Greystone provided a $29.9 million bridge funding to acquire the six-capacity portfolio in Rhode Island. Meanwhile, the 300-bed New York nursing home has received $25 million in funding from Montytherome.
Greystone offers $29.9 million in bridge finance for six facilities
Greystone provided $29.9 million bridge finance to acquire Rhode Island's six-facility skilled nursing portfolio.
The bridge fundraising was born from Greystone Managing Directors Ryan Harkins and Christopher Claire. Sellers and buyers are not listed.
“The Greystone Bridge lending platform is particularly suited to the skilled nursing sector. This includes a variety of industry-leading permanent funding options, including the Top Rank (Housing Urban Development (HUD) and the Federal Housing Administration (FHA) platforms. “Our team's deep experience in the healthcare and senior sectors is a clear advantage for our clients.”
The following facilities are included in the portfolio: 120 beds of Bayberry Commons. 76 Bed East Gate Nursing & Rehabilitation Centre. 112 Beds South Kingstown Nursing & Rehabilitation Center. 149 Bed West Shore Health Centre. 95 Bed Village House Nursing & Rehabilitation Centre. Elmwood Nursing and Rehabilitation Center with 70 beds.
Staten Island Nursing Home is receiving $25 million in funding from Montytherome
Monticelloam has announced the funding of a $25 million mezzanine loan for a skilled nursing facility on Staten Island. The Sponsorship Group is a long-time client of a specialized multi-family and senior housing bridge lending platform.
The loan proceeds will be used to recapitulate existing stocks in the 300-bed facility.
“It's always rewarding to support recurring healthcare clients with another successful funding,” said Joseph Borenstein, head of Monticelloam Healthcare Sales Desk. “Their continued trust in our platform speaks volumes about their ability to build creative solutions that align with their business goals.”
99 beds Ohio nursing home for sale
Blueprint promoted sales at Ohio nursing homes at private prices.
The seller, the nonprofit Columbus Colony Senior Care Co., Ltd., was founded in 1977 by the Ohio Deaf Association. It is one of five organizations across the country to provide professional services for hearing and visual impairments.
The Ohio facility is widely known statewide and across other states for its commitment to resident-centered care, but its license capacity must be reduced from 150 to 110 beds, with 11 more beds being sold individually and dropped to 99 beds at the time of sale.
Columbus Colony has chosen Ohio's largest owners and operators as buyers, and has committed to continuing high-quality care services for the unique needs of the community.
The Dayton, Ohio facility has been sold
BluePrint ran the sale of Grafton Oaks, a 99-bed, skilled nursing facility in Dayton by an unknown legacy owner and operator in Ohio.
Legacy owners and operators have tried to sell only the sector's assets and retire from the industry, Blueprint said.
“Even with negative cash flow, the facility presented strategic opportunities for buyers focused on long-term value and operational improvements,” a representative from Blueprint said of the transaction.
A handpicked group of capitalized investors and local operators with a strong understanding of the state's regulatory considerations were targeted by the blueprint and eventually landed on owners looking to expand their presence in southwestern Ohio.
Two Ohio nursing homes with a total of 203 beds available for sale.
Blueprint promoted sales of two skilled nursing facilities in Ohio, earning a total of 203 license beds.
Sellers were an unnamed Midwest-based group aiming to strategically sell non-core assets, looking for “suitably capitalized” buyers with expertise to enhance operations while maintaining high quality care.
Regional and national investors with existing operational sizes within the state have been targeted by Blueprints, and the Cleveland-based group has been selected as buyers for their state presence.
“Buyers have established footprint in Ohio, and the acquisitions have seamlessly matched their growth strategy and ensured continuity of care,” a representative from Blueprint said.
A Loreto house in Ohio has been sold
The 50-bed Loreto House of Ohio's 50-bed Loreto House of Loreto House is sold to Ohio LLC for an undisclosed price by the Congregation of the Spirit of God. The sale was approved by Bishop David J. Bonner, Chief of Youngstown's Catholic Parish.
The building was built in 1963 with a donation from William Zink and was paid in full in 1972.
Ikaria Capital expands its partnership with Caretrust
Ikaria Capital Group plans to expand its lending in the senior housing and nursing home sector by strengthening its partnership with Caretrust REIT (NYSE: CTRE).
Ikalia has formalised arrangements with Care Trust to deploy capital to lend to nursing homes and senior housing sectors. The company has been helping out in debt transactions since 2022.
“This has been an innovative partnership from day one,” says Dave Sedgwick, CEO of Caretrust Reit, referring to past deals with the Ikaria team led by industry veterans Jason Dopoulos and Ken Gould. “We are pleased to build on our track record with the Ikaria team. This surpasses expectations by significantly improving our out-of-market asset acquisition pipeline while providing excellent yields for investors.”
CareTrust's investment priorities have always focused on real estate acquisitions through acquisition transactions, Sedgwick added that Ikaria understands REIT's “operator-centric” approach to these sectors and the strategic criteria needed for debt investment.
