We have written about the uptick of liquidity in the seniors housing and care market, and the willingness among lenders to write bigger and bigger checks to finance larger portfolios. Well, VIUM Capital just announced a slew of financings totaling more than $180 million for four senior care portfolios.
The largest was arranged for three skilled nursing facilities totaling 357 beds in Florida. Sponsorship had acquired the facilities in September 2022 and had since materially improved operations through increased occupancy, RUG optimization and limited contract nursing. Occupancy ranged between 87% and 92% as of August 2025. A bridge loan provided by VIUM Capital via Merchants Bank of Indiana and a note due to the sponsor associated with the acquisition of the portfolio were refinanced with three loans ($25.92 million, $18.0 million and $22.16 million) from HUD.
VIUM also financed the acquisition of two skilled nursing facilities in Michigan. Built in 1987 and 1995, the facilities each featured 172 beds. Historically, the pair operated on a thin margin due to some operational inefficiencies. However, the beds were dually certified and benefitted from a recent Medicaid rate increase. Additionally, one of the facilities is located across the street from another property owned and operated by the buyer, which should help performance improvements going forward. Occupancy was currently at 83% at both locations. The buyer received $32.6 million in total debt.
Next, a prominent operator in Pennsylvania refinanced a portfolio of three CCRCs and one skilled nursing facility in the Keystone State through HUD. Built from the 1960s to the 1980s, the portfolio consists of a 129-bed CCRC, a 159-bed CCRC, a 142-bed CCRC and a 204-bed skilled nursing facility, with occupancy at the CCRCs close to 80% and just 60% for the SNF. The borrower had received a bridge loan from VIUM in 2023 after the previous lender called the note due to its exit from the healthcare space. VIUM monitored the portfolio and was able to take them to HUD as they qualified and released the assets that did not meet HUD requirements. VIUM also underwrote the future cash flow based on an increased Medicaid rate that went into effect during underwriting. The four properties received four HUD loans totaling $45.6 million.
Finally, VIUM returned to two assisted living communities that it had previously refinanced upon lease-up. An 88-unit community in Florida and a 147-unit community in Michigan were both built in 2020 by the current owner/operator, which stabilized them within a year and a half. Occupancy was strong in the mid-90s. At that point, ownership went to VIUM, via Merchants, to obtain a $15 million loan, consisting of $12.5 million in initial funding and an additional $2.5 million earnout.
Another property was included in a November 2023 refinance of the portfolio to support the overall collateral of the portfolio, which included two other properties owned and operated by the borrower. That total cost of the 2023 refinance was funded through $49.68 million in bank debt. Now, in 2025, the existing indebtedness on the two properties being refinanced through HUD consisted of a loan from VIUM via Merchants tied to the November 2023 refinance, as well as an owner’s note of $2.0 million tied to equity contributed to construction.
