White Oak Healthcare Partners reported a busy month of September, closed six loans totaling more than $275 million in volume, all of which came with three-year, variable-rate terms. In Georgia, the debt fund closed a $110.6 million recapitalization for the landlord of a 700-bed portfolio of skilled nursing facilities. The facilities are triple-net leased to an experienced operator with a strong presence in the state. Sized to HUD guidelines, the loan will be used to refinance existing bank debt, fund closing costs and provide a dividend to the ownership group. Derek Whelan and Joe Munhall originated the transaction.
Another recapitalization occurred in Ohio and California. Ross Holland and Mr. Munhall secured a $13.5 million recapitalization for the owners of two senior living communities totaling 184 units. Proceeds were used to refinance existing bank debt, fund closing costs and provide cash out to the ownership group.
Next, Mr. Munhall was joined by Grant Goodman to secure a $13 million recapitalization for the landlord of a 120-bed skilled nursing facility in Las Vegas, Nevada, that was built in 2015. The facility is triple-net leased to an experienced operator. The loan represented 75% of the property’s value and also refinanced existing bank debt, funded closing costs and provided cash out to the ownership group.
The firm also facilitated several acquisition loans throughout the month. First, the team secured a $20 million acquisition loan for the landlord of a 275-unit assisted living portfolio in Florida. The communities will be operated by an entity owned by the landlord on a triple-net lease. The loan was sized at 80% of stabilized value. Derek Whelan and Joe Munhall originated the transaction.
Next, Ross Holland and Mr. Munhall originated $75.6 million in financing for the acquisition of five skilled nursing facilities in California for a private investment firm. The facilities are triple-net leased to operators with strong experience in the state. The loan was sized to HUD guidelines.
Lastly to close out the active month, Mr. Holland executed a $45.6 million financing for the acquisition and recapitalization of four skilled nursing facilities in California and Texas for an owner/operator with significant experience in both regions. Proceeds were used for the purchase of several facilities along with the refinancing of existing bank debt and to fund closing costs. The loan was also sized to HUD guidelines.
