SNF Portfolio Receives Financing
CIBC Bank USA provided a $15 million working capital revolving line of credit for a portfolio of skilled nursing facilities in Maryland. Historical performance trended positively over the last year, as the facilities improved census and operating leverage. Going forward, occupancy and operating margins are expected to further improve. Dan Forrer handled the transaction for CIBC Bank USA. Read More »
California Communities Secure Financing
MONTICELLOAM, LLC, a specialized multifamily and seniors housing bridge lending platform, closed an $87.15 million bridge loan for 39 residential assisted living communities in Fresno, California. Expanding their relationship with MonticelloAM, the borrower plans to use the bridge loan proceeds to refinance the existing debt on the properties with the intent to secure long-term financing. Read More »
Illinois Seniors Housing Community Secures Refinancing
BMO’s Healthcare Real Estate Finance group acted as sole lender on a term loan that refinanced a trophy seniors housing asset owned by a joint venture between Dial Senior Living and Harrison Street. The Landings was built in 2021 by the joint venture in Batavia, Illinois (Chicago MSA). It features 62 independent living, 56 assisted living and 24 memory care units, and was over 98% occupied at the time of closing. In order to take out the original three-year (with a one-year extension option) construction loan, BMO provided the new loan. The non-recourse loan has a three-year term and a full term of interest only. Newmark arranged the debt. Read More »
BMO Provides ReNew REIT Financing
BMO’s Healthcare Real Estate Finance group closed on a $57.8 million credit facility to a joint venture between ReNew REIT and Heritage Senior Living for the recapitalization of existing debt on Keystone Villa at Douglassville, a Class-A seniors housing community in Douglassville, Pennsylvania. BWE’s Ryan Stoll and Taylor Mokris secured the loan featuring a non-recourse structure prepayment flexibility, a competitive rate and full term of interest-only payments. The transaction represents a new lending relationship for the borrower. Originally built in 2011 as a 125-unit assisted living/memory care community before a 123-unit independent living building was added in 2015, the... Read More »
Financing Secured for a Virginia SNF
CIBC Bank USA recently closed a new $35 million commercial mortgage term loan and $1.5 million working capital line of credit for a high-quality skilled nursing facility in Virginia to refinance its debt. The 101-bed facility, which has an effective age of 15 years, posted very strong operating results, with occupancy around 92% and an EBITDAR margin historically at 25%. With those results, it is no wonder the facility was able to obtain nearly $350,000 per bed of debt. An experienced Virginia owner/operator was the borrower. Matthew Tyler and Neal Netzel handled the financing on behalf of CIBC. Read More »Schedule a demo
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