ESI closes California SNF deal for $25 million;  Chart recommends Knitwear Partners to sell nursing home in Pennsylvania

ESI closes California SNF deal for $25 million; Chart recommends Knitwear Partners to sell nursing home in Pennsylvania

Evans Senior Investments (ESI) arranged the sale of a 138-bed skilled nursing center in Anaheim, California, for $25 million, or $181,159 per bed.

The buyer, an East Coast real estate holding company, has arranged the lease with a local owner/operator in the country, according to the real estate brokerage.

Operating long-term care assets in today’s market remains challenging, according to ESI, when considering rising labor costs, the pandemic, rising interest rates and the growing need to monitor compliance.

SNF was 96% occupied at the time of marketing and generated over $2 million in net operating income.

The facility also has a contract to acquire more than 50 curative residential care beds and the community in general has strong surrounding demographics, according to ESI.

Interest was also strong despite California’s highly regulated health care environment. The drug received seven offers just 25 days after it was put on the market.

“The Evans Senior Investments team was able to offer buyers the expense-saving opportunity of a new regional operator of over $750,000,” Hank Fuller, Senior Associate at ESI, said in a statement. “The owner got the full value of that, as if they were running the community with an additional $750,000 in net operating income.”

Matt Gasack of Foley & Lardner represented the sellers in the deal.

Chart Advising Knitting Partners to Sell SNF . Pennsylvania Co

Blueprint advised a joint venture owner to sell a 180-bed nursing home in West Chester, Pennsylvania. Tryko Partners, a real estate investment group.

The deal benefited from significant medical assistance rate increase In the state announced in July.

“Blueprint’s marketing and financial outlook efforts highlighted the state’s July 2022 announcement to significantly increase Medicaid payments effective January 1, 2023, with more than $500 million earmarked for long-term care facilities,” Blueprint said in a statement.

Pennsylvania Healthcare Association (PHCA) President Zach Schamberg said increased funding represents the biggest bump in Medicaid payments for nursing home residents during one budget cycle in Pennsylvania in the modern repayment era.

After buying multiple offers from regional investors and sponsors, Blueprint closed the deal with Tryko in less than 90 days.

Dwight Capital closed the third quarter with $192.29 million in funding

Dwight Capital and its Real Estate Investment Trust (REIT) funded the Dwight Mortgage Trust of $192.29 million for seniors and healthcare financing during the third fiscal quarter.

Among the financing was a $42 million bridging loan that facilitated the acquisition of three SNFs in New Hampshire: Epsom Health Care Center; Maple Leaf Healthcare Center; Villa Crest Nursing and Retirement Center. The portfolio provides 387 beds and about 19,860 square feet, according to Dwight Capital.

General Manager Josh Storm created the transaction.

SNF’s other financing includes a $50 million acquisition loan for a portfolio of 404 beds in Texas. $14 million bridge refinancing of Massachusetts properties Regal Care in Harwich and Foremost in Sharon, totaling 201 beds; A bridge acquisition loan of $12.43 million for a 314-bed portfolio in Connecticut; $11 million to refinance a bridge to another 124-bed property in Connecticut; a $9.2 million bridge acquisition loan for the 114-bed Forest Park Health Care and Rehabilitation Center in Pennsylvania; and two HUD loans for 110- and 80-bed properties in Wisconsin worth $7.6 million and $5.28 million, respectively.

CIBC offers a $17.5 million mortgage facility to California’s portfolio

CIBC Bank USA has provided a California lessor with a $17.5 million mortgage facility in connection with the refinancing of the Skilled Nursing and Supported Living portfolio.

The portfolio includes 100 SNF beds and 180 assisted living units, according to CIBC, and has an effective life of 25 years. Historically, real estate occupancy has been close to 70%. The EBITDAR margin was around 13%.

CIBC’s Matthew Tyler and Neil Netzel handled the financing.

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