Long Island Development Obtains Bond Financing
HJ Sims secured more than $100 million in tax-exempt bond debt for a brand-new independent living community adjacent to Gurwin Healthcare System’s skilled nursing facility and assisted living community in Commack, New York. When completed, the new IL building will transform the whole campus to a full-fledged CCRC, the fourth on Long Island. Gurwin has been providing health care services since 1988 and has now grown to include a 460-bed skilled nursing facility and a 201-bed assisted living community, plus a host of other services like memory care, palliative and hospice care, respiratory care, on-site dialysis and infusion therapy and two home health care... Read More »
Ziegler Secures Refinance & Partnership Buyout in Wisconsin
Ziegler’s Senior Housing & Care Finance Practice has successfully closed the refinance and partnership buyout of a family-owned post-acute care provider in southeastern Wisconsin. Eskay Real Estate 2020, Inc. (Eskay) owns and operates two campuses in the towns of Union Grove and Lomira, providing both skilled nursing and assisted living services at each location. The properties held two SBA loans, which Eskay wished to refinance, and one of the partners also chose to divest his majority interest in the company. In comes Ziegler, which refinanced the loans with $9.557 million of HUD debt. Proceeds from the permanent debt allowed Eskay’s CEO,... Read More »
KeyBank Arranges Development Financing For Pennsylvania Property
A new affordable senior apartment community in Canonsburg, Pennsylvania is going ahead thanks to a couple of financing options arranged and provided by KeyBank Community Development Lending. MVAH Partners, LLC, the project’s developer, will both convert a vacant former elementary school and add to the building at an estimated cost of $14.8 million. By the spring of 2022, there will be 42 units of low-income seniors housing and eight market-rate units. Blueprints, a not-for-profit organization focused on services for low-income seniors, is partnering with MVAH on the project. To fund it, KeyBank provided an $11 million construction loan and arranged $12 million of 9% LIHTC... Read More »
Capital Funding Group Closes Q1 In Style
Capital Funding Group’s new off-balance sheet credit venture, CFG Credit Partners, has done it again, arranging another nine-figure bridge loan to support the acquisition of a skilled nursing portfolio. This transaction totaled $285 million. Using the funding, a nationally recognized borrower (which has worked with CFG before) was able to acquire 16 skilled nursing facilities in the Mid-Atlantic region. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group, and Capital Funding, LLC, a subsidiary of CFG Bank, participated in the transaction. This deal appears very similar to CFG Credit Partners’ $317.5 million bridge-to-HUD financing for Eagle Arc Partners’... Read More »
Scribner Capital/Fundamental Advisors Close Mezz Deal
Scribner Capital just announced another financing closed with partner Fundamental Advisors, just a couple of weeks after the partnership funded a deal in Jacksonville Beach, Florida. This transaction involved a construction loan provided to support the development of a senior living community in Prescott Valley, Arizona. Set to open next summer, the community will include 25 independent living, 75 assisted living and 30 memory care units, plus six IL cottages. Residents will also be able to take advantage of amenities like the on-site theater and a club room with mountain views. Link Senior Development, which focuses on secondary and tertiary markets in the western United States, is... Read More »Schedule a demo
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