ESI Helps With $ 150 Million Sale; Greystone closes $ 13.6 million deal
Evans Senior Investments (ESI) announced the sale of a Pennsylvania portfolio in three separate transactions comprising eight long-term care communities for the combined purchase price of $ 150 million or $ 121,000 per functional bed .
The first tranche of the portfolio included four communities totaling 661 licensed nursing beds and 88 independent living cabin units. At the time of marketing, it had an average census of 74% with total revenues of $ 48 million and net operating income of $ 2.3 million. The buyer was a regional owner / operator looking to expand their skilled nursing presence in Pennsylvania.
The second tranche, a paid continuing care retirement community with 179 skilled nursing beds, 134 independent living units, 81 personal care units and 21 memory care units was sold to an owner / operator based in the New Jersey. It had an average census of 74% with total campus revenues of $ 24.8 million and net operating income of $ 1.4 million.
The third transaction is an autonomous personal care community.
Greystone secures $ 13.6 million in bridge funding
National commercial real estate finance company Greystone has provided $ 13.6 million in bridge acquisition financing for a 144-bed senior housing campus that includes assisted living, memory care and skilled nursing.
The campus is located in West Palm Beach, Florida. Greystone Managing Director Leor Dimant initiated the transaction on behalf of Gold Standard of Care.
“Greystone’s expertise in senior housing and healthcare, coupled with its industry-leading platform for acquisition finance, has made it an easy choice to finance the purchase through them,” said Gold Standard of Care CFO Rich Lecomte said in the press release. .
Ziegler closes $ 27.24 million for senior care community
Specialty investment bank Ziegler has announced the closing of $ 47.24 million in Series 2021 bonds for Redstone Presbyterian SeniorCare.
Redstone consists of nearly 500 retirement homes on three separate campuses, including 77 specialized nursing beds.
The bond proceeds will be used to repay outstanding bonds held with Huntington Bank, fund a bond swap termination, fund a debt service reserve fund and pay issuance costs related to the financing.
Blueprint Helps Sell 92-Bed SNF in Ohio
Earlier this month, Blueprint Healthcare Real Estate Advisors helped sell a 92-bed skilled nursing facility in Northwest Ohio.
The facility, Park View Nursing Center, has been sold to an experienced Kentucky-based operator looking to expand its regional presence with its first real estate acquisition.
As Park View improved operationally, the operator determined it was a geographic aberration from its greater Ohio area and would benefit both owner and tenant. to seek a strategic exit.