The acquisition loans keep coming from VIUM Capital, which closed out September with four closings totaling more than $120 million in volume. The largest bridge loan, reaching $47.73 million, financed an East Coast-based owner/operator’s purchase of seven skilled nursing facilities in Colorado.
Built between 1957 and 2017 (averaging 1999), the portfolio comprises seven skilled nursing facilities and a total of 558 beds in the southwestern part of the state. Before the pandemic, the portfolio was 77% occupied and produced nearly $6.2 million in annual NOI. But throughout the pandemic, occupancy decreased to 65% and NOI dropped. In the end, the portfolio sold for $51.5 million, or $92,300 per bed. Evans Senior Investments handled the sale.
Next, VIUM closed a $61.575 million bridge loan to fund the acquisition of three skilled nursing facilities and 357 total beds in northeast Florida. There is also a potential earnout of $6.665 million for the borrower. The debt comes to $172,500 per bed, meaning the purchase price was even higher. Nearby in DeLand, Florida, the VIUM team also closed a $5.44 million bridge loan for a SNF purchase. Elevation Group acquired the 60-bed facility for $6.8 million, or $113,300 per bed.
Lastly, for September at least, VIUM closed a $6.175 million bridge loan for the acquisition of a stabilized, 62-unit assisted living/memory care community in northeastern Wisconsin. The borrower had other properties in the state and was looking to build its scale. These deals bring VIUM’s Q3:22 volume to $422 million in financings closed for 47 separate properties across 17 transactions.
