Lument Refinances Sacramento-Area Assisted Living Community
Lument closed a $7.5 million Fannie Mae loan to refinance Carlton Senior Living, a 56-unit assisted living community in Sacramento, California. Nick Hamilton, Casey Moore and Doug Harper led the transaction for Lument. A repeat Lument client refinanced its existing Fannie Mae loan with a new seven-year loan that features a 30-year amortization and a low, fixed interest rate. Built in 2008, Carlton Senior Living is located on the Carlton Senior Living Continuum of Care Campus, next to a 128-unit AL/memory care community that was also refinanced in 2016 by Lument. When it first opened, Carlton Senior Living was serving high acuity AL residents, but in 2021, the sponsor altered its strategy... Read More »
Dwight Capital Announces 4th Quarter Activity
Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, financed $191 million in seniors housing and healthcare financing during the fourth quarter of 2022. One highlight included a $39 million bridge loan to facilitate the acquisition of a two-property skilled nursing portfolio in Fort Lauderdale, Florida: Manor Oaks and Manor Pines. The facilities are three miles apart and comprise 322 beds across approximately 111,800 square feet. Adam Offman originated the transaction. Mr. Offman also originated a $24.2 million bridge refinance for a portfolio of two SNFs in Columbus and Rome, Georgia: River Towne Center and Etowah Landing. Together, the facilities have 310 beds and encompass... Read More »
Cain Brothers Handles Massachusetts SNF Bond Financing
Cain Brothers, a division of KeyBanc Capital Markets, has announced the closing of a $24.6 million Massachusetts Development Finance Agency Revenue Bond on behalf of D’Youville Senior Care in Lowell, Massachusetts, and its sponsor, The Carmelite System. Proceeds from the bonds were used to refinance two existing bank loans, fund capital improvements on the D’Youville’s campus and pay costs of issuance. The refinancing addressed future interest rate risk by avoiding future expensive call premiums on the prior loans and providing near-term cash flow relief to D’Youville. In addition, Cain Brothers served as swap advisor to the sponsor on a long-dated, fixed-pay interest rate swap with a... Read More »
Kandu Capital Refinances Its Turnaround Property in Indiana
Kandu Capital, LLC, a real estate and health care-focused family office, and its seniors housing operating company, Bloom Senior Living, refinanced its 78-unit assisted living/memory care community in Kokomo, Indiana. Bloom at Kokomo was acquired in May 2019 from Capital Senior Living Corporation (now Sonida Senior Living) for $5 million, or $64,000 per unit. At the time, occupancy was 80%, revenue was just over $3 million, and the community was losing money. However, Bloom management projected EBITDA could grow to at least $750,000. And we profiled the turnaround late last year in a story called “A Successful Turnaround, Twice.” Long story short, in just over three years and during the... Read More »