Blueprint Healthcare Real Estate Advisors helped facilitate the sale of a 92-bed skilled nursing facility located in Colville, Wash.
Pinewood Terrace was a “unique opportunity” for a regional owner/operator to purchase the facility for an “appealing price per bed with assumable attractive HUD financing,” according to a news release.
Skilled nursing operator Cascadia Healthcare ultimately purchased the facility for an undisclosed price. Cascadia has a number of facilities throughout the state and in neighboring Idaho.
The deal was a “strategic acquisition” for Cascadia, as the leadership team is looking to ensure “quality of care and synergy between local buildings.”
Citing regulatory and reimbursement challenges, the seller was content to exit the Washington skilled nursing market, the release said.
Walker & Dunlop Structures $57.2M Financing For 3 Facilities
Walker & Dunlop recently announced that it had structured $57.2 million in financing for two skilled nursing facilities and a supportive living facility in Illinois.
Specifically, Walker & Dunlop structured a $15.6 million loan through the U.S. Department of Housing and Urban Development’s (HUD) LEAN refinance program for Avantara Park Ridge, a 154-bed SNF in Park Ridge; a $13.3 million loan through the same program for Aperion Care Elgin, a 101-bed SNF in Elgin; and a $28.7 million loan through the HUD program for Moraine Court Supportive Living, a 185-bed facility in Bridgeview.
Walker & Dunlop assisted in structuring and obtaining HUD approval on a surplus cash note prior to application and refinanced the current HUD insured debt and surplus cash note for the Bridgeview facility, according to a news release.
Senior Managing Director Joshua Rosen led the origination team.
Walker & Dunlop has completed more than 850 seniors housing and health care deals worth more than $9 billion since 2009.
NewPoint Real Estate Capital Expands Finance Options
NewPoint Real Estate Capital recently announced that it has expanded its financing offerings to seniors housing and health care clients.
NewPoint is now considered an approved Fannie Mae Seniors Housing Lender and Freddie Mac Optigo Seniors Housing Lender, according to a company news release.
Just a few months ago NewPoint formed its seniors housing agency platform to supplement its existing HUD/FHA-focused seniors housing and health care financing options.
Eligible properties include independent living, assisted living and memory care facilities, as well as facilities with no more than 20% skilled nursing net operating income (NOI). Terms vary from five to 10 years, with up to 30 years for fixed-rate loans.
“NewPoint has made a strategic effort to build out the originations, underwriting, processing and servicing capabilities of our Seniors Housing and Healthcare Platform by recruiting the best and the brightest in the industry,” CEO David Brickman said.