PGIM’s Seniors Housing and Healthcare Group arranged refinances for two seniors housing communities in the Southeast, the third and fourth properties refinanced for the same client during the pandemic. Christopher Fenton, Catherine Eby, Adrian Hartman, and Robyn Cunningham originated the loans.
The first, totaling $7.93 million, went to a 112-bed skilled nursing facility in Bastrop, Louisiana. Rather than a loan modification, Mr. Hartman and Ms. Cunningham secured a loan to maximize annual cash flow through term extension and a rate savings of 0.8% when considering the lowered MIP.
In the other deal, Mr. Fenton and Mrs. Eby provided a $15.94 million loan for a 64-unit memory care community located on a senior housing campus in Lynchburg, VA. The transaction replaced higher-rate bridge debt on the property.
