• Stride Bank’s Recent Activity

    by | Nov 22, 2024 3:52 pm | Financings

    We learned of a number of recent financings provided by Stride Bank for senior care facilities across the country. First, the bank refinanced multiple assets in New Mexico and West Texas. The relationship with this particular borrower began in June 2023 (through Clint Miller of Ziegler) when it was looking to execute a bridge-to-HUD strategy and... Read More »

  • Owner/Operator Acquires AL/MC Portfolio in Ohio

    by | Nov 22, 2024 3:19 pm | Acquisitions

    A northeastern Ohio portfolio of assisted living/memory care communities sold out of receivership, with the help of Ryan Saul of Senior Living Investment Brokerage. Dubbed “The Lantern Group Portfolio,” the three communities feature a combined 220 units, split between 135 assisted living and 85 memory care units. Built in 1960, Lantern of Madison... Read More »

  • Spyglass Healthcare Secures Financing

    by | Nov 22, 2024 3:18 pm | Financings

    A growing skilled nursing owner/operator is priming itself for further growth with a new revolving credit facility structured by Grant Goodman of G Capital. Bay Area-based Spyglass Healthcare currently has six facilities in its Northern California portfolio, and it obtained the financing to fund working capital, future acquisitions and general... Read More »

  • Joint Venture Secures Refinancing

    by | Nov 22, 2024 3:17 pm | Financings

    Harrison Street and Dial Retirement Communities secured a refinance for their seniors housing property in Batavia, Illinois (Chicagoland). The Landings, which opened in Spring 2021, features 142 units of independent living, assisted living and memory care. It was very well occupied, at 96% with a waitlist. The borrowers wished to refinance the... Read More »

  • Change Coming To Life Care Centers of America

    by | Nov 22, 2024 8:16 am | Opinion

    What is happening at Life Care Centers of America is a great example of how not to establish a succession plan, especially when it involves one of the largest privately owned senior care companies in the country. The company was founded by Forest Preston nearly 75 years ago, and he remains the CEO and sole shareholder of a company that is... Read More »
Big Bronx SNF Gets Big HUD Financing

Big Bronx SNF Gets Big HUD Financing

by | Jun 24, 2019 7:00 am | Financings

A large skilled nursing facility in the Bronx just received one of the largest HUD loans ever on a single building in the agency’s history, totaling $104 million. Berkadia Commercial Mortgage arranged the refinance, with Mark Zafrin and Mark Frimmel of Michelman & Robinson, LLP representing the borrower, 3155 Grace Avenue Trust (a Delaware Statutory Trust) in the transaction. The transaction was also HUD’s first with a DST borrower under the Section 232 program. Totaling 524 beds, this skilled nursing facility, which occupies an entire city block in the Bronx, was completely renovated by its not-for-profit owner in 2006 and then purchased by a private investor group in 2013. In that... Read More »