CIBC Bank’s Recent Skilled Nursing Activity
CIBC Bank USA shared its recent financing activity, totaling more than $100 million. The largest transaction saw the bank provide a $50 million term loan and a $4.0 million working capital revolving line of credit to a regional owner/operator to refinance a skilled nursing facility in northern California. Historical performance was trending positively, with occupancy and operating margins expected to improve further. Fritz Kieckhefer, Kyle Doran and Jon Roh handled the transaction. Kieckhefer, Doran and Ian Cooper then provided a $31 million term loan and a $3.0 million working capital credit line to help an operator exercise its purchase option on two SNFs and refinance a third facility... Read More »
Provident Bank Funds Portfolio Refinance and Recapitalization
Tom Cassidy of Provident Bank’s Healthcare Lending team provided funding to a regional owner/operator in the Southeast. The new client, a family business, secured a $29.84 million portfolio refinance and recapitalization of four stabilized seniors housing communities in Florida. The well-performing portfolio totals more than 250 units across a mix of independent living, assisted living and memory care. The properties are located in close proximity within an extended Central Florida MSA, supporting operational and staffing synergies. At the time of underwriting, occupancy was in the 90s, and no agency staffing was utilized. As part of the recapitalization, the borrower had completed a... Read More »
Azure Partners Enters Seniors Sphere Through IL/AL Purchase
JLL Capital Markets arranged the sale and financing for Cypress Court, a 148-unit independent and assisted living seniors housing community in the Escondido submarket of San Diego, California. The seller was an affiliate of Kisco Senior Living, and the buyer was Azure Partners. The 10-year acquisition loan was arranged through Freddie Mac. Northstar Senior Living will continue to manage the asset, which marks the first seniors housing community acquired by Azure, a real estate investment firm, which is aiming to “rapidly” expand its portfolio in the sector. Cypress Court offers 76 independent living and 72 assisted living units on 2.54 acres. It was stabilized at the time of... Read More »Protea Capital Partners Finances Florida Development
JLL Capital Markets assisted a developer, Protea Capital Partners, in arranging $34.5 million in financing for the construction of HarborChase of Beachwalk, a 172-unit seniors housing community in St. John’s, Florida. Multiple bids were generated, and Protea was ultimately able to secure a five-year construction loan with a regional bank on favorable terms. JLL’s Capital Markets team representing the borrower was led by Olga Walsh, Aaron Rosenzweig and Dan Baker. Slated for completion in October 2027, HarborChase of Beachwalk will offer 82 independent living, 66 assisted living and 24 memory care units across multiple three- and four-story buildings. Floor plans will range from studios to... Read More »Colorado CCRC Expands with Bond Financing
Ziegler announced the closing of Frasier’s $44.14 million Series 2025A bonds through the Colorado Health Facilities Authority. Frasier Meadows Manor, Inc. (Frasier) is a Colorado not-for-profit founded in 1956 in Boulder. Frasier is the only CCRC in Boulder offering the full continuum of care and is also the oldest retirement community in Boulder. Today, the CCRC offers 303 independent living units, 19 assisted living units, 19 memory care units and a 54-bed skilled nursing facility. Frasier offers a “Type B” entrance fee contract to its independent living residents, offering a discounted rate to higher levels of care if needed. The community maintains a 742-household waiting... Read More »Schedule a demo
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