Cain Brothers Closes Bond Financing for Carmel Manor
Working on behalf of Carmel Manor, Inc. and its sponsor, The Carmelite System, Inc., Cain Brothers successfully closed $17.14 million of healthcare facilities revenue refunding bonds through Kentucky Economic Development Finance Authority. The proceeds from the tax-exempt, public, fixed-rate bonds were used to refinance an existing bank loan and pay certain costs of issuance. Also as part of the refinancing, an outstanding fixed-pay interest rate swap that hedged the refunded bank loan was terminated and resulted in a $1.4 million positive termination payment to Carmel Manor, a Kentucky-based not-for-profit corporation that operates a senior care facility with 95 skilled nursing beds, 80... Read More »
VIUM Capital’s Productive October
VIUM Capital announced it has closed four transactions totaling more than $250 million to kick off an active fourth quarter. In Indiana, VIUM kicked off October by closing a $136.8 million acquisition loan for a skilled nursing portfolio comprising 1,470 beds across 17 facilities. The purpose of the bridge was to acquire the real estate associated with these facilities and immediately refinance as many of the loans as possible to HUD. Most of the buildings are stabilized with a strong credit tenant and manager in place, so they stand a good chance. VIUM closed another acquisition loan totaling $16.34 million for a 64-unit assisted living community in Michigan. There was an initial $4... Read More »
Lument Advises SNF Sale in Pennsylvania
Lument Securities announced the sale of a Philadelphia-area nonprofit skilled nursing facility. Built in 1973 and renovated with a $3.5 million renovation in 2016, Saunders House comprises 180 beds and sits on 5 acres in Wynnewood, Pennsylvania. The nonprofit used the proceeds from the sale to fund a foundation that supports seniors housing and healthcare providers whose residents may lack financial resources. Laca Wong-Hammond and Dominic Porretta of Lument Securities handled the transaction. Read More »
Meridian Closes Over $900 Million of Acquisition Loans and Refinances
We know that closing M&A transactions and financings has gotten much more difficult in the last couple of months, but Meridian Capital Group’s Senior Housing and Healthcare team announced $913 million in transaction volume over the past two months, bringing their year-to-date total to nearly $4 billion in 2022. Ari Adlerstein and Josh Simpson negotiated the deals. The highlight had to be a $319.2 million acquisition loan along with $31 million in A/R financing from a commercial bank, finance company, and mezzanine lender for 18 skilled nursing facilities comprised of 2,185 beds in Florida. But the team also closed a $120.4 million loan from a commercial bank along with a $7 million A/R... Read More »
Cambridge Closes Iowa HUD Loan
Cambridge Realty Capital Companies provided a $10.4 million HUD loan to refinance Oakview Nursing and Rehabilitation and Ridgeview Assisted Living, a senior care campus also known as The Views of Burlington. Located in Burlington, Iowa, just across the Mississippi River from Illinois and just north of the Missouri border, Oakview is a 60-bed skilled nursing facility and Ridgeview is a 42-bed AL community. The campus’s Iowa-based limited liability company owner received a fully amortized, 35-year loan. It is the third loan closed in 2022 with commercial mortgage broker Denny Howell of Howell Investment Finance. Read More »Schedule a demo
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