Capital Funding Group Announces 2020 Financing Total
When the figures were tallied, Capital Funding Group (CFG) had quite a successful 2020, financing in excess of $1.8 billion for its long-term care and assisted living clients across the country. Nearly double the $1 billion in closings in 2019, that total includes more than $1.8 billion across 51 bridge loans, 63 HUD loans and 23 lines of credit. In addition, CFG closed over $68.2 million in A/R lines of credit. During the tumultuous year, CFG also launched a new off-balance sheet financing program called CFG Captial Partners, which significantly expanded its bridge lending capability. On to 2021. Read More »
Creativcap Closes Two Transactions
Scott Kavel of Creativcap announced a couple of financings that showed off the company’s range of services. First, Creativcap provided a $6.0 million mezzanine loan to support the construction of an assisted living/memory care community in Southern California. This was the fourth mezzanine loan closed for the regional developer client, all totaling nearly $35 million. The project in question will feature 153 total units, split between 99 assisted living and 54 memory care units on a 6.4-acre campus. Included on site will be a standalone marketing building with four model units, which should facilitate tours to potential residents without entering the main... Read More »
HJ Sims Handles CCRC Bond Refinance
HJ Sims worked on behalf of The Bethel Methodist Home, a not-for-profit CCRC in Valhalla, New York, to refinance the property’s existing acquisition bonds. Opening in 2002 and offering a continuum of services from independent living to skilled nursing, the property experienced financial difficulty during the Great Recession (few entrance fee CCRCs escaped that fate) and ultimately filed for bankruptcy protection in 2015. That process resulted in a 2016 sale which was funded by both tax-exempt and taxable bonds privately placed with a single bond holder and coming with a high interest rate. New management turned around the operations, with occupancy rising from 57% to 91% just before the... Read More »
Keybank Secures Fannie Mae Refinance For Five Communities
KeyBank Real Estate Capital secured Fannie Mae financing for a portfolio of five seniors housing communities in several states operated by Enlivant. The long-term, non-recourse debt was secured by Charlie Shoop at an attractive interest rate. Plus, KeyBank’s Tim Sylvain, Paul Di Vito and Patrick Gilbreath originated and structured a balance sheet financing that extended the revolving lines of credit to other seniors housing properties operated by Enlivant. Read More »
Dwight Capital Announces Both Bridge Loans and Agency Financings
Dwight Capital ended 2020 with a bang, with more than $117 million of healthcare financings closed during the fourth quarter. The volume included a few bridge acquisition loans for senior care facilities across the country, starting with $15 million in bridge and mezzanine debt for the acquisition of three assisted living/skilled nursing facilities in Kansas. Adam Sasouness originated the transaction as well as a $13.95 million bridge loan for the Laurels Portfolio, which consists of three properties in northeast Ohio with 313 beds of assisted living and skilled nursing. Previously owned by a REIT, the facilities were originally built in the 1960s and 1970s, with significant renovations... Read More »