Cain Brothers advised FilBen Group on a $30.67 million HUD refinancing for Wallkill Realty Partners (dba Braemar at Wallkill), an assisted living community in New York. The proceeds on the loan will be used to refinance The Orange County Funding Corporation Assisted Living Residence Revenue Bonds, Series 2012, providing a long-term, fixed-rate low cost of capital to the borrower.
As a result of the refinancing, the tax-exempt public fixed-rate Series 2012 bonds were redeemed at par. In addition, the refinancing will remove any ongoing financial covenants and public disclosure requirements related to the Series 2012 bonds (for example, debt service coverage ratio and days cash on hand).
Opened in 2015, Braemar is a four-story seniors housing community in Middletown, New York (Orange County). There are 120 beds licensed as Assisted Living Residence that primarily serve private pay residents, and there are 80 Assisted Living Program beds that primarily serve Medicaid-eligible residents. Out of the 120 ALR beds, 24 are licensed as Special Needs Assisted Living Residence and are operated as memory care beds. The facility was developed and is owned/operated by various affiliates of FilBen, an experienced New York-based senior living developer that has developed over 5,000 nursing home beds and 1,400 units of private pay senior housing in the state since its founding.
