The team of Pillar Financial, a division of SunTrust Bank, has been active lately, closing more than $20.7 million in financings for two Rust Belt seniors housing communities. Don Husi, based in Pillar’s Nashville office, first originated a $13.59 million HUD loan, with a 30-year term, to refinance a scattered-site that includes 143 beds spread across one large skilled nursing facility and two small assisted living communities in Menasha and Appleton, Wisconsin. The properties offer their residents a continuum of care, if need be.
Then, in Moosic, Pennsylvania, Mr. Husi originated a $7.18 million HUD refinance for a 35-unit/58-bed memory care community. The 35-year loan took out an existing balance sheet loan that Pillar provided to finance the acquisition of the community. Built in 1996 and renovated in 2006, the community was sold by its not-for-profit owner in late-2016 to Premier Senior Living. It was occupied in the mid- to high-90s at the time and sold for $8.5 million, or $242,860 per unit, with an 8.0% cap rate.
