IDB Bank served as the administrative agent on a $201.5 million bridge-to-HUD loan to refinance existing debt for a national portfolio of 21 skilled nursing facilities in North Carolina, Michigan, Georgia and Texas. The facilities comprise 2,500 beds, have decent occupancy and are performing well. Facility ages varied, and there were multiple operators across the portfolio.
As administrative agent, IDB will hold $100 million of the debt, and the syndicated deal involved two additional banks. The term length is three years, with no extension options. The goal is to take it to HUD within the next three years. Michael Palermo, John Bertolozzi and Thierry Decembre handled the transaction.
This financing follows several notable deals for the bank’s National Healthcare Lending division, rounding out an active H1 2024. In January, IDB served as the sole lender in a $48 million refinance for a Maryland-based behavioral health provider. Michael Palermo and Thierry Decembre handled this transaction.
Next, in February, IDB served as senior lender in a $10.4 million construction financing deal to TriStar Realty on behalf of Encore at Ventana, a 20,000 square foot medical office building. The deal was facilitated by Tom Belli. Then, in May, IDB served as sole lender in an $18.5 million loan to facilitate the acquisition of a Florida-based skilled nursing facility. The deal was facilitated by Michael Palermo and Thierry Decembre, but no other details were disclosed.
