Eastern Union Secures Bridge Financing For FL and MA Facilities
The Healthcare Group of Eastern Union secured a large bridge financing to support the acquisition of two skilled nursing facilities in Florida and the recapitalization of two in Massachusetts. Nachum Soroka, director of the group, led the transaction, with Jacob Schonland also playing a key role. A total of $57 million in bridge debt was arranged, coming with a three-year term, two years of interest only and a floating rate tied to LIBOR. Eastern Union secured the debt on a limited recourse basis at an 85% loan-to-value ratio. Eastern Union president Ira Zlotowitz and capital markets specialist Michael Wyne also helped on the Florida deal, which included... Read More »
Lument Refinances Upstate New York Assisted Living Community
Lument has sprung into spring, following up its arranging of bridge debt for a recently built senior living community in Florida with another refinance of an assisted living community in upstate New York. This transaction, however, involved HUD and featured an $8.3 million loan with a 35-year term. Miles Kingstone led the transaction, which reimbursed the borrower for previous capital expenditures and also took out a bridge loan that Lument originally helped secure in 2017 for the family owner/operator to purchase the property. Formerly a skilled nursing facility, the building was vacant until Joseph Murabito of Morningstar Care... Read More »
Greystone Funds Ohio SNF Acquisition
To fund the acquisition of a skilled nursing facility in Youngstown, Ohio, Fred Levine of Greystone arranged bridge financing for the new owner. Built in 1964, the facility features 99 beds and has been owned and operated by Guardian Healthcare. However, going forward, Bal Harbour Management will take over day-to-day management. The bridge loan comes out to $3.98 million, or around $40,200 per bed. Assuming a typical 70% loan-to-value, that puts the purchase price around $57,400 per bed, which is right around the average for facilities built more than 40 years ago of $56,100 per bed, according to the 26th Edition of The Senior Care Acquisition... Read More »
Ziegler Secures Bond Closing For Ohio Not-For-Profit
The Ziegler team closed a bond issuance for Community First Solutions to fund an expansion and capital improvements project across its senior living operations in Ohio. A not-for-profit company operating in Butler County, Community First Solutions (CFS) operates two CCRCs and a post-acute rehabilitation center in Hamilton, Ohio, plus an array of behavioral health services, pharmacy services, meal delivery service and other community-based supports in the state. There were a number of individual bank notes that had various rates and maturities across CFS’ operation, so Ziegler consolidated that debt by issuing two series of bonds through the Butler County Port Authority, including $15.31... Read More »
Lument Arranges Bank Loan For Watercrest Community
Lument arranged bank financing for Watercrest Senior Living’s newly built senior living community in Tarpon Springs, Florida. Steve McGee, managing director at Lument since joining the team in 2020 to head its debt syndication group, led the transaction, which took out construction debt at the property. Opened in 2018, Market Street East Lake has 64 units of memory care and joined Watercrest’s growing portfolio, which currently numbers 13 properties across the Southeast. The new bridge-to-agency loan totals $12.3 million and covers about 70% of the property’s value. That puts the community at around $275,000 per unit in value. The debt came with a floating interest rate for a five-year... Read More »Schedule a demo
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