Two former Consulate SNFs sold in bankruptcy; Lument sees $1.49 billion a year

ByDonald L. Leech

Mar 8, 2022

Evans Senior Investments (ESI) has announced that it is representing the bankruptcy of two qualified nursing communities in Florida linked to Consulate Health Care.

The bankruptcy stems from a whistleblower case that resulted in a $256 million civil fraud judgment, of which Consulate Health Care was ordered to pay $4.5 million.

Both nursing homes operated under the Consulate Health Care brand and filed for bankruptcy when the SNF operating entities could not afford to pay the judgment against them, according to the press release.

This agreement comes as the consulate is in the process of rebranding in the state of Florida.

ESI represented the debtors at the sale and the assets were ultimately sold after an auction in a related party credit offer transaction.

Lument completes 137 transactions in 2021

Lument saw a record number of deals in 2021, financing $1.49 billion in 137 senior housing and care deals.

The company completed 21 deals in Ohio, 17 in Indiana, 12 in Illinois, eight in Virginia and six each in California, Minnesota and Oklahoma.

FHA rating changes, which allow borrowers to maintain existing FHA loans while reducing interest rates and monthly payments, accounted for a large portion of Lument’s transaction volume in 2021, with 92 transactions totaling 828 million, according to the press release.

Lument continued that momentum in 2022, closing six FHA rating changes in January totaling $31.1 million. The portfolio included three assisted living and skilled nursing communities in Ohio, two assisted living communities in Minnesota, and one assisted living community in Illinois.

Harborview Capital Partners Secures $13.8M in Financing for Two Oregon Properties

Commercial real estate finance firm Harborview Capital Partners arranged a $13.8 million acquisition loan for a 160-bed nursing and assisted living facility in Oregon.

The Bridge Loan to HUD features an 80% loan-to-cost ratio, a low fixed rate, a three-year term, and two-year interest-only payments.

Eli Osdoba and David Chiger of Harborview arranged financing for the transaction.

Blueprint helps facilitate sale of REIT Senior Care assets

Blueprint announced the sale of a 167-bed independent living, assisted living and skilled nursing facility in Nampa, Idaho.

The owner and operator, a real estate investment trust, has decided to withdraw and sell to Cascades Healthcare.

Cascades was reportedly chosen because of its growing clinician-led experience.