Walker & Dunlop Handles HUD Deals
The team at Walker & Dunlop (W&D) recently closed four HUD transactions for senior care facilities located across the country. Largest (and perhaps most notable) among them was a $35.9 million refinance of a 166-unit behavioral assisted living community in Arizona. The community houses assisted living residents with a secondarily behavioral diagnosis, and this was a unique project for HUD’s LEAN program given the behavioral component and unique payor type, but the program executed on the transaction. To account for the added risk, W&D underwrote the transaction at a lower LTV than traditional senior housing projects. The refinance paid off bank debt and partnership debt. Next,... Read More »
A First for Freddie Mac
We saw a first for Freddie Mac, which closed its inaugural senior preferred equity loan for a seniors housing asset in Georgia. Newmark’s Healthcare & Alternative Real Estate Assets group secured the $109 million, 10-year senior loan from Freddie Mac, which featured five years of interest only, and arranged a $31 million preferred equity investment from Kayne Anderson Real Estate Debt. Freddie Mac would likely only do this for a top-of-the-line community, which is what Corso Atlanta is. Built in 2021, the community features 82 independent living, 75 assisted living and 26 memory care units across a nine-acre campus. Galerie Living developed the community to mimic Parisian... Read More »
Helios Secures Credit Facility for CA Properties
EVA Care Group, a national healthcare conglomerate based in Los Angeles, secured a new credit facility to refinance existing debt, fund capital improvements and take out cash on a couple of senior care properties in southern California. Helios Healthcare Advisors arranged the facility on behalf of EVA. The properties in question include a 99-bed skilled nursing facility and a 66-bed assisted living community. The SNF was built in the 1970s and was underperforming, with occupancy in the mid-60s. Built in 1994, the assisted living community was also occupied around 60% and needed renovations to enhance its appeal in the market. There was a maturing seller note on the AL property, while the... Read More »
CFG Closes Four Transactions
Capital Funding Group announced the closing of four transactions totaling more than $76 million in September. The financing supported 16 skilled nursing facilities and was executed on behalf of nationally recognized borrowers. First, CFG closed a $24.35 million bridge-to-HUD loan for the refinancing of two SNFs with 246 beds in North Carolina. Next, it secured a $13.68 million HUD loan for the refinancing of SNF with 138 beds in California. Then, CFG closed a $20.64 million bridge-to-HUD loan for the refinancing of nine SNFs comprising 471 beds in Iowa. The transaction refinanced an existing loan, which CFG closed in September 2020, providing additional capital to leverage the... Read More »
Joint Venture Secures Refinance in Florida
BWE secured a refinance for a Class-A senior living community in Florida. The sponsor is a joint venture between Meridian Senior Living and Buvermo Investments Inc. Managed by Meridian, Gentry Park Orlando has a 92-unit independent living building and an 84-unit assisted living and memory care building. The independent living community, which features one- and two-bedroom units, achieved stabilization in less than a year, and is currently at 98% occupancy. The assisted living community offers studio, one-, and two-bedroom units. Taylor Mokris secured the five-year bridge loan, which has a competitive floating rate, two years of interest-only payments, a structured earnout, flexible... Read More »Schedule a demo
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