Capital Funding Group (CFG) funded more than $440 million in the first half of this year, including 18 healthcare bridge loans, five multifamily bridge loans and eight HUD loans.
Notable transactions included a $42 million HUD financing package for three nursing homes in Washington and Idaho and a $36.2 million bridge loan to refinance five nursing homes in North Carolina.
“It has been a remarkable year so far for CFG as we have leveraged our entrepreneurial approach to lending to provide customized solutions to customers across the country,” said Erik Howard, president of CFG Bank, in a statement.
Other notable SNF deals from January through June included a $23.6 million refinancing of a Delaware facility, a $20 million refinancing of a Maryland SNF, and $17.4 million in HUD loans to refinance two Florida facilities.
ESI arranges sale of nursing home in Michigan
Evans Senior Investments (ESI) arranged the sale of Countryside Care Center, a nursing facility in Michigan, for an undisclosed amount.
The transaction was conducted on behalf of an independent owner-operator looking to recycle capital and exit the industry, ESI said in a statement. Countryside is licensed for 108 beds and was built in 1968 – the facility faced challenges at the time of marketing with only 80 beds in operation, a 2-star rating and 59% occupancy.
Key selling points included the opportunity to increase occupancy, improve asset management synergies and capitalize on the convenient in-state location 40 miles west of Ann Arbor and 35 miles south of Lansing.
After conducting a confidential marketing process, ESI selected a regional operator as the buyer.
Joint Venture American Health Plans introduces I-SNP
American Health Plans, a division of American Health Partners, is launching a new joint venture to create American Health Advantage Pennsylvania, an institutional special needs plan (I-SNP) serving 12 counties in the state.
Other organizations involved in the joint venture include Lake Erie College of Osteopathic Medicine, HCF Management, CHR Consulting Services and Highmark Health through its subsidiary Endorsed.
Through the collaboration, nursing home operators in the 12 counties will be able to offer the I-SNP to more than 3,000 residents across the state.
“Partnering with these great provider organizations and Highmark Health will positively impact the health care and quality of life of long-term care patients across Pennsylvania,” said Michael Bailey, president and CEO of American Health Partners.
Christian Horizons lists 10 properties for sale in Chapter 11
Christian Horizons recently put two of its properties up for sale after filing for Chapter 11 bankruptcy in July. The operator currently has 12 skilled nursing, assisted living and assisted living communities in Illinois, Indiana, Missouri and Iowa.
The two newest senior living homes for sale are in Springfield, Illinois. The remaining homes had previously been put up for sale as part of restructuring efforts, Dora Silvia, senior vice president of sales and marketing at Christian Horizons, told the State Journal-Register.
Healthcare Management Partners is involved in the restructuring and is working with legal advisors Dentons US and Summers Compton Wells. The nonprofit’s filing for Chapter 11 bankruptcy is related to lockdowns during the pandemic and the loss of a quarter of new residents over the past four years, while labor shortages led to higher operating costs.
While the properties are for sale, no changes in operations are expected, Silvia said, but interested buyers will be shown the locations. Christian Horizons has about $75 million in debt.
