Greystone Arranges HUD Refinance for Supportive Living Facility
Greystone provided a $13.7 million HUD loan to refinance a 122-bed supportive living facility in Crestwood, Illinois. Eric Rosenstock, Managing Director at Greystone, originated the loan on behalf of the borrower. The loan carries a 35-year term and a low, fixed interest rate. Built in 2003, The Pointe at Kilpatrick is located in a suburb south of Chicago. The facility sits on 3.12 acres and is licensed for 83 units and 122 total beds. Amenities include a community room, living room with fireplace and aviary, library, therapy room, barber/beauty shop, jacuzzi spa, outdoor gazebo, landscaped courtyard and children’s play area, private dining room, resident laundry rooms, and lounge... Read More »
CFG Finances 7-SNF Deal for Venza Care
Capital Funding Group closed an $84.7 million bridge-to-HUD loan, collaborating with a strategic partner to arrange the deal. The financing supported the acquisition of seven skilled nursing facilities and one assisted living community with a total of 797 beds in Alabama. Venza Care was the borrower. Capital Funding Group Managing Director, Long-Term Care, Craig Casagrande and Vice President, Andrew Jones originated the transaction. The deal follows CFG’s recent closing of $10.9 million in HUD financing to refinance an existing bridge loan for a 99-bed skilled nursing facility in California. Read More »
Berkadia and Live Oak Bank Close Four Bridge Loans
Berkadia Seniors Housing & Healthcare partnered with Live Oak Bank to close four bridge-to-HUD loans totaling $86 million in the first quarter of 2023. The partnership, which started in October 2022, has closed $143 million of bridge-to-HUD and GSE transactions to date, the majority of which have been structured as A/B notes with Berkadia funding the B-note. The interest-only loans typically carry terms of 24 months with rates floating over one-month term SOFR. They facilitated purchases and refinances of four assisted living/memory care communities, two skilled nursing facilities, and one independent living community, all scattered throughout the country. Managing Director Jay Healy... Read More »
Walker & Dunlop Wraps Up Q1 with Six Transactions
With the first quarter wrapped up, Walker & Dunlop announced six closings totaling 13 assets located across the country. The largest deal was handled by Gideon Orion on behalf of a publicly traded REIT client. The five-facility skilled nursing portfolio is located in the Mid-Atlantic region and consisted of nearly 770 beds. A national owner/operator bought the properties for over $200,000 per bed at a cap rate of approximately 7% on in-place EBITDAR. Another portfolio sold, this time including three Class-A memory care communities in the Phoenix, Arizona MSA. Totaling 196 units and 258 beds, the properties were built from 2012 to 2016. A regional owner/operator bought them for an... Read More »
M&T Realty Capital Reports Q1 Activity
M&T Realty Capital reported its Q1 seniors housing and healthcare loan activity, which comprised six transactions totaling $247 million. The largest transaction saw M&T Realty Capital work with M&T Bank on the closing of a $217 million syndicated senior term loan where M&T served as the administrative agent to support the acquisition of a portfolio of skilled nursing facilities in the Pacific Northwest. Next, M&T closed a $101.5 million bridge loan to refinance six seniors housing communities in Texas and North Carolina, which M&T fully underwrote on a very tight timeline. There were a number of agency financings, as well. They included a $52.5 million Fannie Mae... Read More »Schedule a demo
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