• Carnegie Capital Announces Latest Closings

    JD Stettin of Carnegie Capital has certainly had his hands full recently, having closed a couple of refinances in the Pacific Northwest, no easy task in the early days of COVID-19, we’re sure.   Mr. Stettin first sourced and structured a cash-out refinance of a 60-unit memory care community near Eugene, Oregon. Featuring a roughly 50-50 mix of... Read More »
  • PGIM Refinances Tennessee Senior Living Community

    PGIM Real Estate announced its latest transaction, with Executive Director Chris Fenton leading the way. It involved a $10.6 million HUD refinance of a senior living community in Ashland City, Tennessee. Built in 2015 with 100 beds in 80 units, the community provides assisted living and memory care services in a four-story building.   Thunderhawk... Read More »
  • Greystone Arranges HUD Construction Debt

    Working through HUD, Lisa Fischman of Greystone facilitated construction financing for an assisted living community to expand its Buffalo, New York-area campus. Originally built in 2003 with 110 beds in 84 units, the community is located on a 20-acre campus. Onsite amenities including a theater, physician’s office and beauty salon certainly... Read More »
  • Genesis HealthCare’s Shares Double in Value

    Leading up to Genesis HealthCare’s first quarter earnings release and conference call, the company’s share price took off. The rise started on May 22 when it jumped by 22% on high volume, but then it added another 35% on volume that was 10 times the average. In the course of four days, the price more than doubled, from $0.63 per share to $1.37... Read More »
  • Looking for Answers in the Lending Market: A Q&A with Alec Blanc of Monarch Advisors

    To get a sense of what is going on in the capital markets in this immediate post-COVID-19 world, we turned to Alec Blanc of Monarch Advisors for his own thoughts.   How has the lending environment changed from the beginning of the second quarter to now?  Overall, there is less debt capital available than there was prior to the COVID-19 crisis. ... Read More »
Carnegie Capital Announces Latest Closings

Carnegie Capital Announces Latest Closings

JD Stettin of Carnegie Capital has certainly had his hands full recently, having closed a couple of refinances in the Pacific Northwest, no easy task in the early days of COVID-19, we’re sure.   Mr. Stettin first sourced and structured a cash-out refinance of a 60-unit memory care community near Eugene, Oregon. Featuring a roughly 50-50 mix of Medicaid and private pay residents, the community was between 15 and 20 years old and was owned by a regional operator. Structured at a 75% loan-to-value (putting the community’s value at just under $9.9 million, or $165,000 per unit), the loan came with a 5.55% interest rate for a three-year term. A national bank held the senior note, while a... Read More »
PGIM Refinances Tennessee Senior Living Community

PGIM Refinances Tennessee Senior Living Community

PGIM Real Estate announced its latest transaction, with Executive Director Chris Fenton leading the way. It involved a $10.6 million HUD refinance of a senior living community in Ashland City, Tennessee. Built in 2015 with 100 beds in 80 units, the community provides assisted living and memory care services in a four-story building.   Thunderhawk Management & Consulting is the operator and currently runs the property at 90% occupancy. There is also an on-site wellness center that hosts rehabilitation services and therapists.  The $10.6 million loan took out previous HUD debt and comes with a 35-year term.  Read More »
Greystone Arranges HUD Construction Debt

Greystone Arranges HUD Construction Debt

Working through HUD, Lisa Fischman of Greystone facilitated construction financing for an assisted living community to expand its Buffalo, New York-area campus. Originally built in 2003 with 110 beds in 84 units, the community is located on a 20-acre campus. Onsite amenities including a theater, physician’s office and beauty salon certainly helped attract residents, and the community consistently boasted a waiting list.   With that full occupancy, ownership decided to embark on an expansion that would feature 32 new assisted living units and 23,000 total square feet, including the expansion of the campus’ existing communal spaces, all at a cost of approximately $7.5 million, or $234,400... Read More »
Looking for Answers in the Lending Market: A Q&A with Alec Blanc of Monarch Advisors

Looking for Answers in the Lending Market: A Q&A with Alec Blanc of Monarch Advisors

To get a sense of what is going on in the capital markets in this immediate post-COVID-19 world, we turned to Alec Blanc of Monarch Advisors for his own thoughts.   How has the lending environment changed from the beginning of the second quarter to now?  Overall, there is less debt capital available than there was prior to the COVID-19 crisis.  Many lenders have paused any lending activity in the sector.  Notably, most of the mortgage bank bridge lending programs are on hold right now.  Most of the remaining lenders have tightened their criteria for new client acquisition, leverage, and underwriting.  We are also seeing some widening of credit spreads, probably in the neighborhood of 50 to... Read More »
Monticello Announces Another Portfolio Refinance

Monticello Announces Another Portfolio Refinance

A large owner/operator of skilled nursing facilities just refinanced two of its facilities and acquired a third with the help of MONTICELLOAM, LLC (Monticello). Averaging nearly 50 years in age, the portfolio totals 312 beds in North Carolina and Kentucky.   The acquired facility joins a portfolio of 8,752 total licensed beds, grown significantly in the last few years with financing provided by Monticello. This transaction featured $30 million in first lien debt with a 36-month term.  The deal is similar to another that Monticello closed earlier this month that involved first lien debt provided to an experienced owner/operator for the acquisition of a couple of senior care... Read More »
Walker & Dunlop Closes Three HUD Deals

Walker & Dunlop Closes Three HUD Deals

The lending market may be the slowest it has been since the Great Recession, but agency refinances continue to close. Walker & Dunlop announced a spate of them for senior care clients throughout the Midwest. Joshua Rosen led the origination team on the deals.  First was a $14.895 million HUD refinance of a 156-bed skilled nursing facility in Aurora, Illinois. Located adjacent to a 136-bed supportive living community that sold earlier this year to Cascade Capital Group for $11 million, or $80,900 per unit, the facility is located about 40 miles west of downtown Chicago. Walker & Dunlop has been heavily involved with this senior care campus, having arranged the previous bridge debt... Read More »