SRM Development/Westmont Living JV Refinances New California Community
Mesa West Capital provided a joint venture led by SRM Development with $67 million in short-term, first mortgage debt to refinance Westmont of Milpitas, a recently opened 199-unit senior housing community in the Silicon Valley community of Milpitas, California. Completed in late 2020 and opened in February 2021, the four-story community has 163 assisted living, 28 memory care and eight independent living units. There are also lounge areas, an indoor pool, fitness room, theater/chapel and a library, among other amenities. The community is located within seven miles of four full-service hospitals and medical centers. Its location serves another advantage, as there is little competition... Read More »
Cambridge Realty Capital Refinances NJ Facility
Cambridge Realty Capital Companies provided a $10.7 million HUD loan for an undisclosed borrower to refinance its skilled nursing facility in New Jersey. Pine Acres Healthcare & Rehabilitation Center, a 102-bed SNF in Madison, is approximately 40 miles west of Manhattan. It offers long-term care and rehabilitation services, with a variety of post-operative services and amenities, including private and semi-private rooms. This follow’s Cambridge’s refinance of a 107-unit affordable senior apartment community in Evanston, Illinois, announced earlier in March. Built in 1976, Ebenezer Primm Towers has 107 units in nine stories. Its Illinois-based corporation owner received a $7.4 million... Read More »Sonida Refinances Its Near-Term Debt
Sonida Senior Living is still climbing back from the bottom, and its recent refinance of all near-term debt maturities is a big step forward. The Greystone Senior Housing Capital Markets team acted as exclusive advisor in arranging the financing for Sonida. The transaction includes an initial term loan of $80 million and up to $50 million of additional capital, including an uncommitted $40 million accordion, to fund future growth initiatives. Secured by 10 Sonida communities, the term loan addresses all debt maturities through mid-2024 and reduced the company’s total debt by $38.5 million. There is an interest rate of one-month SOFR plus 3.50%, subject to a SOFR floor of 0.25% and a... Read More »Valeo Recapitalizes South Carolina Community with MidCap Financial
MidCap Financial closed a first mortgage loan for Vineyard Bluffton, a newly built seniors housing community in Bluffton, South Carolina. Owned by Valeo Groupe Americas, LLC, the Class-A community consists of 96 assisted living and memory care units. It was one of five projects in the works for Valeo and opened in October 2020. To recapitalize the property, Valeo received a $20.55 million floating rate first mortgage loan from MidCap. Peter Martz arranged the transaction for MidCap (its first with Valeo), while Noam Kaminetsky of Meridian Capital Group also handled the transaction. Read More »A Conversation on the Bridge Lending Market with Oxford Finance
The industry is emerging from the pandemic, but new issues are always arising, so how are lenders reacting and how do they distinguish pandemic problems from provider problems? Ben Swett sat down with Kevin Harbour and Tracy Maziek of Oxford Finance to discuss the state of the bridge lending market in a rising interest rate environment. Read More »Schedule a demo
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