Popular Bank Adds to CRE Team
Popular Bank, a subsidiary of Popular, Inc., appointed Adam R. Bavifard to be Senior Relationship Manager in the bank’s Commercial Real Estate (CRE) Lending team. In his role, Mr. Bavifard will focus on growing the bank’s CRE business through expanding current customer relationships and bringing Popular’s product offerings to new customers. Based in New York, Mr. Bavifard joins Popular from M&T Bank, where he held several roles of increasing responsibility in their commercial bank, most recently managing multi-product portfolios totaling over $600 million in loan commitments with $150 million in deposits. Earlier in his career, Mr. Bavifard was with The Dak Group where he... Read More »
Capital Funding Group Finances Another Acquisition
Capital Funding Group (CFG) announced the closing of a $10.57 million bridge-to-HUD loan for the acquisition of an 84-bed skilled nursing facility in Pittsgrove, New Jersey. Capital Funding Group Managing Director, Long-Term Care Tim Eberhardt and Senior Associate Ava Julio originated the transaction for the company. This announcement follows the recent closings of two deals: $17.2 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities in Arizona and a $11.26 million bridge loan for the acquisition of a 121-bed skilled nursing facility in Sacramento, California. Read More »
D.A. Davidson Adds Senior Living Experts
D.A. Davidson Companies, an employee-owned financial services firm, made clear its intentions in the seniors housing industry with the announcement that it added four senior living-focused individuals to its Fixed Income Capital Markets Group. Previously leading the Senior Living practice at Piper Sandler, the team includes Richard (Rick) Lohr as managing director and head of Senior Living and Structured Housing, Amy Hayman and Romy McCarthy as managing directors and Ogieva Guobadia, CFA joins as senior vice president. Together, they have experience closing over 250 financings representing in excess of $10 billion for senior living and structured housing clients. Their clients have... Read More »
MassHousing Refinances Senior Apartments Portfolio
Providence Realty Investment LLC refinanced a portfolio of affordable senior apartment communities with a $206 million loan provided by MassHousing. Totaling 931 units in Massachusetts, the portfolio consists of seven affordable senior apartment communities and three non-senior affordable housing communities. Wingate Management manages all 10 properties, which feature mostly Section 8 HAP contract units. Rockport Mortgage Corporation served as the lending partner for the transaction, and MassHousing provided the MAP/Ginnie Mae loan to the owner through HUD. The financing also helped Providence Realty preserve and extend the affordability of the properties. MassHousing was certainly... Read More »
New Lender Seeking to Make an Impact
Is this a good time to enter the seniors housing and care lending market, or a bad time, since we are not out of the woods yet? One reason for it being a good time is that there are no bad loans on the books for a new lender, as opposed to everyone else that went through the pandemic census crisis. Another reason is that demand for financing will only grow in the years to come. This is what Matt Huber and Signature Bank are thinking with their new nine-person healthcare banking and finance team. The New York City-based bank is publicly traded with $121 billion of assets, but until now had no presence in the healthcare and seniors housing market. That is about to change. Huber... Read More »Schedule a demo
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