Matthew Tarpley and Mitch Levine of H2C Securities, Inc. (or Hammond Hanlon Camp) has secured an $8.25 million loan for Mainstay Senior Living to acquire a 120-bed skilled nursing facility in Lakeland, Florida. The one-year, interest-only loan came with a rate of 4.125%. 

Built in the 1990s, the facility was delicensed by the state in 2017 but was allowed to reopen in early 2020 to accommodate COVID-19 residents. The operator received a new license to operate, however, its publicly-traded REIT owner (revealed to be Omega Healthcare Investors based on a web search) decided to sell, since the asset was nearly vacant once the initial COVID wave subsided. The facility is located adjacent to an 87-unit assisted living community (the buildings are actually only separated by a set of fire-rated doors), which was acquired by Mainstay earlier this year. So, Mainstay was the perfect party to reunite the campus and take advantage of the operational efficiencies once more. Senior Living Investment Brokerage represented Mainstay in the deal, which you can read about here.

H2C’s Matthew Tarpley and Mitch Levine also recently advised the joint venture between Arbah Capital and Madison Marquette to develop a new assisted living and memory care community in Punta Gorda Isles, Florida. We wrote about this development recently, and have learned that Meridian Senior Living will take over as operator of this community, expected to be called The Meridian at Punta Gorda Isles. The project is expected to be completed by the second quarter of 2022.

It will feature 95 assisted living and 32 memory care units, with amenities such as multiple dining options, a private dining room, library, three lounges, offices, walking paths and an activity room.