CIBC is not slowing down, having just announced its second and third senior care transactions in the last two weeks. At the end of April, we first heard of the bank’s refinance of a Phoenix, Arizona area memory care community.
This week, CIBC closed another refinance, this time for a 70-bed skilled nursing facility in the San Francisco Bay area. The $5.6 million cash-out loan was provided to a local owner/operator who has managed the property for a number of years. The property itself has an effective age of 20 years. Census was in the high-80s, and the EBITDAR margin was about 10%. The loan came with a five-year term. Matthew Tyler and Neal Netzel handled the transaction for CIBC.
Then CIBC was involved in Twin Light Capital’s acquisition of a senior living community in Tampa, Florida, providing financing for the deal. For more details on that sale, check out our coverage here.
