverside, in Yonkers, N.Y. The financing was originated for L&A RE Acquisition, LLC, by Greystone managing director Fred Levine, with Shia Fishman of Capital Stack Advisors acting as […]

Eduro Enters Texas with Four-Building Nursing Home Pickup; CommuniCare Expands in Ohio

The Utah-based skilled nursing operator Eduro Healthcare last week announced its expansion into Texas with a four-building pickup. Eduro signed a long-term lease to manage the quartet of buildings in Beeville, Cleburn, Hurst, and Lockhart, Texas, with a total of 434 beds. “We are excited about the opportunity to enter the Texas market,” Eduro managing […]

$42.08M in Financing for Virginia SNF; Greystone’s $10.37M Bridge Loan

MONTICELLOAM, LLC and its affiliates announced $42.08 million in first lien debt financing for the acquisition of a skilled nursing facility in Virginia. The transaction includes a $3.5 million working capital loan for the operating companies, provided by Monticello Commercial Capital, the real estate and asset-based lender, asset manager and servicer’s asset-based lending group. The […]

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 […]