Live Oak Bank Branches Out with Two Financings
Live Oak Bank announced its latest closings for a couple of construction projects. First, to build a high-quality, 68-unit assisted living community in Fairbanks, Alaska, the bank provided $15 million in debt for the borrower and developer, Frontier Partners, LLC, which has familiarity in the market. The debt was structured into two loans utilizing the SBA 504 program, including an interim construction loan totaling $10.2 million to be held by Live Oak and a second bridge loan prior to the 504 Debenture totaling $4.8 million. Next, Live Oak closed a $5 million SBA 7a construction loan with a $3.4 million conventional pari-passu loan for Lotus Senior Living to... Read More »
HHC Finishes September With Several HUD Refinances
Housing & Healthcare Finance (HHC Finance) is having a strong September, closing another $58 million in HUD refinance loans. The transactions included a $42 million loan for a 260-bed skilled nursing facility followed by $11 million in financing for a 100-bed skilled nursing facility. Both facilities are located in southern California, and the two HUD loans refinanced substantially higher rate conventional debt while also providing the experienced regional owner with longer-term financing. HHC Finance followed those closings with a $5 million HUD refinance for a 70-bed skilled nursing facility located in Missouri. Elan Magence, Senior Vice president at HHC Finance, originated all... Read More »
Selectis Health Refinances CCRC in Oklahoma
Selectis Health, Inc. (OTC: GBCSD), f.k.a. Global Healthcare REIT, Inc, has refinanced its mortgage at Southern Hills Retirement Community in Tulsa, Oklahoma for $8.03 million, following renovations across the campus and the hiring of a new executive director. Greystone’s Derek Dobrin originated the deal. Southern Hills, a 40-year old CCRC that provides independent living, assisted living, and short- and long-term care services, has faced roadblocks over the last year, including winter weather damage and Covid-19 related issues. Upon closing this deal, Selectis paid off the remaining loan balances on its assisted and independent living portions. Therefore, Selectis now owns the... Read More »
Hunt Capital Finances Affordable Housing Redevelopment
Hunt Capital Partners, CRP Affordable Housing and Community Development LLC, and CRP’s affiliate Castellan Holdings LLC have closed a $5.6 million low-income housing tax credit equity financing for St. Stephen’s Retirement Center in San Diego, California. The tax credit equity will be used to renovate 60 affordable housing units for seniors and convert them from Section 202 Project Rental Assistance Contracts (PRAC) to Section 8 Project-Based Rental Assistance (PBRA) contracts. This transaction was the first development in California and the fifth in the United States to perform this conversion under the Second Component of the Rental Assistance Demonstration program. Originally built in... Read More »
Grandbridge Arranges Loan for Wisconsin Community
Grandbridge Real Estate Capital LLC’s Artin Anvar recently arranged a $12.6 million HUD loan for a 100-unit, 146-bed seniors housing community in Menasha, Wisconsin. The three-building campus received a permanent, fully-amortizing loan through HUD’s Interest Rate Reduction (IRR) loan program, featuring a 26.3-year term and amortization period, and a fixed interest rate of 3.2%. Proceeds of the loan will be used to pay off an existing Grandbridge HUD loan. The borrower and name of the facility were not disclosed. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
