Greystone Provides $47M in Financing for 5 SNFs; ESI Arranges Senior Care Portfolio Sale

Greystone, a national commercial real estate finance company, provided $47 million in HUD-insured loans for five different skilled nursing transactions.

The facilities were located in California, Connecticut, North Carolina and Ohio, and involved five different borrowers, according to a news release.

Greystone provided an $8,264,000 loan for a 35-bed facility in San Diego; a $10,584,000 loan for a 103-bed facility in Dayville Conn.; an $8,144,000 loan for a 100-bed facility in Norwalk, Ohio; a $5.75 million loan for a 64-bed facility in Fremont, Ohio; and a $15,120,000 loan for a 111-bed facility in Durham, N.C.

All five facility financings operate under a long non-recourse loan term of 30 or 35 years and a low rate, according to the release.

The financing was originated by Managing Director Fred Levine.

“Today’s rising interest rate environment reinforces the extraordinary value associated with HUD’s fixed-rate, long-term financing programs,” Levine said in a statement.

ESI Arranges Sale of Connecticut Senior Living, SNF Portfolio

Evans Senior Investments (ESI) arranged the sale of a three-facility senior living and nursing home portfolio, located just outside of Hartford, Conn.

The buyer is an east coast owner/operator who wanted to expand their presence in the state, according to a news release.

The portfolio includes 246 skilled nursing beds and 114 independent living units — all within a 10-mile radius of each other. Pre-Covid occupancy averaged roughly 92% and a “strong” post-acute rehabilitation nursing home census mix.

“The acquisition presented a great opportunity for a new operator to grow their presence in the state of Connecticut and apply additional synergies as this community is folded into their portfolio,” ESI President and Founder Jason Stroiman said in a statement.

ESI has closed more than $1.6 billion in transaction volume since March 2020.

Siena Healthcare Finance Provides $20M Credit Facility to Ohio Nursing Home Chain

Siena Healthcare Finance closed a $20 million working capital facility for an Ohio-based nursing home chain.

The line of credit was refinanced from a large commercial bank, according to a news release.

“We offered a competitive financing package with the flexibility to meet our client’s needs and without some of the restrictions of their former bank line,” Siena Healthcare Finance President Jennifer Sheasgreen said in a statement.

Harborview Capital Partners Arranges $50M Revolving Line of Credit For Health Care Portfolio

Harborview Capital Partners arranged a $50,000,000 revolving line of credit for six Pacific Northwest-based assisted living and nursing homes totaling 316 beds.

The large regional operator’s loan has a 20-year amortization and an “incredibly low” interest rate.

The financing was originated and arranged by Senior Loan Originator Eli Osdoba and Senior Analyst David Chiger.

Ziegler Closes Acquisition Financing For North Carolina Life Plan Community

Specialty investment bank Ziegler closed three taxable loans for Well-Spring Obligated Group so it could acquire a community and expand its services.

Greensboro, N.C.-based Well-Spring operates 60 skilled nursing units, 10 of which are for short-term rehabilitation, 285 independent living units, 60 assisted living units and 20 memory care units, according to a news release.

The Village at Brookwood is a life plan community located in Burlington, N.C. that operates 24 skilled nursing units, 155 independent living units, 12 assisted living units and 12 memory care units.

Cone Health, which previously acquired the not-for-profit health system that developed The Village at Brookwood, and Well-Spring entered into a member admission and substitution agreement back in January that involved Well-Spring taking over the Burlington community’s assets and operators.

Ziegler served as the placement agent for the taxable loans with Pinnacle Bank as the lender.

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