Monticello Refinances Florida SNF Portfolio
An owner/operator of around 35 senior care facilities across Florida recently refinanced five of its skilled nursing facilities in the Sunshine State with the help of $58.13 million of first-lien debt provided by MONTICALLOAM, LLC and its affiliates (Monticello). The five facilities consist of 607 beds and were acquired as part of a larger portfolio deal in 2018. Monticello had helped fund that transaction too. The facilities were built on average more than 35 years ago. Read More »
CBRE Refinances Seattle-Area Seniors Housing Community
Five years after acquiring a Seattle-area senior living community, a joint venture between Capitol Seniors Housing(CSH) and a large university endowment refinanced the property. Aron Will of CBRE helped fund both the acquisition and this current transaction. He was joined by Austin Sacco and Adam Mincberg on the refinance. Purpose-built in phases in 2000 and 2004, the community features 106 units of assisted living and memory care. Located in Mukilteo it was 90% occupied (and rising) when CSH purchased the property from a local operator in late 2015 for $29.125 million, or $215,300 per unit. CBRE secured a five-year, $20.12 million loan from a national bank to fund the deal,... Read More »
CBRE Arranges Bridge Loan in Washington
CBRE Senior Housing’s Aron Will, Austin Sacco and Adam Mincberg arranged a $10 million floating-rate bridge loan on behalf of a joint venture between Capitol Senior Housing and a large university endowment. Emerald City Senior Living, a 119-unit assisted living and memory care community in Seattle, Washington, will receive the financing. Built in 2006, the community features amenities including a beauty salon, library and fitness center. Integral Senior Living will operate the community. The loan has a two-year term with full-term interest only and extension options and originated through CBRE’s proprietary multifamily bridge lending program, MF1 Capital,... Read More »
Marcus & Millichap Arranges Construction Financing in Iowa
A new seniors housing development is getting off the ground in Davenport, Iowa thanks in part to construction financing arranged by Marcus & Millichap Capital Corporation. Frank Montalto, vice president of capital markets in M&M’s Chicago office, and Dean Giannakopoulos, senior vice president of capital markets, secured the debt, which totaled $20.25 million. At 75% loan-to-value, that puts the cost of the development at $27 million, or $255,000 per unit. The loan comes with a five-year term and an attractive 3.75% interest rate. When completed, Meadowview of Davenport will include 106 units of independent living, assisted living and memory care. Read More »
Ziegler Closes Financing for Texas SNF
Ziegler recently closed a $13.6 million refinancing for Mountain View Health and Rehabilitation, a skilled nursing facility owned by Altitude Health Services. This 187-bed facility in El Paso, Texas was acquired by Altitude in 2016 using bank financing. Taking out that debt, Altitude locked in a low, fixed interest rate below 3% with non-recourse debt for 35 years thanks to the HUD refinance. Ziegler Managing Director Christopher Utz noted this new refinancing was difficult to close and had several moving parts. One complication was a large outbreak of Covid-19 in El Paso during summer 2020, and Mountain View Health and Rehabilitation was impacted as a result. As of June 2020, when... Read More »Schedule a demo
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