Refinancing Closed for American House St. Petersburg
First Citizens Bank’s Healthcare Finance team provided a loan to refinance American House St. Petersburg, a seniors housing community located in St. Petersburg, Florida. This 165-unit community is comprised of 66 independent living, 66 assisted living and 33 memory care units. Previously, Prevarian Senior Living bought a parcel near Tyrone Square Mall for $5.18 million. American House St. Petersburg was then later developed by Prevarian, Harrison Street and American House, one of the country’s largest owner/operators of senior living communities. The community is American House’s ninth senior living community in Florida and first in the Tampa Bay area. The community opened in 2021,... Read More »
Ziegler Prices Ohio Living Bonds
Ziegler announced that it priced Ohio Living’s Series 2023 bonds to be used to refund existing bank debt, terminate an interest swap agreement, fund a debt service reserve fund and fund approximately $3 million of capital expenditures across the organization’s portfolio. The not-for-profit owns and operates 12 communities throughout Ohio, making it the second largest not-for-profit provider in the state. The bonds consist of tax-exempt fixed interest rate serial and term bonds with an 18-year final maturity. They feature a three-year interest only period with annual principal amortization starting in 2026. Ohio Living decided to utilize fixed interest rate bonds to refund a portion of its... Read More »
Omega’s Q2:23 Results
Omega Healthcare Investors reported second quarter results on August 2 and announced a host of new investments totaling $270 million. In total, the company completed $129 million in real estate acquisitions, invested $124 million in real estate loans and other loans and investments and funded $17 million in capital renovation and construction-in-progress projects. Regarding Omega’s real estate acquisitions, the largest was Omega’s purchase of four skilled nursing facilities located in West Virginia for $114.8 million. The company leased the SNFs to an existing operator, and the facilities were added to that operator’s master lease with an initial annual cash yield of 9.5%, with 2.5% annual... Read More »
Berkadia’s Latest Two Refinances
Berkadia refinanced a couple of senior care facilities, including a large HUD financing for a 320-bed skilled nursing facility in New York City. Owned by a Northeast-based operator, the facility serves downtown Brooklyn and maintained strong occupancy, even during the pandemic. Census also grew throughout 2023, surpassing 90% at the time of the closing with a 20% Medicare mix. To pay off existing commercial bank debt as well as transaction costs, Berkadia’s Ed Williams and Richard Price secured a $62.1 million million HUD loan on behalf of the client. The 80% loan-to-value financing included a term of 35 years. Next, Jay Healy and Andrew Lanzaro arranged a $14.4 million bridge loan... Read More »
Meridian Capital Group Announces July Activity
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed more than $520 million in transaction volume in July 2023. Their recent closings include a $175 million credit facility on behalf of a New York-based home health platform, which was provided by a nine-bank syndicate. Meridian’s Indrajit Pal and Matt Lesnik negotiated this transaction along with Adlerstein and Simpson. Additionally, the team sold nine skilled nursing facilities comprising 718 beds in the Midwest and arranged $66.6 million in financing from a commercial bank along with a $10 million A/R line for the acquisition. The team also arranged a $49 million HUD refinance... Read More »Schedule a demo
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