Walker & Dunlop Originates Financings for Four Communities
Walker & Dunlop Managing Director Kevin Giusti and Senior Analyst Brian Neal recently originated $37.47 million in financing for four assisted living and memory care facilities: Bloom at Bluffton in Bluffton, South Carolina; Bloom at Hilton Head in Hilton Head, South Carolina; Cascades of Tucson, in Tucson, Arizona; and Regency Jackson in Jackson, Tennessee. The Bloom Portfolio consists of two assisted living and memory care homes in South Carolina with 117 total units that sold in May for $12.25 million to WindRiver Companies for a cap rate around 5.7%. Built around 20 years ago, the communities had seen occupancy decline to 70% due to the pandemic and several new communities opening... Read More »
CIT Provides Financing for Cornerstone Healthcare Group
Cornerstone Healthcare Group Holdings Inc. and its long-term acute care hospital segment recently received $100 million in financing from CIT Group Inc.’s Healthcare Finance business. The funds will be used to refinance existing debt, meet working capital requirements, and for other general company reasons. CIT is also providing a suite of cash management and capital markets services in conjunction with the transaction. The transaction combined multiple financings into a single solution, resulting in a more efficient execution. Created in 1990, Cornerstone Healthcare Group is a diversified healthcare firm in Dallas, Texas, that administers a network of specialized hospitals, senior living... Read More »
Oxford Announces New Hire From Wells Fargo Capital Finance
After more than 17 years at Wells Fargo Capital Finance, Kevin Harbour has joined Oxford Finance’s healthcare services real estate and asset-based financing unit. Mr. Harbour’s responsibilities as Managing Director will include maintaining the firm’s real estate bridge lending products, developing new financial products for qualifying healthcare enterprises, expanding Oxford’s asset-based financing platform across all healthcare industries, and managing the firm’s underwriting and business development teams. Mr. Harbour comes to Oxford with 18 years of expertise in healthcare lending, most recently as Head of Healthcare Loan Originations at Wells Fargo Capital... Read More »
Berkadia Brokers HUD Refinance for Oklahoma SNF
Berkadia arranged a HUD refinance for a 111-bed/54-unit skilled nursing facility in Muskogee County, Oklahoma, located southeast of Tulsa. Originally built in 1974, the facility features 58 ventilator beds. Its historical occupancy had averaged 75%, but it is certainly possible that census fell below that figure during the pandemic. Jay Healy of Berkadia originated a $5.6 million loan on behalf of the undisclosed borrower. Read More »
Regions Bank Finances California Construction Project
The Regions Bank Healthcare Real Estate Team arranged construction financing for a joint venture to build a 213-unit senior living community in a submarket of San Diego, California. Owned by a Minnesota-based developer, an Arizona-based owner/operator and a Midwest-based institutional private equity firm, the project will feature 103 independent living, 86 assisted living and 24 memory care units. It received a $68.6 million mini-perm loan with a floating rate and a five-year initial term. There were also four years of interest only and a staged reduction in loan repayment recourse. Plus, at or prior to maturity, Regions may take out the loan with agency debt. Chris Honn led the way... Read More »Schedule a demo
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