CIBC Finances Boston-Area SNF
CIBC Bank USA closed a new $13 million commercial mortgage term loan for a 120+ bed skilled nursing facility near Boston, Massachusetts. The facility is owned and operated by a high-quality, national skilled nursing operator. With an effective age of 20 years, the skilled nursing facility currently posts strong operating results with occupancy averaging 89% and EBITDAR margins of 20%. The financing was handled by Matthew Tyler and Neal Netzel with CIBC Bank USA. Read More »
Berkadia Secures Large Portfolio Refinance
Berkadia closed $627.2 million in agency financing for Project Raven. Project Raven is a 35-asset seniors housing portfolio with 4,395 independent living, assisted living and memory care units. The portfolio spans 15 states. Austin Sacco, Steve Muth, Garrett Sacco and Alec Rosenfeld handled the financing on behalf of an institutional borrower. The transaction was a roughly five-month process and refinanced existing debt. It represents one of the largest seniors housing refinances in recent years. Read More »
BMO and TCG Refinance Florida CCRC
BMO’s Healthcare Real Estate Finance group acted as sole lender on a real estate term loan refinancing for La Posada, a Class-A, 333-unit CCRC in Palm Beach Gardens, Florida. Originally opened in 2004 and later renovated, the campus offers independent living (245 units), assisted living (30 units), memory care (18 units) and skilled nursing (40 beds) on an irreplaceable site in Palm Beach Gardens. Occupancy was strong at 93%, and the community was fully stabilized. La Posada is owned and managed by affiliates of Kisco Senior Living, based in Carlsbad, California. In order to refinance existing debt and recapitalize some of the addition/renovation capital, Kisco received $45 million in... Read More »
The Lenders Roundtable: A Capital Markets Update
On Thursday, June 26th, Managing Editor of The SeniorCare Investor Ben Swett sat down with a group of expert panelists to dive into the evolving financing process of M&A deals. Panelists included Dave Boitano, EVP & CIO of LTC Properties, Cary Tremper, President & CEO of Tremper Capital Group, and Patrick Gilbreath, Sr. Relationship Manager & Vice President of KeyBank. Frank Cassidy, who oversees HUD’s Office of Housing and the FHA, also dialed in as a special guest to discuss HUD’s launch of its “Express Lane.” Watch the LTC Properties-sponsored webinar here. Read More »
Distinctive Healthcare Recaps Class-A Naples Community
Cushman & Wakefield secured an all-cash, $40 million equity raise for the recapitalization of the Seascape at Naples, offering an attractive basis with strong upside potential. Built in 2018, this Class-A seniors housing community is in Naples, Florida, with 196 independent living, assisted living and memory care units. John Alascio, Aaron Graves and Jason Blankfein of Cushman & Wakefield’s Equity, Debt & Structured Finance group advised the borrower, Distinctive Healthcare, alongside seniors housing specialists Jason Skalko from Cushman’s Investment Sales team and David Young of Greystone. Within the first month of taking over operations, Distinctive... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
