Blueprint Facilitates Cascadia Deal for Washington SNF; Walker & Dunlop Structures Financing of $57.2 million
Blueprint Healthcare Real Estate Advisors helped facilitate the sale of a 92-bed skilled nursing facility located in Colville, Washington.
Pinewood Terrace was a “unique opportunity” for a regional owner/operator to purchase the property at an “attractive price per bed with attractive HUD financing,” according to a press release.
Qualified nurse operator Cascadia Healthcare eventually 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 management team seeks to ensure “quality of care and synergy between local buildings”.
Citing regulatory and reimbursement issues, the seller was content to exit the Washington Skilled Nursing market, the statement said.
Walker & Dunlop Structures Financing of $57.2 million for 3 facilities
Walker & Dunlop recently announced that it has 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 refinancing 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 under the HUD program for Moraine Court Supportive Living, a 185-bed facility in Bridgeview.
Walker & Dunlop helped structure and obtain HUD approval on an excess cash note prior to the application and refinanced the current HUD-insured debt and excess cash note for the Bridgeview facility, according to a statement from hurry.
Senior General Manager Joshua Rosen led the fitting team.
Walker & Dunlop has entered into more than 850 senior housing and healthcare contracts worth more than $9 billion since 2009.
NewPoint Real Estate Capital expands its financing options
NewPoint Real Estate Capital recently announced that it has expanded its financing offerings to senior living and healthcare customers.
NewPoint is now considered an approved Fannie Mae senior housing lender and Freddie Mac Optigo senior housing lender, according to a company press release.
Just a few months ago, NewPoint created its senior housing agency platform to complement its existing HUD/FHA-focused senior housing and healthcare financing options.
Eligible properties include self-contained residences, assisted living facilities, and memory care facilities, as well as facilities with a net operating income (NOI) from skilled nursing that does not exceed 20%. Terms range from 5 to 10 years, with up to 30 years for fixed rate loans.
“NewPoint has made a strategic effort to grow the origination, underwriting, processing and servicing capabilities of our senior housing and healthcare platform by recruiting the best and brightest in the industry,” said CEO David Brickman.