White Oak Secures Financing For SNF Portfolio
White Oak Healthcare Finance acted as administrative agent on the funding of a large credit facility secured by 14 skilled nursing facilities in the Southeast with more than 1,400 beds. Totaling $185 million, the senior credit facility comes out to about $132,100 per bed of debt. White Oak was able to build on an existing relationship with the borrower and partner with an undisclosed, but best-in-class, operator. No other details were disclosed. Read More »
HJ Sims Refinances Benedictine Health System
Benedictine Health System, a Minnesota-based not-for-profit organization affiliated with the Catholic church, recently obtained $132.4 million in financing arranged by HJ Sims. Historically, the organization and its affiliates were financed on a standalone basis, resulting in 36 separate series of outstanding debt for 19 different borrowers. Plus, the series were held by eight different banks or servicers with disparate terms, covenants and reporting requirements. As such, the board and executive leadership team wanted to restructure its capital framework, change its service mix and invest in improvements at existing campuses, and engaged HJ Sims in August 2020. Sims built an initial... Read More »
Connecticut Community Gets Construction Financing
Senior Living Development LLC secured a $16 million construction loan for KindCare at Bristol, a to-be-built, middle-market assisted living community in Bristol, Connecticut (Hartford MSA). The community, which will feature 117 beds of both assisted living and memory care, is situated on one acre in downtown Bristol. It will be the first of Senior Living Development LLC’s KindCare assisted living brand, which caters to the middle market. Rates average 20% less than luxury AL options, and this specific project is also taking advantage of the tax benefits being in a Qualified Opportunity Zone. Construction is expected to start this October and finish in early 2023. The developer... Read More »
HHC Finance Wraps Up HUD’s FY21
Housing & Health Finance (HHC Finance) is finishing up HUD’s fiscal year 2021 with a few transactions. First, the firm closed a $13 million refinance of an existing HUD loan for a 200+ bed skilled nursing facility in Illinois. In the transaction, HHC Finance substantially lowered the interest rate. HHC Finance also closed on a new $8 million HUD loan for a 90-bed skilled nursing facility in northern California. Lastly, the firm added to its tally of loan modifications for the year by lowering the interest rate on a $4 million loan for one of its clients. Read More »
Missouri Seniors Housing Development Goes Ahead with Regions Bank Loan
Shelburne Healthcare Development, an undisclosed REIT and a Missouri-based developer/operator are collaborating on a new seniors housing construction project, and the venture now has financing in hand from Regions Bank. Two of those three parties have worked with Regions in the past, helping ensure a smooth transaction process. Chris Honn and Jack Boulder originated the loan on behalf of the bank. Located in Chesterfield, the community will feature 96 independent living, 37 assisted living and 17 memory care units. The $35.9 million construction loan, resulting in about $239,000 per unit of debt, comes with a five-year initial term, four years of interest only and a staged reduction in... Read More »Schedule a demo
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