Green Lake Senior Living, a Washington State owner/operator, was able to procure a cash-out refinance on two of its seniors housing communities in the Tri-Cities area with the help of Alex Florea and Dan Mahoney at Blueprint Healthcare Real Estate Advisors’ Capital Markets group. Green Lake acquired the communities during the pandemic as value-add investments from a pair of national operators. Both were older, “C” quality communities combining for 160 beds.
Green Lake was able to quickly improve performance through its regional presence and by leaning into the state’s Medicaid program. Such an improvement made a cash-out refinance a no-brainer, and Blueprint marketed the opportunity to a group of national debt funds and banks. Ultimately, VIUM Capital, a national debt fund affiliated with Merchant’s Bank of Indiana, provided the debt, which featured an earnout for additional proceeds once the communities are fully stabilized. The financing closed in less than three months from the signing of the term sheet. Cash in hand, Green Lake can now focus on reinvesting in the communities and making new acquisitions.
