CFG Funds SNF Portfolio Deal in Pennsylvania
Capital Funding Group closed $34.7 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities in Pennsylvania that combine for 299 beds. Managing Director, Real Estate Finance Craig Casagrande and Vice President Andrew Jones originated the transaction for the borrower, which was a regional operator. The announcement follows the company’s recent closing of a $13.4 million HUD loan, which supported the refinancing of an existing bridge loan on a 144-bed skilled nursing facility in Vermont. The cash-out bridge loan had seasoned for two years before being brought to HUD. Read More »
Berkadia Arranges Acquisition Financing through Fannie Mae
Berkadia helped finance the acquisition of Prairie House, a 105-unit assisted living/memory care community in Broken Arrow, Oklahoma. Managing Directors Chris Cain and Rafael Nobo of Berkadia Seniors Housing & Healthcare secured $16.74 million in acquisition financing through Fannie Mae on behalf of the buyer, Wichita, Kansas-based Legend Senior Living. The 10-year loan featured a 5.68% interest rate, a 30-year amortization schedule and a 65% loan-to-value ratio, which puts the purchase price at $25.75 million, or $245,300 per unit. Built in 2017 with 73 assisted living and 32 memory care units, Prairie House is Legend’s fourth Tulsa-area community and 11th community in the state. The... Read More »
Ziegler Secures Bond Financing for California CCRC
Ziegler arranged a bond financing for a CCRC in San Rafael, California, to expand its campus and refinance its existing Series 2015A bonds. The borrower, Aldersly, opened Aldersly Garden Retirement Community in 1921 to serve the Danish-American senior population in California and Nevada, although it now welcomes anyone who meets its financial and other admission criteria. Life Care Services has managed the community since 2004. Aldersley received $61.3 million in bonds, which are rated AA- by Standard & Poor’s based on credit enhancement provided by the Cal-Mortgage Loan Insurance Program. The bonds were issued through the California Municipal Finance Authority and amortize over a... Read More »
Carnegie Capital Secures CDFI Refinance
JD Stettin of Carnegie Capital closed the refinance of two assisted living/memory care communities totaling 130 units about 80 miles outside of San Francisco, California. After acquiring the communities in late-2019 and 2020, the borrower began to renovate and reposition them. However, given the pandemic, repositioning the communities took longer than initially anticipated, and upon closing the refinance, the in-place, portfolio-wide EBITDAR was still negative and occupancy was under 50%. The borrower was still implementing capex projects at one of the properties, which affected census, as well. The borrower originally purchased the assets with cash but looked to secure a loan to complete... Read More »
Vermont SNF Gets a HUD Refinance
Capital Funding Group closed a $13.4 million HUD refinance of a 144-bed skilled nursing facility in Vermont. The new loan replaced an existing bridge loan that had been executed by CFG and had seasoned for two years before being brought to HUD. The nationally recognized borrower was able to take cash out as a result. Managing Director, Real Estate Finance Tim Eberhardt and Senior Associate Ava Julio originated the transaction for the company. The financing follows CFG’s recent closing of $207 million in financing to support the refinancing of 10 skilled nursing facilities across Maryland, Virginia, and North Carolina. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
