Ikaria Capital Group closed out a successful 2025, announcing several significant transactions in the fourth quarter that exceeded $1 billion in volume. The activity comprises financings in the seniors housing, skilled nursing and behavioral health sectors across multiple states and borrowers.
The largest deal was a $595.5 million senior secured credit facility structured on behalf of a private owner of 18 SNFs with 1,794 total beds in West Virginia. The facility included $491.5 million in bank financing led by Ally Corporate Finance’s Healthcare Capital team and $104 million in subordinate debt provided by CareTrust REIT, an existing institutional capital partner of Ikaria’s. It refinances an existing bridge-to-HUD loan that was provided in 2022 in connection with CommuniCare Health Services’ acquisition of Stonerise Healthcare. The 17-facility portfolio sold for $615 million, or around $315,000 per bed, a startling price for SNFs at the time but one that made sense given the skilled nursing operating environment in West Virginia.
To fund the 2022 deal, Jason Dopoulos, while at White Oak, arranged a unitranche loan with a national bank along with $100 million in junior capital that it arranged through its bridge program with CareTrust. The REIT also extended $75 million in “C” piece financing, and another $25 million in mezzanine debt. That is a total of $582 million in debt that was secured for the deal. Performance has improved since the deal, and CommuniCare was able to secure lower rate debt with the refinance, in addition to around $13 million of additional proceeds. And if the 10-Year Treasury Rate falls further, it will go to HUD.
Ikaria’s Derek Whelan next originated a refinance of four skilled nursing facilities with 690 total beds in Georgia on behalf of Empire Care Centers and The Portopiccolo Group, both existing clients. The $115.5 million HUD loan refinanced a proprietary bridge loan that Ikaria structured for the portfolio in 2022. CareTrust did the B-piece back then, a national bank did the A.
Whelan teamed up with Rodger Davis to originate a $44.5 million HUD loan for a 260-bed SNF in Minnesota. And wrapping up the HUD activity, Ross Holland, head of Ikaria’s western region, originated a $10.9 million loan for a seniors housing property in the Pacific Northwest, working with a new client in the process.
For another skilled nursing portfolio, Ikaria also arranged a $72 million acquisition term loan from First Citizens Bank for a national skilled nursing provider, continuing the firm’s partnership with both the client and the lending institution. The portfolio consists of three facilities with 244 total beds in the Pacific Northwest.
In another acquisition financing, Holland then closed a $51.75 million unitranche loan to support the purchase of a skilled nursing/assisted living campus in California. There were 99 skilled nursing and 72 assisted living beds on the property. The deal included an earn-out provision for the experienced West Coast buyer, Kalesta, and marks a new client relationship for Ikaria. Holland also originated a $3 million mezzanine loan to finance the acquisition of another California SNF.
Keith Kodrin originated and closed a revolving credit facility for an operator of 10 skilled nursing facilities in the Midwest. The borrower plans to utilize the loan for ongoing working capital needs. This was the first loan closed under the new asset-based lending platform that Ikaria Capital Group started earlier in 2025.
Finally, in the behavioral health sector, Ikaria arranged a $110 million term loan for a large national behavioral health borrower. The loan, led by a national bank, refinances existing debt and funds proceeds for additional corporate growth. That ended a successful first full year of operation for Ikaria, congratulations to them.
