Skilled Nursing Executive Outlook: ‘Question of Nursing Homes’ Viability Will Continue’ in 2020

Though the early days of 2020 have brought some optimism around the state of the post-acute and long-term care industry, executives in the space continue to emphasize that the coming 12 months could bring make-or-break decisions for operators and their partners. One day after American Health Care Association (AHCA) CEO Mark Parkinson told SNN that […]

Lancaster Pollard Closes $420M Refinance for 26 Plum Healthcare Skilled Nursing Facilities

Lancaster Pollard on Wednesday announced the completion of a $420 million portfolio refinancing for 26 skilled nursing facilities operated by Plum Healthcare Group. The transaction marked the first Department of Housing and Urban Development-backed loan transaction for the Carlsbad, Calif.-based Plum, according to a release announcing the deal. In 2018, the Columbus, Ohio-based Lancaster Pollard […]

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 […]

Low Stars, Citations, Medicaid Problems: HUD Lenders Share Top Skilled Nursing Dealbreakers

Lenders who offer Department of Housing and Urban Development (HUD) loans consider skilled nursing financing to be a long-term relationship, so choosing clients carefully — and thinking about deals as partnerships for the long haul — is crucial for good-decision making. Because the federal government backs these products, which feature low interest rates and a […]

Despite Concerns, HUD Lending for Nursing Homes Saw Slight Uptick in 2019 with $3.7B in Endorsements

Despite an extended government shutdown and some negative press, the federal lending program for nursing facilities and other health care properties saw a slight boost in overall dollar volume for the year — even as the absolute number of deals experienced a dip. The Department of Housing and Urban Development’s Section 232 program for skilled […]

$41.4M Skilled Nursing Development Grows in Florida; $6M Sale in Maryland

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. […]

Skilled Nursing Sell-Off in Texas Goes Beyond Payment: ‘The Problem is Not the Medicaid Rate’

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, […]

Berkadia’s $104M Nursing Home Financing; $11M Refi in New Jersey

Commercial real estate lender Berkadia landed a $104 million loan for a skilled nursing facility in the Bronx, N.Y., the company announced Monday. Berkadia secured the financing for the Workmen’s Circle Multicare Center, operated by the Woodbury, N.Y.-based Cassena Care, through the Department of Housing and Urban Development’s 232/233 program; the loan closed just 13 […]

Senior Care Centers SNFs Leased to New Regional Operators; $20.7M in Financings for Summit REIT

Two 120-bed skilled nursing facilities in Houston and Lubbock, Texas — both formerly operated by Senior Care Centers — were leased to two regional operators based in the Lone Star State. The transaction, which was facilitated by the Chicago-based advisory firm Helios Healthcare Advisors, was structured at market lease rates and with pre-negotiated purchase options. […]

$42M Portfolio Refinance in Texas; Cambridge Turns Two with $10M Deal

Lancaster Pollard landed a pair of bridge loans for skilled nursing operator The Arboretum Group, pulling off a total of $42 million in recapitalization efforts at five properties. The first loan, a $12 million product with a 12-month term, refinanced existing debt on two skilled nursing facilities in southern Texas. The second deal saw the […]

$17.3M Refi for New Jersey SNF; $180M Redevelopment Includes 102 Skilled Units

Lancaster Pollard provided a $17.3 million loan insured by the Department of Housing and Urban Development to refinance Willow Springs, a skilled nursing facility in Brick, N.J. Tryko Partners was the borrower, having purchased the community from NuVision Management in 2013, REBusinessOnline reported. The facility had 148 skilled nursing beds and an assisted living (AL) […]

Wave of Anticipated Skilled Nursing M&A Action Still Offshore for Now

Major real estate investment trusts (REITs) with stakes in the skilled nursing world almost universally expressed optimism about the coming change in Medicare Part A reimbursement — and several predicted changes in mergers and acquisitions as a result. But the expected wave of small mom-and-pops exiting the skilled nursing industry because the Patient-Driven Payment Model […]

Leaders Least Optimistic About Standalone Skilled Nursing Assets in 2019

A survey of industry leaders from around the country revealed the least optimism for standalone skilled nursing assets in 2019. When asked about the perceived economic viability of solo SNF properties over the coming year, a plurality of respondents to Lancaster Pollard’s 2019 Seniors Housing & Care Survey — or 36% — said the outlook […]

$37.8M Financing for Two SNFs in New Jersey; Lancaster Pollard Lands Multiple Loans

Lancaster Pollard Mortgage Company helped provide financings for skilled nursing facilities in Michigan and South Carolina, while also landing a $42 million Fannie Mae refinance for a continuing care retirement community (CCRC). In Michigan, Lancaster Pollard assisted Riverview Health with the refinance of two of its communities in Detroit. Lancaster Pollard obtained two loans through […]

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 […]