Hely Santeliz of Bank Leumi’s Florida region led the way in structuring two refinancings for senior living properties in Florida totaling $43.7 million. In the first transaction, Bank Leumi structured a $54 million refinancing with it providing $27 million and a regional bank providing the other half for a retirement campus with independent/assisted living and memory care units in Central Florida.
And staying in the area, Hely Santeliz also arranged $16.7 million in two credit facilities for Plantation Oaks Senior Living Management, a Florida-based seniors housing owner/operator. The first credit facility was secured by a first mortgage on an existing 67-unit AL/MC community and was structured with $5 million in initial funding and a $1.2 million earn-out upon reaching stabilized occupancy. The second credit facility was secured by a 125-unit senior living community in Orlando and was structured with an initial funding of $5.4 million, a $3.5 million holdback to fund the expansion of a 48-unit memory care building, and a $1.6 million earn-out. For more information on these financings, check out the September issue of The SeniorCare Investor.