Cambridge Realty Capital Lowers Rate On 16 Facilities
Cambridge Realty Capital announced a slew of HUD loan modifications in the first half of 2020. The lender worked on behalf of borrowers with a combined 16 healthcare facilities that all had HUD mortgages. They are located in Illinois, California, Ohio, Texas, New Jersey and Iowa. In total, Cambridge funded over $200 million in loan modifications, resulting in a lower interest rate for its clients. This announcement comes a month after Cambridge closed a HUD refinance of a 115-bed skilled nursing facility in northeast Texas in the city of Longview. Built in the 1980s but well maintained, this facility has so far been spared from COVID-19. The New York-based owner decided to refinance... Read More »
Walker & Dunlop Finances Colorado SNF Portfolio
A California-based owner/operator just refinanced three of its Colorado skilled nursing facilities with the help of Walker & Dunlop. Kevin Giusti led the origination team on the $16.41 million HUD loan, which took out existing third-party debt on the properties and recouped partner debt to fund capital improvements at each location. This portfolio was spread out across the state, with two locations in western Colorado and one in the east. Built in 1964, the Rocky Ford facility features 99 beds in 29 units and is the only VA-contracted facility within 80 miles. The Paonia facility has 56 beds in 28 units and also offers memory care services. It was built in 1984 and is the... Read More »
Long Bankruptcy Process Ends with CCRC Sale in Tampa
A years-long bankruptcy process for a large CCRC in Tampa, Florida has finally concluded with a new not-for-profit owner stepping in, BRP Senior Housing Management (an affiliate of Big Rock Partners) now operating it and Ziegler closing a nearly $70 million bond financing to fund the deal. Unfortunately, the property has a long and complicated history under its previous ownership. Complicated, to say the least. Originally built in 1985 with 445 independent living units, 72 assisted living units and 240 skilled nursing beds, University Village was acquired in 2000 by Westport Holdings Tampa, LP for $64.1 million, or around $85,000 per unit/bed. In... Read More »
Love Funding Closes Puerto Rico Financing
Leonard Lucas of Love Funding headed down to sunny Guayama, Puerto Rico to close a HUD financing for the acquisition of a 60-unit age-restricted, Section 8 apartment complex. Featuring two, two-story buildings, the community is entirely covered under a new project-based Section 8 HAP contract secured by the buyer that runs for a period of 20 years. To acquire the community, the borrower obtained a $3.14 million loan, which came with a lower mortgage insurance premium of 0.25%. The borrower was also able to realize additional savings through HUD’s reduced application fee incentive for projects located in a Qualified Opportunity Zone. Read More »
Inter-Generational Development Going Up In Milwaukee
Funding was just secured for a multi-generational living complex going up next to Mount Mary University, a women’s Catholic college in Milwaukee, Wisconsin. Senior Housing Partners, an affiliate of the not-for-profit Presbyterian Homes & Services, is developing the $45 million project in partnership with the School Sisters of Notre Dame (SSND), Milwaukee Catholic Home and the University. Work on the site is expected to begin in September, with opening tentatively planned for Fall 2021. What plans aren’t tentative these days? The campus will include 52 private assisted living units for the sisters of SSND, 24 dormitory units for single mothers... Read More »