CFG Arranges Acquisition Mezzanine Financing
Capital Funding Group closed $8.8 million in mezzanine financing for the acquisition of a 240-bed skilled nursing facility in Brooklyn, New York. The mezzanine debt was provided by CFG in a total financing package of $60.8 million. The other funds were secured through a syndication effort with a bank that CFG has partnered with in the past. Capital Funding Group Managing Director, Real Estate Finance Craig Casagrande and Vice President Andrew Jones originated the transaction for the company. Read More »
Development Has Slowed, But Not Stopped
Ziegler just closed a $25.34 million financing for a new seniors housing community in San Antonio, Texas, but these funds do not include the cost of construction. The new money will be used to purchase 27 acres in San Antonio, pay for the preconstruction development costs, and the costs of issuing the new debt. The community, to be called Bella Vida at La Cantera, will consist of 153 independent living apartments, 40 IL cottages and 16 memory support assisted living units. This pre-construction debt comes to about $121,000 per unit. There was no breakdown of the three uses of the proceeds. The sponsor is the not-for-profit Forefront Living San Antonio. Brandon Powell, Managing... Read More »
Berkadia Finances Idaho Assisted Living Acquisition
Berkadia arranged acquisition financing for two assisted living/memory care communities in Idaho. Managing Director Jay Healy and Associate Director Andrew Lanzaro secured the $7.8 million bridge-to-HUD loan with an interest-only term of 18 months and a six-month extension option. The communities were built between 1996 and 1999 and contain an average Medicaid census of 75%. Combined occupancy had declined slightly in 2021 but rebounded to the mid-90% range by the end of 2022. The communities also benefited from a change to Idaho Medicaid reimbursements on July 1, 2022, resulting in a revenue boost of about $40,000 per building per month. The California-based buyer owns 18 seniors housing... Read More »Diversified Healthcare Trust Saga Continues
While trying to fight off one major shareholder who thought management was selling out Diversified Healthcare Trust (DHC) shareholders with their merger into Office Properties Income Trust (OPI) at a low value, they are now dealing with a technical default on the REIT’s $450 million credit facility. The credit facility requires the value of the collateral to be at least $1.09 billion for the 61 medical office buildings and life science properties. The reappraised value came to just $1.05 billion, a 22% plunge from the $1.34 billion value when last appraised in January 2021. A 4% drop below the value threshold, or just $40 million, should not be worth getting your knickers in a knot over in... Read More »
KeyBank Closes Construction Financing for NY Property
KeyBank Community Development Lending and Investment (CDLI) provided a $9 million construction loan and $12 million in Low-Income Housing Tax Credit (LIHTC) equity for the construction of an affordable senior housing property in Morrisville, New York. Community View Apartments will consist of 61 units for individuals aged 55 and older and earning no more than 30%, 40%, 50% and 60% of the area median income (AMI). Of the 61 units, 20 will be covered by the Empire State Supportive Housing Initiative (ESSHI) and will target individuals who are at risk of homelessness, formerly homeless, enrolled in Medicaid, and have either a chronic condition, physical disability, or require assistance with... Read More »Schedule a demo
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