Ziegler’s Senior Housing & Care Finance Practice has been busy this month, reportedly closing a number of transactions in the last week, the most recent one for a portfolio of four skilled nursing facilities and one assisted living community in Illinois. Christopher Utz arranged and negotiated a $49.4 million debt placement for the current operator, Symphony Care Network, to acquire the portfolio from its REIT landlord. There are a total of 616 licensed skilled nursing beds and 109 assisted living units, and Symphony has been operating the properties since 2012.
Given the more conservative lending requirements nowadays, we imagine the portfolio was able to more than cover its debt service. A national finance company provided the debt, which consisted of a $44.4 million senior secured term loan and a $5 million asset-backed line of credit.
