KeyBank Secures Financing For Six Heartis Properties
KeyBank Real Estate Capital secured $105.9 million in financing to recapitalize a portfolio of six assisted living/memory care communities operating under the Heartis brand, on behalf of their owner, Caddis Partners. The financing structure consists of an $80 million syndicated senior credit facility and a $25.96 million mezzanine loan provided by an institutional partner. The portfolio has a combined 631 units and 642 total beds, including both assisted living and memory care services. Five Heartis properties are located in Clear Lake, Longview, San Antonio, Arlington and Waco, Texas, while the sixth property is located in Peoria, Illinois. This financing will allow for stabilization of... Read More »
Greystone Provides Financing for Three North Carolina SNFs
Greystone is back at it again, this time providing $36.5 million in HUD financing for three skilled nursing facilities in North Carolina. The deal takes out acquisition bridge debt that Greystone had previously arranged on behalf of the borrower for these facilities, using the firm’s non-recourse bridge lending program. Fred Levine originated the transactions. Carver Living Center in Durham is a 232-bed facility which offers both long and short-term care, as well as a memory care unit. This facility received $17.16 million in financing that carries a fixed, low interest rate over a 30-year term. It was built in 1990. Willow Ridge Rehabilitation and Living Center, located in Rutherfordton... Read More »
Greystone Secures HUD Financing in San Diego County
If you own an old seniors housing community in a good market, now is the time to refinance and make the necessary improvements before the next wave of demand hits. Otherwise, you may be left in the back of the line for customers. Perhaps this was the thinking of an owner in Escondido, California with a 105-bed assisted living and memory care community, that also offers short-term stays and was built more than 30 years ago. For skilled nursing, that is practically new, but for assisted living, it is becoming ancient. The owner turned to Leor Dimant, Managing Director at Greystone, to help consolidate some debt on the property and obtain additional funds for renovations and... Read More »
Ziegler Finances Another CCRC Expansion
Investment banking firm Ziegler just closed on a $115.63 million bond financing for a Florida CCRC called Vicar’s Landing. The not-for-profit community is located in Ponte Vedra Beach on a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. The community currently includes 227 independent living units, 38 assisted living units and 60 skilled nursing facilities. The new funds will be used to pay off some existing bond debt and partially finance a new project that will be located a mile from the current campus, to be called Vicar’s Landing at Oak Bridge. The proceeds will also be used to fund a debt service reserve fund, fund capitalized interest and pay... Read More »
REITs’ Low Capital Costs May Drive Cap Rates Lower
For the past 18 months or so, healthcare REITs have been doing more selling than buying, at least of seniors housing and care assets. Some of the moves were strategic, such as Healthpeak Properties making the decision to exit the senior care market, at least for now. Others were more tactical, such as Welltower trying to sell high and buy low to better position its portfolio for the future. But there is one common denominator for the REITs, especially the largest ones, and that is their cost of capital advantage and the ability to use it as we are emerging from the depths of the pandemic. Even though it is not looking to buy senior care assets right... Read More »Schedule a demo
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