CENTRAL MASSACHUSETTS – CCA served in a business and financial advisory capacity to a regional multi-facility skilled nursing provider in Central Massachusetts. Recent initiatives have included the introduction of a senior living campus development surrounding its primary skilled nursing property.
To date, CCA has secured $30MM from a regional commercial healthcare lender to fund the initial phases of the campus development. Proceeds of the financing transactions have been dedicated to refinance existing asset interests while completing a major renovation and 40,000 square foot expansion of the skilled nursing property. The full scope renovation extended to reconfiguring all existing units; establishment of substantially all private room accommodations; expanded therapy service areas; replacement kitchen; and improved customization of resident care and common areas. The expanded property allowed for the planned merger of an existing respiratory long-term care program unit operating in a leased property.
Concurrent with the renovation and expansion project, funding was utilized to develop an adjacent new Medical Office Building representing 36,000 square feet of new program space. The MOB is currently occupied by an anchor tenant that provides a wide array of both physician specialty offerings and extensive ancillary services. Continuing initiatives are planned to introduce added senior living product and program presence for the campus.