WesBanco Bank recently launched its dedicated healthcare vertical, under the leadership of Suzanne Myers as EVP-Commercial Healthcare Director, and is already off to the races with a handful of senior care transactions closed. The strategic initiative will provide financing across the continuum of care, including seniors housing, skilled nursing, CCRCs, hospitals and specialty care.
So far this year, the bank has closed over $200 million in closed loans for acquisitions, recapitalizations, working capital and bridge-to-HUD loans for clients across the Midwest and Mid-Atlantic. Plus, there is a pipeline of closings that exceeds $500 million for 2025. It is great to see that kind of liquidity injected into the industry.
Some of the highlights include a $67 million loan for a northeastern Ohio operator to refinance and cash out of four skilled nursing facilities and 340 total beds in the state. The borrower will use the cash out to construct new buildings and is on the path to a HUD refinance.
On the construction financing front, WesBanco provided a $19 million loan for a new 90-bed skilled nursing facility in the Midwest. In Nebraska, WesBanco also closed a $10 million bridge-to-HUD loan and revolver to refinance a 50-bed skilled nursing facility in Nebraska. This was a recapitalization for a property that was financed with HUD several years ago, and the loan will also serve as a bridge-to-HUD.
Lastly, WesBanco closed a $35 million bridge line for an East Coast operator to acquire skilled nursing facilities. We know there is a lot in the pipeline, so stay tuned for future WesBanco closings.
