CIBC Bank closed transactions for two portfolios, comprising a total of seven seniors housing and care communities. CIBC first closed a $73.4 million acquisition loan for a four-property portfolio in eastern Pennsylvania, including a total of 675 skilled nursing beds and 100 senior living units. The facilities, which have an effective age of 30 years, were acquired by an experienced local operator.
Historical occupancy for the home has been approximately 70%, and without stimulus, historical EBITDAR had been negative. In addition to the five-year mortgage loan, a $6.0 million revolving line of credit was provided for working capital. Matthew Tyler and Daniela Miranda handled the financing.
Next, CIBC closed a $21 million cash-out refinance for three senior care facilities in Nebraska, totaling 330 skilled nursing beds and 50 assisted living units. The properties have an effective age of 20 and have been operated by a local provider for four years. Average occupancy has been approximately 70% and EBITDAR margins in the mid-teens. These facilities will also receive a $2 million revolving line of credit for working capital alongside the five-year mortgage loan. Mr. Tyler and Ms. Miranda handled the financing.
