Ziegler & M&T Realty Refinance Nebraska IL Community
Ziegler and M&T Realty partnered to refinance an independent living community in Kearney, Nebraska, that is owned by Omaha-based Essex Communities. Built in 1992, the community has 34 units and was 100% occupied at closing. Essex bought it in 2018 and immediately commenced substantial renovations, which were completed in 2019. To reimburse its capital expenditure investments, extract equity and take out debt from a local lender that the company used to acquire the community, Essex relied on Ziegler to arrange a $4.37 million loan from Fannie Mae. The 10-year loan came with a fixed interest rate and two years of interest only, followed by a 30-year amortization period. It was... Read More »
Greystone Announces New Deputy Chief Credit Officer
Greystone announced it has hired Sampada D’silva as its new Deputy Chief Credit Officer. Based in Chicago, Ms. D’Silva will help Greystone fulfill the increasing demand for its industry-leading loan services in healthcare, including skilled nursing and assisted living assets. We suppose that is a good sign that lenders are back in business, in earnest. Ms. D’silva has over two decades of experience in healthcare and senior care investment and lending. She previously worked for Cambridge Realty Capital Companies as a Senior Managing Director, with experience in planning and finalizing a number of financing options, including HUD and conventional loans. Ms. D’silva... Read More »
Institutional Property Advisors Sells Iowa SNF Portfolio
In a strategic move to build its presence in the Midwest, Beacon Health Management acquired 10 skilled nursing facilities in Iowa last month. Ryan Fleming of Institutional Property Advisors represented the seller in this $24.2 million, or $42,600 per bed, transaction. Todd Lindblom was the broker of record. The targeted properties within the Pearl Valley Rehab & Healthcare portfolio include 568 beds and currently generate total revenue of $35 million and EBITDA of $3.5 million. That results in a 14.5% cap rate on the deal. Occupancy across the portfolio fluctuated around 75 to 80% during the sale process. Some COVID cases towards the end of the transaction resulted in a delay in... Read More »
Ziegler Closes Massive Bond Financing For Sonoma County Construction Project
Ziegler brought out the big guns for a nearly $300 million bond financing closed for Ensō Village, a to-be-built CCRC in Healdsburg, California. The Kendal Corporation, a national not-for-profit provider of senior living services, is spearheading the project, which will be a Zen-inspired community set on 16 acres in the heart of Sonoma wine country. Kendal has planned for 221 independent living, 30 assisted living and 24 memory support units. Of the 221 IL units, 20 are low-income rental apartments for retired Buddhist teachers, and 10 are moderate-income apartments, which will all be mixed among the market-rate units on campus. Common areas and amenities will include a central lobby,... Read More »