Pacific Northwest AL Portfolio Gets Acquisition Financing
Monarch Advisors closed an acquisition loan for a portfolio of assisted living communities in the Pacific Northwest. The buyer, the current manager of the properties, engaged Monarch to source $7.3 million of senior debt for the transaction. Monarch’s Alec Blanc successfully secured a commitment from a national SBA lender, consisting of a $4.3 million, 10-year bank loan, fixed at 8.45% for the first five years, and a $2.6 million SBA Debenture expected to be fixed at around 6.3% for 25 years. In addition, there was a $300,000 SBA 7(a) loan floating at Prime plus 0.70% for 10 years. The debt covered approximately 80% of the transaction costs, putting the purchase price at roughly... Read More »
CFG Closes Acquisition Loan for Washington State SNF
Capital Funding Group closed a $3.3 million bridge-to-HUD loan for the acquisition of two skilled nursing facilities in Washington. Combining for 108 beds, the facilities were built in 1966 and 1964, respectively. CFG’s Managing Director, Long-Term Care Tim Eberhardt and Senior Associate Ava Julio originated the transaction for the company. The announcement follows the company’s recent closing of a $27.2 million construction loan for the conversion of a partially completed hotel to a 191-unit assisted living community in Sunrise, Florida. The financing was executed through CFG’s Seniors Housing Lending Platform. Read More »
MidCap Financial Funds Illinois Refinance
MidCap Financial, a commercial finance company focused on middle market transactions, closed a first mortgage loan with affiliates of Harrison Street and Banner Real Estate Group. The floating-rate loan refinanced the original construction loan on a Class-A, 240-unit independent living community located in Deerfield, Illinois. Wells Fargo provided the original construction debt. The community has steadily leased up since opening in 2020 and benefits from its affiliation with CJE SeniorLife. The transaction was arranged by Sarah Anderson of Newmark. Read More »
VIUM Capital and Merchants Bank Close $1.1 Billion Synthetic Securitization
VIUM Capital and its joint venture partner Merchants Bancorp, the parent company of Merchants Bank of Indiana, completed a synthetic securitization referencing over $1.1 billion of first-lien, floating-rate bridge loans on skilled nursing and seniors housing properties. ATLAS SP Partners acted as structuring agent and sole bookrunner on the transaction. As part of the deal, Merchants Bank issued and sold $158 million aggregate principal balance of senior credit linked notes representing approximately 14% of the reference pool. The bank’s wholly owned subsidiary, Merchants Capital Corp., will continue to service the loans. The transaction involved multiple institutional buyers and did not... Read More »
CFG Closes Construction Loan for Hotel Conversion
Capital Funding Group closed a $27.2 million construction loan for the conversion of a partially-completed hotel to a 191-unit assisted living community in Sunrise, Florida. SGSL Fee Owner LLC, based in Coral Gables, Florida, originally acquired the 291-room Sawgrass Grand Hotel and Suites and the 11.6-acre site in 2019 for $15.13 million and had started converting it into a 184-unit assisted living/memory care community, thanks to a $35.8 million bond. However, UMB Bank, which was the trustee for the bond, filed a lawsuit against SGSL Fee Owner over allegations that it missed bond payments and wasn’t paying its project contractors and suppliers. A judge appointed Travis Grody of Aurora... Read More »Schedule a demo
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