Health

Monticello’s $117M Expert Nursing Portfolio Deal; CIT Backs $93.7M Genesis Transaction – Expert Nursing Information

MONTICELLOAM, LLC on Tuesday announced that it had provided $117 million in first-lien debt financing for the acquisition of a 12-building skilled nursing portfolio in North Carolina and Kentucky — along with the refinance of a thirteenth SNF.

The entire portfolio totaled 1,357 skilled nursing beds. The New York City-based financial company and its affiliates — collectively known as Monticello — also originated a $10 million working capital loan through its Monticello Commercial Capital asset-based lending group.

Walker & Dunlop’s $47M HUD Refinance

Walker & Dunlop provided $47 million in Housing Department of Housing and Urban Development (HUD) loans in total to refinance a nursing home and continuing care retirement community in Texas and Alabama.

The Maryland-based team structured $13,096,000 in financing for the 96-bed Crown Point Health Suites nursing home and $33,600,000 for Regency Retirement Village, a continuing care retirement community (CCRC), which added a nursing facility in 2016.

“Walker & Dunlop was incredibly communicative, proactive, and efficient throughout the HUD loan process,” Rick Ruble, CEO of Crown Point Health Suites, said.

Both loans were processed through HUD’s 232/233 refinance program, and will replace the debt previously incurred through a bridge-to-HUD loan from Walter & Dunlop.

Crown Point Health Suites is family-owned and operated, offering multiple dining options, personal laundry service, and diverse daily activities — and holds a five-star rating from the Centers for Medicare and Medicaid Services (CMS).

Regency Retirement Village is a 312-unit CCRC providing varying levels of senior care, skilled nursing and rehabilitation care, and memory care services.

Managing director Kevin Giusti of Walker & Dunlop originated the respective transactions.

Main Lender Disclosed on $93.7M Genesis SNF Transfer

Just a few weeks after Genesis Healthcare (NYSE: GEN) announced a major transfer of 19 nursing facilities to a local operator in the West, the main lender announced being the lead player in financing the $93.7 million deal.

CIT Group (NYSE: CIT) confirmed that its health care finance unit headed the lending arrangements for the 19 nursing homes in California, Nevada, and Washington between New Generation Health LLC and Genesis affiliates.

CIT financed Los Angeles-based New Generation Health, LLC’s acquisition of seven facilities through a $74.7 million senior secured credit facility. CIT also structured a $19 million asset-based revolving credit facility to provide New Generation, a firm specializing in nursing home operations, with working capital financing for an added 12 facilities that it took over from Genesis in those regions.

CIT will provide capital market, cash management, and deposit account services.

“Given the complexities of health care, it was extremely helpful to work with a lender that has the industry knowledge needed to arrange and close the appropriate financing,” Aaron Robin, CEO of New Generation, said.

Genesis affiliates will take a backseat in leadership, but still provide back-office support and therapy services to the facilities.

Blueprint’s $12.6M Skilled Nursing Sale

Blueprint Healthcare Real Estate Advisors announced the $12.6 million sale of a 120-bed skilled nursing facility in Jacksonville, Fla.

The Chicago-based brokerage fielded multiple offers for the property, allowing the seller — a long-time private owner-operator — to choose the most appropriate fit.

The seller chose a private ownership group and a regional operator to purchase Summer Brook at a price that worked out to about $105,000 per bed.

Trent Gherardini led the transaction for Blueprint.

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