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 »
Ziegler Arranges Large Bond Financing for CCRC Development
Ziegler closed a large bond financing for the development of a large, luxury CCRC in Kiawah Island, South Carolina. The community, to be called Seafields at Kiawah Island, is being developed by BRP (Big Rock Partners) Senior Housing Management, a vertically integrated firm that develops and operates seniors housing communities in Florida and, now, South Carolina. BRP received $212.93 million in bond proceeds to fund the CCRC’s development as well as to refund the outstanding Series 2021 Bond Anticipation Notes. The financing also funded debt service reserves, interest and the costs of issuance. The bonds are fixed rate bonds and will be issued through the South Carolina Jobs-Economic... Read More »
Walker & Dunlop Finances Active Adult Communities
Walker & Dunlop, one of the largest commercial real estate finance and advisory services firms in the United States, announced that it has financed 10 active adult communities totaling $390 million over the last year and over $1 billion in volume in the sector throughout the last five years. GSEs, multiple life companies, banks and debt funds were used as sources for debt capital. The loans were both fixed and floating-rate, dependent upon the property. The capital markets team that handled these transactions was led by Matt Wallach, Stephen West and Walker Layne. Read More »
CFG Releases H1:23 Results
Capital Funding Group (CFG) financed $411.2 million across 27 deals in the first half of 2023. The total included 19 healthcare bridge loans, five multifamily bridge loans (totaling $49.7 million), and three HUD loans for clients across the country. The largest transaction was CFG’s closing of $207 million in financing to support the refinancing of 10 skilled nursing facilities across Maryland, Virginia, and North Carolina. That was followed by $84 million in bridge-to-HUD acquisition financing for the purchase of seven skilled nursing facilities and one assisted living community in Alabama. Other bridge loans included a $34 million loan for the acquisition of three skilled nursing... Read More »Schedule a demo
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