Walker & Dunlop Arranges Chicagoland Refinance
Walker & Dunlop’s Joshua Rosen secured $55.68 million in HUD financing for a portfolio of three skilled nursing facilities in Chicagoland. Each loan features a term of 27 years and low, fixed rates. Chalet Living & Rehab Center, with 219 beds in Chicago, obtained a $24.64 million loan. The Grove of Evanston, with 124 beds in Evanston, received an $18.88 million loan. Finally, the 131-bed The Grove of La Grange Park in La Grange Park received a $12.16 million loan. The borrower, Cascade Capital Group, secured significant debt coverage savings as a result of the transaction. Read More »
Lument Arranges Construction Financing From USDA
Lument closed a USDA CF loan to fund the construction of a 91-unit senior care campus in DeWitt, Iowa. Two Iowa-based companies, WesleyLife and Genesis Health System, teamed up to break ground on the project at the end of 2020. Featuring 91 total units, including a 70-unit skilled nursing facility (of which 16 units will be for dementia care) and 21 units of assisted living, the community is replacing the 50-year-old SNF on campus that was attached to a hospital. It will operate under the Wellspire brand, which was formed in 2019 as a partnership between WesleyLife and Genesis. To fund the project, Lument’s Quintin Harris and Adam Walker secured a $21.8 million loan through the... Read More »
VIUM Capital’s Strong First Year
After forming on April 1, 2020, with industry veterans Steve Kennedy and Kass Matt at the helm, VIUM Capital has announced an impressive inaugural year of closings. Across 25 transactions involving 63 separate properties in 17 states, the firm secured more than $750 million in par volume loans. That included HUD deals, bridge loans and tax-exempt bond financings. Starting a company on April Fools’ Day in the tumultuous year of 2020 may have been a bad omen, but this transaction volume may suggest otherwise. It helps that Messrs. Kennedy and Matt have many years and many long-standing clients in the industry, which was key to getting transactions completed in the hectic year. VIUM’s... Read More »
Lisa Silvers Lands Two Refis for Same Borrower
Lisa Silvers of IDB Bank recently closed two loans for the same borrower in Florida. Both properties feature assisted living and memory care services, with the Palm Beach County location consisting of 84 beds in 51 units and the Fort Lauderdale site having 95 beds in 65 units. Colonial Assisted Living operates the communities, which were built in 1977 and 1988, respectively, and were more recently renovated. One was stabilized and the other was nearing the end of lease-up. The properties were previously cross collateralized at Bank of Oklahoma, but operations have strengthened enough so that each can support its own debt. The Palm Beach County community, which is stabilized, received a... Read More »
Dwight Capital Closes Largest HUD 232(a)(7) Loan in History
The team at Dwight Capital just closed the largest healthcare 232(a)(7) loan in HUD’s history to date for a large seniors housing community in Gainesville, Florida. Set on 104 acres, the gated community features a total of 651 beds, including a majority of independent living beds with around 140 beds of assisted living and memory care. Originally built in 1986 and acquired in 1990 by the current owner, SantaFe HealthCare, the community has undergone substantial renovations over the years. The long list of amenities also includes a tennis court, swimming pools and convenience store. Josh Sasouness and Avi Lifshitz originated the transaction, which totaled $94.3 million... Read More »Schedule a demo
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