Blueprint announced the sale of Cobblestone Rehabilitation & Healthcare Center, a 59-bed skilled nursing facility in Moultrie, Ga., following the operator’s recent bankruptcy filing.
The facility, which was previously owned by a New York-based investment firm, was sold to a local community-based teaching hospital, Colquitt Regional Medical Center.
“Acquiring Cobblestone will allow us to expand our continuum of care and provide additional services to our patients and this community,” Colquitt Regional Medical Center President and CEO Jim Matney said in a news release. “It has been a long-term goal of ours to expand into skilled nursing, so it was the perfect opportunity for us to begin this journey.”
The buyer plans to make substantial upgrades to the facility’s patient rooms, common areas and landscaping.
Lument Closes $18.9M for Senior Care Community
Lument announced it closed $18.9 million in U.S. Department of Housing and Urban Development refinancing for The Guilford House, a 96-bed assisted living and skilled nursing facility in Guilford, Conn.
The Guilford House is an individually owned and operated facility managed by the Moffie family. The Moffies acquired the facility in 2002, when the original building was a superannuated 60-bed SNF that required significant renovation and new construction, according to the news release.
An FHA loan in 2007 helped the facility emerge as a 75-bed SNF specializing in short-term rehabilitation. In 2019, the FHA program was used again to fund the addition of 21 assisted living units to the existing building.
The $18.9 million loan provided by Lument will be used to replace existing debt with a reduced interest rate and mortgage insurance premium, and provides approximately $110,000 in annual debt service savings.
ESI Arranges Sale of Texas Nursing Home for $6.5M
Evans Senior Investments (ESI) announced the sale of Pasadena Care Center, a 116-bed skilled nursing community located in Pasadena, Texas, for $6.5 million or $56,000 per bed.
Built in 1975, Pasadena Care Center is located 15 miles southeast of Houston, Texas. At the time of marketing, the community was 80% occupied and was producing approximately $750,000 in net operating income (NOI) annually. At the time of sale, the nursing home dipped to 72% occupied.
Occupancy and cash flow reportedly fell below historical levels due to continuing staffing and admission struggles brought on by the COVID-19 pandemic.
ESI represented the seller, an independent owner who was utilizing SavaSeniorCare as the operator for the community.
“The acquisition presented a great opportunity for a new operator to grow their presence in the state of Texas and apply additional synergies as this community is folded into their portfolio,” Jeremy Stroiman, CEO of ESI, said in the news release.
The buyer was a national owner/operator expanding in the state of Texas.
Ziegler Gets $23,991,000 Financing for Wisconsin Illinois Senior Housing
Specialty investment bank Ziegler announced it has closed financing for Wisconsin Illinois Senior Housing, Inc. (WISH) for a refunding of prior debt.
The financing includes $22,460,000 of tax-exempt Series 2022 Bonds directly purchased by BMO Harris Bank, along with a $1,531,000 taxable term loan.
Proceeds of the bonds will be used to refinance WISH’s outstanding bonds in an aggregate amount of approximately $23.5 million, pay an associated prepayment penalty and pay costs of issuance associated with the Series 2022 transaction. The Series 2022 bonds were issued through the Wisconsin Health and Educational Facilities Authority.
WISH is an Illinois not-for-profit corporation created in 1994 that currently owns and operates eight skilled nursing facilities with a total of 487 licensed beds, 10 assisted living facilities with a total of 300 licensed beds, and one 24-unit senior independent living facility. All of WISH’s facilities, which are located across 15 different campuses, are located in rural areas of Wisconsin except for one facility located in a northwestern suburb of Chicago.