KeyBank Refinances Two Bickford Senior Living Properties
Bickford Senior Living refinanced two of its seniors housing communities in Iowa through HUD, with the help of John Randolph of KeyBank Real Estate Capital’s Commercial Mortgage Group and Grant Saunders of KeyBank’s Healthcare Finance Group. Bickford received $17 million in combined HUD financing, with fully amortizing 35-year terms. Both communities were built in 1998, with the Davenport location including 35 assisted living and seven memory care units and the Marion campus comprising 31 assisted living and seven memory care units. They are two of Bickford’s 65 seniors housing operations in 11 states. In addition to visiting physical, occupational and speech... Read More »
Live Oak Bank Closes Two Financings
The team at Live Oak Bank arranged a couple of financings for two owner/operator clients. First, to refinance a newly built memory care community in Tarpon Springs, Florida, Live Oak provided a five-year, floating rate bridge loan totaling $12.3 million to the developer, Watercrest Senior Living. Opened in March 2018, the purpose-built community has 64 units and operates under Watercrest’s “Market Street” brand. Watercrest worked with Lument to arrange the financing. This brings Watercrest’s portfolio to 13 communities in Florida, Georgia, South Carolina and Virginia. The second transaction saw Live Oak Bank provide a $28.5... Read More »
Berkadia Refinances Portfolio of Florida Memory Care Communities
Berkadia’s Seniors Housing & Healthcare Group refinanced a portfolio of six small memory care communities in central Florida. When we say small, we mean it, as each property featured six units. Occupancy was a combined 99% at the time of underwriting and has consistently been fully occupied with a waiting list. Berkadia processed the transaction on behalf of the California-based sponsor as a scattered site loan through HUD. The $5.16 million loan represented a 60% loan-to-value ratio and came with a 34-year term. It retired a short-term bridge loan that was arranged in June 2020 to retire several small individual property loans. Ownership was also able to extract... Read More »
Walker & Dunlop Arranges HUD Financing for Seven SNFs
The Chicago-based Walker & Dunlop HUD Finance Team announced that it has structured a combined $126.65 million in financing for seven skilled nursing facilities located throughout the Northeast and Midwest. Joshua Rosen led the origination team on the deal. Four of the properties received financing from the LEAN program, while the three others went through the agency’s loan modification program. The loans included terms ranging from 30 to 34 years. Three of the properties are located in Massachusetts (Brockton, Chelsea and Fall River), three in Illinois (Chicago, Niles and Northbrook) and one in Romeo, Michigan. Read More »
Greystone Secures Bridge Financing for Missouri SNF
The Greystone Seniors Housing Capital Markets team secured bridge financing to refinance a 147-bed skilled nursing facility in Missouri. Owned by RSF Partners, a Dallas-based private equity firm focused primarily on the seniors housing sector, the facility was built around 10 years ago. There was previously a five-year term loan on the property, which is being taken out by a new $12 million loan with a two-year term. Read More »Schedule a demo
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