Live Oak Bank Provides Bridge Loans To Stabilizing Properties
Live Oak Bank ended 2021 by closing three loans for senior care clients totaling over $50 million. First, Mississippi-based Claiborne Senior Living received a $33.5 million loan to facilitate a partner buyout for a Class-A, 213-unit independent living, assisted living, and memory care community built in 2017 in Baton Rouge, Louisiana. Claiborne took over management in early 2021 and added net 41 residents YTD through November 2021, or more than three residents per month. Locust Point Capital partnered with Claiborne to complete the capital stack. Approximately $1.8 million in loan proceeds will support capex improvements, enhanced programming, and a marketing campaign to rebrand the... Read More »
Dwight Capital Reports Active Q4
Dwight Capital closed $291.46 million in seniors housing and healthcare financings during the fourth quarter of 2021, including bridge loans for the Certus Portfolio, Solaris Portfolio, and Epic Portfolio. These transactions were funded through the firm’s commercial mortgage REIT, Dwight Mortgage Trust. Featured among Dwight’s Q4 closings are an $89 million bridge acquisition loan for a 1,352-bed portfolio of fifteen skilled nursing facilities located across Ohio. The borrower, Certus Healthcare Management, plans to invest in a capex plan to complete interior improvements across these properties. In the Southeast, Dwight has seen a lot of activity. They closed a $48.28 million bridge... Read More »
Lument Refinances Rhode Island Campus
Lument recently closed a $45.9 million HUD loan to refinance an existing HUD mortgage on Tockwotton on the Waterfront, a 156-unit skilled nursing and senior care community in East Providence, Rhode Island. Independently owned and operated by the not-for-profit Tockwotton Home, Inc., it consists of 52 skilled nursing beds, 73 assisted living units and 31 memory care units. In the wake of property performance challenges following the pandemic, Tockwotton has steadily improved its occupancy rate over the past year. Assisted living occupancy rose by nearly 15% since May of 2021, giving the campus an overall occupancy of 86.5%. They currently boast 100% occupancy rate for their skilled nursing... Read More »
VIUM Capital Closes Out First Full Year In Style
Just a year and half after its inception, VIUM Capital announced it closed 42 transactions totaling nearly $700 million in 2021, with nearly half of those deals closing in the fourth quarter. The deal total was fairly even between bridge and HUD loans, and we learned about several of these closings this month. In a recapitalization effort to retire existing debt, cover closing costs and take equity out, two assisted living/memory care communities in Washington received a $14 million bridge loan from VIUM. Over in Maryland, VIUM placed another $15.15 million bridge loan for the acquisition of a skilled nursing facility. VIUM then placed a third bridge loan to a SNF in Illinois,... Read More »
Ziegler and M&T Realty Refinance Nebraska Community
Ziegler partnered with M&T Realty Capital Corporation as financial advisor in a $8.5 million Fannie Mae refinancing. On behalf of Essex Communities, the team refinanced the existing debt on Carriage Glen, a 55+ age-restricted independent living community in Lincoln, Nebraska. The 10-year, fixed-rate loan was structured at 75% loan-to-value with four years of interest-only payments, followed by 30 years of amortization. The loan also carried a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the existing debt, the loan also provided funding for Essex to recover capital expenditures and to pay off the... Read More »Schedule a demo
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