Omega Buys Louisiana-Based CommCare’s 244-Bed Nursing Homes; Capital Funding Group Closes $19.8M Financing for Virginia SNF

Capital Funding Group (CFG) successfully closed a significant $19.8 million bridge-to-HUD loan, marking a strategic move in the acquisition of a 120-bed skilled nursing facility in Virginia.

“The successful closing of this financing underscores our leadership in the bridge-to-HUD lending industry,” said CFG Managing Director, Real Estate Finance, Tim Eberhardt, in a press release. “With more than 30 years of offering a one-stop-shop lending experience, we have a competitive edge and embrace our entrepreneurial approach to simplify the loan process, so our clients can seamlessly grow their businesses to reach their goals.”

The financial landscape of the acquisition was reshaped on December 28, 2023, with the completion of the bridge-to-HUD loan, CFG said in a press release. This funding played a pivotal role in activating an in-the-money purchase option, ensuring a smooth acquisition process.

This financial milestone comes on the heels of CFG’s recent announcement of the closure of a $9.5 million HUD loan, a move that supported the refinancing of an existing bridge loan executed by CFG. The refinancing transaction was instrumental in supporting a 173-bed skilled nursing facility in Pennsylvania.

Omega Healthcare REIT Acquires Louisiana-Based Skilled Nursing Facilities in All-Cash Transaction

CommCare, a Louisiana-based nonprofit organization, closed an all-cash transaction with Omega Healthcare REIT and operator Venza Care for a two-property bundle comprising 244 licensed skilled nursing beds.

The cash-flowing properties, located in Center Point and Jonesville, Louisiana, have been performing at stable levels with 244 licensed skilled nursing beds, Blueprint, which facilitated the transactions, said in a press release.

The transaction comes on the heels of the state of Louisiana’s Medicaid rates rebasing, which took effect on July 1, 2023, and resulted in consolidated EBITDAR across the two assets reaching $3 million.

PointClickCare Technologies Acquires American HealthTech, Expanding Its Footprint in Post-Acute Care

PointClickCare Technologies announced the acquisition of American HealthTech, Inc. (AHT), a subsidiary of Computer Programs and Systems, Inc. (CPSI).

CPSI, a community healthcare solutions company listed on NASDAQ under the ticker symbol CPSI, chose PointClickCare as the technology partner to continue supporting AHT customers after deciding to divest AHT as part of its ongoing business transformation. In a press release, they said this move aligns with CPSI’s vision to ensure a seamless transition for AHT customers and maintain their success in the evolving healthcare landscape.

Chris Fowler, President and CEO of CPSI, expressed confidence in PointClickCare.

“PointClickCare and AHT share similar cultures and values, making this an ideal fit for AHT, its clients, and employees,” he said in a press release.

Claire Stephens, Senior Vice President of Post-Acute Care at American HealthTech, emphasized the commitment to providing the best-in-class solutions for AHT customers.

“We are confident that PointClickCare is the right choice and trusted partner to guide AHT customers into the future, empowering them to deliver the highest quality of care,” she said in a press release.

Wisconsin Healthcare Portfolio Acquisition Bolstered by Favorable Reimbursement Rates

A Wisconsin-focused owner-operator acquired the Dove Healthcare portfolio. The portfolio, located throughout the State of Wisconsin, comprises eight assets with a total of 526 beds/units dedicated to skilled nursing and assisted living.

Blueprint, which facilitated the sale, said the acquisition positions the new owner as a dominant player in the region, with operational synergies and a significant market share.

The Dove Healthcare portfolio includes 304 licensed skilled nursing beds, 104 Residential Care Apartment Complex (RCAC) units, and capacity for 118 Community-Based Residential Facility (CBRF) residents.

Blueprint said the due diligence period for the acquisition coincided with significant statewide Medicaid reimbursement rate enhancements in Wisconsin, effective July 1st, 2023.

This development, coupled with rate increases for private pay RCAC/CBRF residents ranging from 8% to 15% as of October 1st, 2022, has generated substantial revenue upside for the acquirer. These favorable financial conditions have also facilitated the negotiation of attractive financing terms.