CIBC Bank USA announced a couple of closings for both seniors housing and skilled nursing properties in the Midwest. First, along with Locust Point Capital, the bank provided $30 million in acquisition financing and a $2 million working capital revolving line of credit for a 244-unit, six property, seniors housing portfolio in southern Illinois. Historical performance trended positively over the last year, as the facilities improved census and operating leverage. Going forward, occupancy and operating margins are expected to further improve under the management of a growing senior living operator based in Chicago. Fritz Kieckhefer and Kyle Doran handled the transaction for CIBC Bank USA and Zak Scimeca and Bobby Woodworth for Locust Point Capital.
CIBC also provided $44 million in financing to Embassy Healthcare to refinance three Ohio skilled nursing properties and provide working capital across Embassy’s growing portfolio of assets. The three Ohio facilities had been purchased several years ago, and management greatly improved performance under the Embassy operating model. Peter Kane and James Harper handled the transaction for CIBC.
