VIUM Capital Finances Two Transactions
VIUM Capital has provided financing for two transactions spanning seven total properties. The first deal involved the acquisition of a six-property portfolio consisting of five skilled nursing facilities and one assisted living community. The properties, all located in southeast Michigan, were purchased for $64.44 million and received $58 million of bridge-to-HUD financing. Funds were provided for acquisition costs and capex being used to improve building aesthetics, add a short-term rehab in one of the buildings and other specialty units. The financing includes a debt structure of $54 million of A notes and $4 million of B notes. The second financing was for the purchase of Bria of... Read More »
Greystone Provides Refinancing For Atlanta Community
Greystone’s Senior Housing Capital Markets Team has provided refinancing for a 193-unit seniors housing community in Atlanta, Georgia. Matt Miller led the team, providing the financing on behalf of Harbert Seniors Housing Fund I, L.P. The transaction was closed with a large regional bank and has a three-year term. The property, managed by an experienced regional operator, includes independent living, assisted living, and memory care units across two construction phases, the second of which was completed in late 2020. This community offers a range of independent living unit configurations, and features a heated pool, walking gardens, fitness center, salon & spa, library, theater,... Read More »
CIBC Bank Closes Two Acquisition Loans
CIBC Bank USA closed on a couple of acquisition loans. First was a $5 million loan for a 70-bed skilled nursing facility in central Illinois. With an effective age of 25 years, the facility has been run by a regional operator for several years. The undisclosed buyer saw an opportunity to cut expenses and improve occupancy, with stabilized occupancy of 87% and margins in the mid-teens. Bank financing included a five-year term loan, with earn-out potential, plus a $750,000 working capital line of credit. Fritz Kieckhefer and Kyle Doran handled the financing for CIBC. The same CIBC duo next provided $10 million in acquisition financing for a 42-unit behavioral residential care... Read More »
CIBC Closes Transactions for Two Portfolios
CIBC Bank closed transactions for two portfolios, comprising a total of seven seniors housing and care communities. CIBC first closed a $73.4 million acquisition loan for a four-property portfolio in eastern Pennsylvania, including a total of 675 skilled nursing beds and 100 senior living units. The facilities, which have an effective age of 30 years, were acquired by an experienced local operator. Historical occupancy for the home has been approximately 70%, and without stimulus, historical EBITDAR had been negative. In addition to the five-year mortgage loan, a $6.0 million revolving line of credit was provided for working capital. Matthew Tyler and Daniela Miranda handled the... Read More »
HJ Sims Provides Financing for Illinois CCRC
HJ Sims provided a not-for-profit CCRC with an $8.78 million taxable note in September. Clark Lindsey Village, located in Urbana, Illinois, comprises 147 independent living units, 12 assisted living and memory care units and 105 skilled nursing beds. Clark Lindsey Village intends to use this financing to reposition its campus offerings. This is expected to be completed over a five-year period and include several phases to the project. Phase I will be the construction of eight independent living villas and site work dedicated to the next planned phase. Sims acted as the structuring agent for a taxable bridge financing via a draw-down bank note, capturing a taxable interest rate of 2.15%... Read More »Schedule a demo
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