Monarch Advisors Finances Assisted Living Addition
An assisted living community in Salinas, California is more than tripling its size with financing in hand from a national SBA lender. Alec Blanc of Monarch Advisors arranged a multi-stage lending strategy for the owner, Songbird Care Homes, and sourced the debt. The $4.6 million senior loan comes with a term of 25 years and a rate of Prime plus 1.0%, with an option to convert to a fixed rate equal to Prime plus 1.2% upon completion of the addition. Originally built in 1952, but renovated and converted to assisted living in 2017, the existing six-unit/12-bed community will see 28 new beds in 14 units added thanks to the funding. Occupancy was 92%. Read More »Helios Arranges Sale in Massachusetts
A family-run organization is getting out of the skilled nursing business (along with many other mom & pops across the country) and sold its 63-bed facility in northwest Massachusetts. Built in the mid-1960s, the facility was also operated by the seller but recently experienced a census decline from the mid-80s to the high-60s. That is because the Massachusetts Department of Public Health recently proposed and implemented a removal of all three- and four-bed wards at SNFs in the state. The industry has been moving past wards for a while now, but some operators of older, mostly Medicaid facilities rely on them to fill beds and cover their overhead costs. With Medicaid reimbursement rates... Read More »Northbridge Refinances Massachusetts Community
Greystone has provided a $24.8 million Freddie Mac Optigo loan to refinance Laurentide at Mashpee Commons in Mashpee, Massachusetts, minutes from the Cape Cod shoreline. The Freddie Mac fixed-rate, non-recourse financing carries a 10-year term and a 30-year amortization. Managing director Shailini Nehra handled the transaction on behalf of owner Northbridge Companies. Ten percent of the units at the 2018-built, 70-unit senior housing community have been designated affordable by the Cape Cod Housing Authority. With independent living, assisted living and memory care services, the senior housing community features studio, one- and two–bedroom residential units. Amenities include a full... Read More »
Ziegler Arranges Bond Financings For Two CCRCs
Ziegler has announced a couple of bond financings for senior care clients. First, the firm arranged $58.4 million in bonds for Capital Manor, a not-for-profit CCRC in Salem, Oregon. Operated by Life Care Services since 2010, Capital Manor features 302 independent living units and 83 assisted living beds with an additional 34 memory care beds. Its new financing will refund bonds from 2012 and fund a renovation project that will include a new façade and refreshed common areas. The bonds were issued through the Hospital Facility Authority of the City of Salem, Oregon with a yield of 3.030% and a yield to maturity of 3.415% and are callable in 7 years at 103, declining to par in year 10... Read More »
VIUM Provides Capital For Midwestern SNFs
VIUM Capital has been busy lately, recently arranging two refinances and one acquisition loan. First, the company arranged a refinance for a skilled nursing facility with a $9.5 million HUD loan, providing non-recourse, low-interest, long-term debt. Back in 2020, the company closed a bridge loan for the portfolio acquisition of this property and four other skilled nursing facilities in Indiana, and the remaining facilities are set to follow into HUD shortly. VIUM also refinanced a portfolio of four skilled nursing and assisted living properties in northeast Ohio. The new HUD loan totaling $55.75 million refinances 1st, 2nd, and 3rd FHA mortgages through the a7 program exclusively for... Read More »Schedule a demo
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