Monarch Advisors Finances Kansas SNF Acquisition

Monarch Advisors Finances Kansas SNF Acquisition

A local owner/operator purchased a small skilled nursing facility in rural Kansas with an acquisition loan in hand, secured by Alec Blanc of Monarch Advisors. An active, national SBA lender provided the financing, which totaled $721,500 and came with a 25-year, fully amortizing term. It came with an interest rate of Prime + 2.25%, and there was also a five-year declining prepayment penalty.  Built in the 1950s, but well maintained, the 45-bed facility was around 86% occupied by the end of 2020. Given where national average census is for the industry, most operators would happily take that. Including working capital and closing costs, the buyer expects to spend around $800,000, or... Read More »
Monarch Advisors Finances Indiana Senior Living Development

Monarch Advisors Finances Indiana Senior Living Development

Alec Blanc of Monarch Advisors, the capital advisory affiliate of Senior Living Investment Brokerage, has closed construction financing for the development of a 130-unit senior living community in Jeffersonville, Indiana (Louisville MSA). Denton Floyd Real Estate Group broke ground on the project in December and has brought on Vitality Senior Services to manage it upon completion. They will provide a mix of independent living, assisted living and memory care services for only private-pay residents. Rents are expected to range from $3,970 per month for one-bedroom units, $5,000 per month for two-bedroom units, and $5,138 per month for memory... Read More »
Ziegler and M&T Partner To Refinance Illinois Community

Ziegler and M&T Partner To Refinance Illinois Community

Ziegler and M&T Realty Capital Corporation partnered to secure a Fannie Mae refinance on an independent living community in St. Charles, Illinois. Owned by Essex Communities, the community obtained a $15.145 million loan with a 10-year term and fixed interest rate of 3.99%. There are five years of interest-only payments, followed by a 30-year amortization. Essex also benefits from a declining prepayment schedule.   Essex originally developed the 80-unit community in 1999 under a not-for-profit, entrance fee model sponsored by the City and Township of St. Charles. But Essex decided to purchase the building in 2019 for approximately $12.8 million,... Read More »
Locust Point Closes Second Seniors Housing & Care Fund

Locust Point Closes Second Seniors Housing & Care Fund

Locust Point Capital just closed its second fund focused on direct lending in the seniors housing and care sector. Locust Point Seniors Housing Debt Fund II, L.P. closed above its target at $428 million, receiving strong interest from a combination of pension funds, endowments, foundations, insurance companies and wealth advisors. Three quarters of the commitments came from United States-based investors, while European investors provided the balance.   The fund well exceeds Locust Point’s first, which launched in 2016 with a $312 million debut total, but the strategies will be roughly the same. Fund II will provide subordinate debt, preferred equity and opportunistic senior... Read More »
HHC Finance Closes Three More HUD Refinances

HHC Finance Closes Three More HUD Refinances

Housing & Healthcare Finance (HHC Finance) is continuing to take advantage of historically low interest rates by arranging HUD refinances for its clients. The company’s most recent activity saw it secure three loans totaling more than $33 million for three senior care facilities.   There was a 100-bed skilled nursing facility in Delaware and two assisted living communities totaling close to 200 units in New Jersey (100 units) and New York (95 units). The refinances replaced existing HUD loans and extended the clients’ terms. HHC Finance also closed another $37 million in loan modifications for its (happy) clients.  Read More »
Capital Funding Group Secures Another Bridge Loan

Capital Funding Group Secures Another Bridge Loan

Capital Funding Group continues its run of activity with a bridge refinance of two assisted living communities in two New York City boroughs. Totaling $88.9 million, the loan was secured on a 239-bed community in Queens and a 184-bed community in Brooklyn. Both properties hold Assisted Living Program licenses and are owned by an undisclosed major provider. Director Craig Casagrande and Senior Associate Andrew Jones originated the transaction.  Despite nearly reaching $90 million, this financing represents just a fraction of Capital Funding Group’s bridge lending haul so far this year, totaling over $500 million across 11 separate loans (in addition to more than $235 million in... Read More »