CIBC Bank USA facilitated acquisition financing for a regional operator’s purchase of 11 senior care facilities in Indiana. If this deal sounds familiar, that’s because it is part of the larger 21-facility portfolio sale announced by Evans Senior Investments last week. Matthew Tyler and Daniela Miranda of CIBC closed the $51.2 million loan for a regional operator, which purchased the facilities from a local operator. The loan comes with a five-year term on the real estate, and a $5.0 million revolving line of credit was provided to support working capital needs.
The portfolio consists of 751 skilled nursing beds and 109 assisted living units. Those 11 facilities have an effective age of 20 years and had historically been occupied around 85%. However, at the time of marketing, census had dropped to 78% before sinking to a low of 66% following the admissions bans and lack of elective surgeries in hospitals last spring. Revenues also exceeded $47 million but, we imagine, dipped as a result of the pandemic as well.