Plum Healthcare Eyes Higher-Acuity Residents with $22.5M Skilled Nursing Development

Building a new skilled nursing facility from the ground up poses some challenges in an industry with ultra-thin margins. But for Plum Healthcare Group in California, it’s an opportunity to address the needs of its current patients, in a way that an older building doesn’t allow. That’s especially true given that the average age of […]

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 […]

Federal Shutdown Halts $3.6B HUD Loan Program for SNFs, and Backlog Will Linger

The partial government shutdown has brought a multi-billion-dollar program for skilled nursing facility acquisitions and refinances to a halt, and the backlog could complicate deals long after the impasse eventually ends. The Department of Housing and Urban Development (HUD) has stopped endorsing loans, the final step toward closing deals through the Federal Housing Administration’s (FHA) […]

Citadel Healthcare Acquires ManorCare Facility; Lancaster Pollard’s SNF Bridge Loans

Citadel Healthcare Acquires Illinois ManorCare SNF Citadel Healthcare acquired ManorCare of Northbrook in Northbrook, Ill., for an undisclosed amount, The Daily Herald reported. The facility, which has been renamed The Citadel of Northbrook, is the 10th location for Citadel, according to the publication. The company is based in Morton Grove, Ill., according to its LinkedIn […]

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. […]

$7.6M Bridge Loan for 3-SNF Portfolio; Nursing Homes in PA, NY Change Hands

Lancaster Pollard Facilitates $7.6M Bridge Loan for 3 SNFs Lancaster Pollard arranged a $7.6 million bridge loan financing for three skilled nursing facilities in Kansas and Missouri owned by Medicalodges, Inc. Medicalodges owns and operates 25 SNFs, eight assisted living facilities, four home health care offices, and two locations serving people with intellectual and developmentally disabilities. […]

Lancaster Pollard Closes 70 HUD Loans Totaling $619.1M in 2018

Lancaster Pollard closed 70 loans — totaling $619.1 million — that were insured by the Department of Housing and Urban Development (HUD) in fiscal 2018. Of the total closed through the program, the Columbus, Ohio-based lender logged 35 for skilled nursing facilities, for a total value of around $349.4 million and an average bed count […]

Greystone to Develop $21M Skilled Nursing Facility; Lancaster Pollard Secures $6.7M Refi

Greystone Healthcare Management to Develop $21M SNF in Florida Greystone Healthcare Management will develop a $21 million, 80-bed skilled nursing facility in Clermont, Fla. The 60,250 square-foot center will have 40 private suites and 20 semi-private rooms. Services will include specialized orthopedic, cardiac, and stroke rehabilitation programs, with an emphasis on higher-end “health care resort” touches. “The cornerstone […]

Lancaster Pollard Secures $16.8M Refi; Welltower Continues Florida Sell-Off

Lancaster Pollard Facilitates $16.8M Refi in Pennsylvania Lancaster Pollard, a lender based in Columbus, Ohio, facilitated a $16.8 million refinance of the Mountain View SNF for Complete Healthcare Resources. The 271-bed facility, located in Coal Township, Pa., also has eight independent living units. The refinance was closed through the Federal Housing Administration’s Sec. 232/223(f) program; it decreases overall […]

USDA Approves $34M Loan for New Skilled Nursing Facility in PA

A new skilled nursing facility in College Township, Pa. received a direct loan commitment of $34 million from an interesting partner: the U.S. Department of Agriculture (USDA). The USDA approved the commitment for the new Centre Care Health Center, which will be operated by the non-profit Centre Care and replace the existing Centre Crest facility […]

PDPM Piles the Pressure on Smaller Skilled Nursing Operators

The new skilled nursing payment model has received mostly praise from the industry since its finalization in late July, but it could have the side effect of leading more mom-and-pop SNFs to exit the space altogether. It’s important to note, however, that it’s not the only reason they’re leaving. “While PDPM is a big factor […]

[UPDATED] Lancaster Pollard Announces $400M Skilled Nursing Refi in California

Lancaster Pollard served as the syndication agent on a $400 million refinance of a credit facility for California-based skilled nursing operator Plum Healthcare Group, marking the latest in a string of big-dollar skilled nursing facility portfolio refinancings. Credit Suisse served as the lender for the transaction, working with the Columbus, Ohio-based Lancaster Pollard to design the […]

REITs Take Surprising Lead Role in Active Year for Skilled Nursing Transactions

More than halfway through 2018, the skilled nursing transactions landscape has mostly met expectations, but there have been more than a few surprises along the way. The recent deal between Welltower Inc. (NYSE: WELL) and the nonprofit ProMedica Health Systems to take over national operator HCR ManorCare made a splash in the skilled nursing sector when […]

Central Arkansas Gets First Green House; HUD Loan for Tryko Facility

Housing & Healthcare Finance Closes on HUD Loan for Tryko Facility in PA The Washington, D.C.-based Housing & Healthcare Finance closed on a 232/223(f) Department of Housing and Urban Development (HUD) loan for New Eastwood Healthcare & Rehabilitation Center. The 97-bed skilled nursing facility in eastern Pennsylvania is owned by Tryko Partners, which acquired it in […]

Skilled Nursing Facilities Rank Near Bottom of Investors’ Wish Lists

When asked which types of properties they were most interested in pursuing in 2018, a diverse group of investors ranked skilled nursing facilities near the bottom. Just 14% of respondents in the CBRE (NYSE: CBRE) U.S. Healthcare Capital Markets Group’s annual Investor & Developer Survey said skilled nursing facilities met their acquisition requirements for 2018. […]

Skilled Nursing Providers Must Brace for Medicare Advantage Wave

Medicare Advantage isn’t going away, and skilled nursing facilities need to be prepared for the resulting operational challenges, according to a new report from Lancaster Pollard (LP). LP, a Columbus, Ohio-based financial firm, pointed to recent troubles at Kindred Healthcare (NYSE: KND), which announced its exit from the skilled nursing industry in 2017; Genesis Healthcare, (NYSE: […]

CareTrust Acquires $41.5M Portfolio, Lancaster Pollard Closes $11.9M Refinance

ESI Arranges $7.2M Sale of Pennsylvania SNF Evans Senior Investments (ESI), a real estate brokerage firm with locations in Chicago and Boulder, Colo., represented the sale of the 66-bed Bloomsburg Rehab & Wellness Center, a skilled nursing facility in Pennsylvania for $7.2 million, or $117,000 per bed. The buyer and the seller were publicly traded real estate investment […]