Greystone announced that it has provided a loan of $ 36,464,000 provided by the Department of Housing and Urban Development (HUD) to fund three skilled nursing facilities (SNF) in North Carolina.
The properties are located in Durham, Rutherfordton and Pinehurst.
Fred Levine is the originator of the loans for Greystone, based in New York.
The Durham location, Carver Living Center, a 232-bed SNF with 48 private and 92 semi-private rooms, sold for $ 17,160,000 in HUD-assured funding and has a 30-year term with a fixed and low interest rate. Rutherfordton’s facility, Willow Ridge Rehabilitation and Living Center, has 136 specialty nursing beds with 20 private rooms and 58 semi-private rooms, and sold for $ 11.4 million in funding provided by HUD which also carries a 30-year term with a fixed, low-interest rate.
Finally, the Greens at Pinehurst Rehabilitation & Living Center in Pinehurst was refinanced with HUD-assured funding of $ 7,896,000 with a term of 30 years.
“We have linked the acquisition of these facilities to our non-recourse gateway program to the HUD,” Levine said in the press release. “Obtaining permanent financing with an FHA loan allows a homeowner to secure long-term, low-rate financing for decades. “
Dwight Capital funds $ 8 million for DC nursing home
Dwight Capital closed $ 8 million HUD loan for Stoddard Baptist Nursing Home, a 164-bed SNF in Washington, DC
Adam Offman, Managing Director of Dwight Capital, initiated the transaction and lowered the loan interest rate by over 1.5% through the refinancing. The loan term and amortization have also been extended.
The Stoddard Baptist Nursing Home offers 24/7 nursing, short-term respite, rehabilitation and barber services.
Blueprint helps sell 82-bed Michigan SNF
Blueprint Healthcare Real Estate Advisors recently announced its involvement in the sale of an 82-bed SNF in Battle Creek, Michigan.
The establishment was built in 1967 and renovated in 1985.
It would underperform and serve as a geographic outlier for the vendor’s network of facilities in and around the Detroit metro.
Blueprint conducted a confidential sale process and the property was ultimately sold to a New York-based buyer wishing to expand their presence in Midwest Michigan.
The transaction was finalized as soon as the new operator received their approval of the Certificate of Requirement (CON).
Berkadia Seniors Housing & Healthcare closes $ 5.5 million for SNF in Oklahoma
Housing and Health of Seniors Berkadia’s Commercial Mortgage LLC group announced last week that it had reached a nearly $ 6 million deal for an SNF in Muskogee County, Okla.
The Charleston, SC-based real estate company has raised $ 5,560,000 in HUD-backed loans with a total of 111 beds; secured in the name of the sponsor.
The deal was reportedly concluded on June 17.
Berkadia CEO Jay Healy led the transaction.
Originally built in 1974, the SNF has 58 ventilated beds and historically has an average occupancy of 75%.
“Given the sustained occupancy of the property and the high usage of ventilation beds, we expect it to experience continued success in the future, especially as we move into a normal post -COVID, “Healy said in the press release.