The Portopiccolo Group has acquired Emporia Manor, a skilled nursing facility, and cross-collateralized it with its Sycamore Heights Health and Rehabilitation facility in a $14.5 million deal.
Capital Funding provided the bridge-to-HUD loan for Emporia Manor, a 120-bed, underperforming facility in Virginia. The financing recast an existing term loan on the 96-bed Sycamore Heights building and provided reimbursement for capital expenditures previously completed at Sycamore Heights as well as for future capital expenditures at Emporia Manor.
Both facilities will be owned by Portopiccolo, a family-owned private equity and investment management firm. Sycamore is operated by Clearview Healthcare Management, while Emporia will be operated by Accordius Health.