Berkadia Secures HUD Financing for Three Communities
Berkadia announced three HUD financings for communities in Texas, Washington and Montana, totaling $20.6 million. The first loan, secured by Jay Healy, totaled $11.19 million and was arranged for a Texas-based not-for-profit organization to refinance its 128-unit Medicaid assisted living community in Texas. The loan carries a low-2% interest rate and ultimately retired the existing construction and mezzanine debt tied to the project. This income-restricted community was constructed in 2015, with occupancy hovering around 90% during the time of the underwriting. Ed Williams arranged the second transaction, which consisted of two loans. The first was $6.26 million refinance of a 36-bed... Read More »
Dwight Capital Reports Active Third Quarter
The capital markets certainly appear healthy again, and as such, Dwight Capital reported a very active third quarter with over $170 million in bridge and HUD loans for senior care properties. For the M&A comeback to really commence, lenders will need to be willing partners on those deals, and five of Dwight Capital’s recent closings went to fund acquisitions. The largest was a $23.25 million loan for a 272-bed skilled nursing facility in Peckville, Pennsylvania. Bradley Clousing and Toby Siefert of Senior Living Investment Brokerage handled the sale, procuring 12 offers on the facility and closing the deal at the start of September. Built in 1974, the facility is licensed for 272... Read More »
LTC Properties Announces Third Quarter Financings
LTC Properties has announced a number of financings it originated over the third quarter totaling $46 million across four separate investments, including a unitranche loan, a senior loan, a mezzanine loan and a land loan. The investments are believed to generate a future annual interest income of approximately $3.5 million over a combined weighted average term of 3.2 years. First, a $27 million unitranche loan was originated for a regional operator to purchase a skilled nursing facility in Louisiana. The operator was given a loan term of three years with one 12-month extension option. The second loan was a $12.5 million senior loan for a regional operator to purchase an assisted... Read More »
Monarch Advisors Refinances Newly Built Louisiana Community
Alec Blanc of Monarch Advisors closed a refinance and recapitalization of a 108-unit assisted living/memory care community in southern Louisiana, just outside of Baton Rouge. After opening the community in 2018, the local owner/operator was first introduced to Monarch in March 2020. At the time, the property was not yet stable (around the mid-70% range), and occupancy did not improve much throughout 2020, which is not a surprise. However, lease-up quickened in early 2021, with occupancy reaching the mid-90% range, and the owner engaged Monarch to source approximately $18.5 million in senior debt to refinance the original construction loan and provide the sponsor with about $5.5 million in... Read More »
Two Illinois SNFs Receive HUD Financing
Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $19.68 million loan through HUD to refinance two skilled nursing facilities totaling 205-beds located in Illinois. The non-recourse loan features a 35-year amortization. The transaction follows a $15.63 million HUD loan arranged for the refinance of a 192-bed assisted living facility in New York. Closed last month, the non-recourse loan featured a 35-year amortization and was originated by David Nussbaum, Director of Capital Markets. Read More »Schedule a demo
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