Capital One flexed its banking muscles when it provided just over $551 million in financing to Kayne Anderson Real Estate Advisors (KAREA) for its purchase of Sentio Healthcare Properties. Announced back in May, the high-profile acquisition included all 34 of Sentio’s seniors housing and medical office properties, and was valued around $825 million. To fund the deal, Capital One provided KAREA a $251 million bridge loan and a $300 million Freddie Mac seniors housing revolving credit facility. We imagine a lot of time was spent on this large, complex transaction. Well done.
Another Capital One deal came across the wires, albeit a little smaller than the KAREA deal. Joshua Rosen originated a $21.5 million 35-year HUD loan to refinance a 195-bed skilled nursing facility in Long Grove, Illinois, on behalf of Cascade Capital Group. Built in 1995, with additions in 2006 and 2007, the facility was then acquired by Cascade in 2016 and received more than $3 million in renovations since then, including improvements made to its Medicare wing, therapy gym, front lobby, offices and conference room. Cascade, which has been quickly building its skilled nursing portfolio in the Midwest since being founded in 2016 by the owners of Legacy Healthcare, repaid its balance sheet loan with the HUD refinance.
