Lument Closes USDA Loan for Pennsylvania SNF
Lument secured a $35.6 million loan from the USDA CF (Community Facilities) program to fund the construction of a replacement 240-bed skilled nursing facility in Bellefonte, Pennsylvania. The previous 240-bed facility was more than 80 years old and had received some renovations over the years, but it was deemed unsuitable for substantial renovations due to both its age and location. So, Miles Kingston of Lument worked with Complete Healthcare Resources Eastern (CHRE), which has been operating the facility since 2013, to arrange the financing necessary for the project. It ended up being a multiyear strategy. First, CHRE obtained a $35.6... Read More »
Berkadia Closes Two Large Agency Financings
Berkadia announced two sizeable financings arranged for senior care clients in Portland, Oregon. The larger transaction saw Touchmark receive an $82.4 million loan through Freddie Mac to refinance its senior living community located just three miles from the center of Portland. Opened in 2018 with independent living, assisted living and memory care services, the community has around 275 units. Its construction cost was estimated at $90 million, or $326,100 per unit. Chris Cain and Rafael Nobo secured the seven-year debt at 53% loan-to-value, putting the community’s value now at over $155.47 million, or $563,300 per unit. This was the second agency loan... Read More »
VIUM Capital Adds Four Bankers
After a successful inaugural year in business, VIUM Capital clearly has ambitions for much more. The firm, which was started in April 2020 by Steve Kennedy and Kass Matt, just hired four more experienced bankers to join its roster. Columbus, OH-based Chris Blanda and Brendan Healy, Austin, TX-based Scott Blount, and Boca Raton, FL-based Tony Ruberg all joined VIUM as Senior Managing Directors. Together, these four have closed over $3 billion of seniors housing and healthcare financings across their combined half century of industry experience. Both Mr. Kennedy and Mr. Matt came from Lancaster Pollard, and so did these four new hires, although Mr. Ruberg had a year as... Read More »
Monarch Advisors Secures Revolving Line of Credit
Alec Blanc of Monarch Advisors closed a revolving line of credit for the operator of five skilled nursing facilities in southern Illinois, the purpose being to fund working capital costs across the portfolio. The borrower is based in Chicago and has operated the buildings for more than 10 years. They total about 600 beds and tended to be older, more rural facilities. Mr. Blanc secured a commitment from a national commercial finance company to provide a $2.75 million loan that allows advances up to 85% of the net collective value of accounts receivable. The non-recourse financing also came with a two-year, interest-only term and a floating rate. Read More »
Blueprint Capital Markets Closes First Transaction
Blueprint Healthcare Real Estate Advisors’ Capital Markets Group, which is led by Alex Florea, has the first closing under its belt, as it was revealed the group secured acquisition financing for Chicago Pacific Founders’ purchase of an assisted living/memory care community in Tucson, Arizona. In addition, Blueprint’s Amy Sitzman, Jacob Gehl and Humair Sabir represented the developer and owner in the transaction. Opened in May 2018 and about 90% occupied by the time of the sale, the community features 87 assisted living and 20 memory care units. Willis Development, in partnership with Dekel Capital which provided $8.4 million of equity, developed the community, and Milestone Retirement... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
