Ziegler Closes Financing For Not-For-Profit Owner/Operator
Ziegler has closed a series of bonds for Otterbein SeniorLife to acquire Kendal at Granville, a CCRC located in Granville, Ohio. Now renamed Otterbein Granville, the not-for-profit owner/operator will use proceeds from Series 2021B bonds to acquire the community and subsequently use the proceeds from the acquisition to refund the community’s Series 2015 bonds, acquire certain leased property on the campus and pay the cost of issuance. The bonds consist of $24.5 million of tax-exempt Series 2021B bonds and $20.5 million of tax-exempt forward delivery Series 2023 bonds scheduled to close in April 2023. Proceeds of the Series 2023 bonds will be used to refund Otterbein’s... Read More »
CBRE Closes Large Acquisition Financing
CBRE National Senior Housing arranged more than $200 million in acquisition and recapitalization financing for seven senior living communities across three different transactions. The financing was done on behalf of Monarch Alternative Capital LP and REDICO, the buyers of the properties. The portfolio includes 1,133 units of independent living, assisted living and memory care in Florida, Illinois and Michigan. The five Florida properties with 817 units are relatively new and have been operated by American House Senior Living Communities. They are located in Bluewater Bay, Bonita Springs, Coconut Point, Fort Myers and Wildwood. The one community in... Read More »
Walker & Dunlop Facilitates Refinancing of Six Illinois SNFs
Walker & Dunlop recently announced a $43.2 million refinancing for six skilled nursing facilities located across Illinois: Aperion Care Bridgeport, Aperion Care Burbank, Aperion Care Dekalb, Aperion Care Litchfield, Aperion Care Wilmington, and Rock River Health Care. Totaling 640 beds across 277 units, the portfolio received HUD financing, with Aperion Care Dekalb also transferring its physical assets through Walker & Dunlop. AC Bridgeport received $3.88 million, AC Burbank received $6.88 million, AC Dekalb received $6.28 million, AC Litchfield received $3.55 million, AC Wilmington received $16.24 million and Rock River Health Care received $6.4 million. Read More »
Ziegler Closes Financing for Texas Owner/Operator
Ziegler has closed $116.1 million of Series 2021 bonds for Methodist Retirement Communities (MRC), a not-for-profit based in Texas which currently owns and operates 13 seniors housing communities throughout the state. Once the bonds are closed, two communities will join four MRC-affiliated communities currently comprising the MRC Obligated Group. Proceeds of the bonds, which are being privately placed with Truist Bank and Hancock Whitney Bank, will be used to refinance the existing indebtedness of the two communities. Ziegler implemented a “Cinderella” refunding structure where Series 2021 taxable bank bonds (which convert to tax-exempt bonds at the first call date) advance refunded the... Read More »
Meridian Capital Group Announces Latest Activity
Another month, another slew of closings from Meridian Capital Group. The Senior Housing and Healthcare team including Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch, Rafi Sod, Yuval Hananya, David Gottlieb, Jacob Scott and Brett Hebert negotiated the transactions, which included several refinances, acquisition loans and two property sales. The targets in the sales included a 103-unit assisted living/memory care community in Missouri that sold for $10.2 million, or $99,000 per unit, and a 90-unit AL/MC community in Utah that sold for $6.5 million, or $72,200 per unit. Meridian’s Avi Begun arranged acquisition financing for both properties, with an $8.3 million loan from... Read More »Schedule a demo
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