CIBC Bank’s Recent Activity
CIBC Bank USA closed an impressive array of transactions in the last several months, totaling more than $800 million in credit facilities across the country. The largest transaction was an $85 million (with earn-outs) debt package for a senior care portfolio in the Northeast. The debt included a senior term loan and a mezzanine loan to refinance the portfolio and cover corporate needs. Adam Panos, Patrick Garden, Charlie Sheridan and Tom Sheeren worked on the deal for CIBC. Laura Habich and Sam Dendrinos originated a couple of large cash-out refinances for skilled nursing clients. A $27.3 million loan went to a stand-alone SNF, and a $70.7 million loan refinanced a portfolio of four... Read More »
Evans Arranges New SNF Lease
Evans Senior Investments arranged a new lease for a skilled nursing facility in Denver, Colorado, securing a 293% increase in rent on a per-bed, per-month basis in the process. At the time of marketing, the facility was 62% occupied with minimal Medicare Part A referrals. However, the 1960s-built facility has 16 private units and is proximate to five major hospitals, so the opportunity to increase the high-acuity Medicare census was there. Evans also determined more than $600,000 in potential expense synergies available to a new operator. Evans emphasized this value-add scenario to potential tenants, including regional operators looking for scale, and secured a new lease with a... Read More »
Cross River Bank Closes Large Acquisition Loan
Cross River Bank recently closed a large acquisition loan for a portfolio of seven skilled nursing facilities and one assisted living community in Georgia, Tennessee and Missouri. Raina Yoo was the Loan Officer on the transaction. The portfolio features a total of 1,339 licensed beds, and occupancy stood at 88%, overall. Read More »
Local Operator Closes Lease-to-Purchase Deal
A skilled nursing facility in Mississippi faced a time-sensitive CHOW with frozen Medicaid rates under appeal after the outgoing operator was planning to leave before the ownership transfer occurred, posing meaningful risk to the facility’s financial performance and operational continuity. The facility was older and around 50% occupied at the time of the management transition, with more than 100 licensed beds and some beds remaining offline. The facility was distressed and operating at a loss. 3G Healthcare Real Estate structured a day-by-day operator extension through a financial incentive and secured a January 1 takeover with a new local operator, avoiding potential negative impacts to... Read More »
Mainstay Senior Living Grows in Georgia
Mainstay Senior Living acquired two seniors housing communities in Savannah, Georgia. The properties are located about five miles apart from each other. Grace Manor Savannah was built in 1997, while Habersham Manor was built in the late-1980s. They feature a total of 143 assisted living and memory care units. Florida-based Mainstay now has 46 communities across the Southeast, including 17 in Florida, 15 in South Carolina, three in Tennessee, two in North Carolina and now nine in Georgia. Dan Geraghty, Brad Clousing and Jeff Binder of Senior Living Investment Brokerage handled the transaction. Read More »Schedule a demo
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