VIUM Capital closed 11 financings totaling over $350 million in the second quarter of 2023, including bridge, HUD and tax-exempt bond financings for 57 separate properties in 10 states. One of the bridge loans was arranged to finance a family partner buy-out of a 329-bed skilled nursing portfolio in Missouri. The loan totaled $13.25 million and should be ready to be submitted to HUD in six to nine months.
Another bridge loan, totaling $20 million, funded the acquisition of an assisted living portfolio in Oregon and its subsequent conversion to memory care. There were 140 units across 10 small communities.
One of the HUD highlights was a $17.874 million loan arranged for a 147-bed skilled nursing facility in Texas. Less than one year passed since the closing of the 60% LTC equity-out bridge loan, which provided $9.3 million of equity-out. The debt prior to the bridge loan totaled just $7.5 million, so VIUM had to limit the LTV to 60% to avoid the two-year seasoning rule and the 50% of proceeds test for HUD. VIUM also arranged an $8.04 million HUD loan to refinance bridge debt on a 116-bed skilled nursing facility in Texas.
These closings follow a productive first quarter for VIUM in which the firm closed a $1.1 billion first-of-its kind securitization and made several key hires, including its head of asset management. Looking ahead, VIUM also projects significant HUD loan activity in the second half of the year with 19 projects currently submitted to HUD totaling approximately $165 million, and an additional 31 projects engaged for HUD totaling over $300 million. VIUM is also on pace to close a dozen bridge transactions in the third quarter totaling over $280 million.
