Live Oak Bank and HJ Sims Team Up
Sometimes to get a deal done you have to get creative and be flexible. It appears that was the case for a recent sale of a 55-unit assisted living and memory care community located in Utah. Of the total, 42 units are assisted living and 13 are memory care. Even though capital sources have opened up, to get maximum leverage, if that is what you want or need, your lending groups can get flexible. Live Oak Bank and HJ Sims teamed up to provide the financing solution for the buyer of this community, a regional owner/operator with 15+ years of experience that currently manages more than 1,600 units in more than 25 communities across five states in the Mountain West... Read More »
Oxford Finance Closes Senior Loan for California ALF
AvantGarde Senior Living received a $28 million senior loan from Oxford Finance LLC. The funds will be utilized to refinance existing debt on a Tarzana, California assisted living community. AvantGarde, which was founded in 2008, owns and manages two high-quality assisted living communities in California, including the subject property, which was purchased as a 100-unit senior living hotel in 2010 and converted to a 138-bed licensed assisted living community. It provides AL, memory care and independent living services. Oxford also recently backed the acquisition of four Texas SNFs with a senior credit facility totaling $27.5 million. With that debt, Cascades Healthcare was able to purchase... Read More »
Ziegler Provides Financing For New Texas CCRC
Ziegler announced a $56.85 million bond closing for Westminster, a Texas-based not-for-profit corporation, to expand and renovate its Type-A CCRC in Austin. Set on 9.3 acres, the campus currently comprises 324 independent living units, 22 assisted living units and 85 skilled nursing beds, of which 30 are utilized for memory care. Life Care Services has managed the property since 1981. LCS will also be providing development services for the expansion, which started in July 2020 and will feature a new five-story building with 43 IL, 36 AL and 38 MC units and another new five-story building with 18 IL units and a wellness center with a fitness center, PT/OT space and clinic. In addition,... Read More »
HJ Sims Secures HUD Loan For Brooklyn Apartment Community
Sims Mortgage Funding, a subsidiary of HJ Sims, secured a $7.035 million HUD loan for Marien-Heim of Sunset Park, a 169-unit Section 8 senior apartment community in Brooklyn, New York. It is owned by a local, not-for-profit community development organization. That owner had previously obtained an $8.313 million HUD loan in 2012 that refinanced its Section 202 Direct Loan, funded capital reserves and repairs, generated annual debt service savings and earned them a development fee. But the current low interest rate environment prompted another refinance on Sims’ recommendation. HUD approved the interest rate reduction proposal in about 75 days, and the loan closed 29... Read More »
PGIM Refinances Senior Care Facility Debt in Ohio
The owner of a 108-unit senior care facility in Brook Park, Ohio, refinanced its HUD debt with the help of PGIM’s Seniors Housing and Healthcare Group, lowering its annual debt service costs by more than $65,000. David Strachan and Troy Buckley originated a $5.5 million loan, which came with a new rate of 2.78%, which is well below the previous rate of 4.2% (hence that notable debt service savings). Plus, the term returned to 30 years, and the borrower, North Park Properties LLC, also increased the funding to their reserve for replacement account. Built in 1967 with additions in 1994 and 2010, the community was over 90% occupied. It has 30 skilled nursing beds and 78 assisted living beds... Read More »Schedule a demo
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