The Bluebonnet Point Wellness skilled nursing and rehabilitation center in Bullard, Texas, opened after nine years of planning and construction, The Tyler Morning Telegraph reported October 10.
The facility includes 119 rooms, including 57 private rooms. The facility received a $1 million grant from the Texas Department of Agriculture for infrastructure assistance, a grant that required the facility to contribute jobs to the local economy by having 51% of hires be among people with low to moderate incomes.
New York-Based Private Equity Group Acquires Two Cincinnati Health Care Campuses
Two health care campuses in the Cincinnati metropolitan, comprising 400 dually certified SNF beds and 232 senior housing units, were purchased by a private equity group based in New York.
The group already has a strong presence in the market as a buyer, according to a press release from the Chicago-based Blueprint Health Care Real Estate Advisors, which facilitated the transactions.
Berkadia Secures $9.75M HUD Financing for Mississippi SNF
Berkadia secured $9.75 million for the 88-bed Willow Creek Retirement Center in Byram, Miss., in a refinancing deal that closed September 30.
The 35-year loan, from the Department of Housing and Urban Development (HUD), is limited to 100% of costs with an interest rate in the low two-percent rage and 79% loan-to-value ratio.
The project was previously insured by HUD, and the owner completed an approximately 15,000-square-foot addition and renovation with HUD’s approval, according to Berkadia managing director Laura Saull Smith, who secured the loan for WCR, LLC WCR, LLC and managing member Robert Rotolo. The owners used their own funds for this work, she noted.
“This will be the fourth time I’ve worked with the Rotolo family to finance this property, and the new HUD loan will position Willow Creek for many more years of success,” Saull Smith said.
Private Investment Group Divests Two SNFs in Connecticut
Two SNFs in Connecticut, with a total of 197 beds, were sold by a New York City-based private investment group to a buyer based in Connecticut with an existing operating presence there. The facilities were located in two markets — the Hartford metropolitan area and the New York City metro area.
The owner of the real estate identified the properties as non-core and up for disposition, according to a press release from Blueprint, which facilitated the transaction.
The properties themselves produced about $16 million in revenue at the time of their marketing, though they both were dealing with declining operating margins year-over-year. They both were part of a late 2017 acquisition of 10 SNFs.
Florida SNF Sells Through Bankruptcy
The only licensed SNF in Key West, Fla., the 120-bed Key West Health and Rehabilitation, was sold amid bankruptcy proceedings, with the buyer acquiring the facility “free and clear” and beating out a stalking horse as the highest and best bid during the auction sales.
The facility is adjacent to the ground lessor of the SNF, the Lower Keys Medical Center and had an existing HUD mortgage, according to a release from Blueprint, which facilitated the sale.