Ikaria Capital Group has had a prolific Fall and revealed several recent transactions. The largest was a $115.5 million HUD refinance for four skilled nursing facilities in Georgia. Derek Whelan originated the loans on behalf of Empire Care Centers and The Portopiccolo Group, which used the proceeds to refinance a proprietary bridge loan structured by the Ikaria team in 2022. Whelan was also joined by Rodger Davis to close a $44.5 million HUD refinance in the Midwest. Wrapping up the HUD activity, Ross Holland originated a $10.9 million loan in the Pacific Northwest on behalf of a new client.
Lastly, there were a couple of acquisition loans. First, Davis originated a $55 million acquisition term loan for a 16-property skilled nursing portfolio in the Midwest. The borrower kept the existing operator in place. Then, Ikaria arranged a $72 million bridge-to-HUD loan to fund the purchase of three skilled nursing facilities in the Pacific Northwest. The buyer was a national owner of SNFs, and First Citizens Bank provided the loan.
