Ohio Obligated Group Secures Bond Financing
The Methodist Retirement Center of Central Ohio, a not-for-profit, faith-based corporation doing business as The Wesley Communities, recently refinanced its three senior living communities in the Columbus, Ohio area with a bond financing arranged by Ziegler. This was Ziegler’s first underwriting with The Wesley Communities. The portfolio comprises 668 units of independent living, assisted living, memory care and skilled nursing. However, the obligated group excluded the assisted living, memory care and skilled nursing units at one campus and the AL and MC units at another (260 units altogether) that were financed by HUD. So, the obligated group actually consists of 408 units... Read More »
Carnegie Capital Closes Fairfield County Construction Loan
An assisted living/memory care community that broke ground in Fairfield County, Connecticut this Spring (quite a time for that) just received bank financing arranged by JD Stettin of Carnegie Capital. The five-year construction loan totaled $24.5 million, or nearly $190,000 per unit, and came with a low-4% interest rate. At 65% loan-to-value, that puts the construction cost at nearly $37.7 million, or about $290,000 per unit. For Fairfield County, that is about right. Mr. Stettin sourced and structured the loan with a national healthcare-focused bank and a participating regional bank. A major national healthcare developer was the borrower and built the community to include... Read More »
Lument Secures HUD Refinance For Michigan Senior Care Campus
Lument recently helped Advantage Living Centers refinance its 67-bed senior care facility in Armada, Michigan. Set on a 33-acre campus, the 55-year-old facility provides skilled nursing, rehabilitation and memory care, and is the preferred provider for both Henry Ford and McLaren Macomb hospitals. It is one of 11 facilities that Advantage Living Centers owns and operates in the state. Brad Competty of Lument’s Columbus, Ohio office and Adam Walter of the Overland Park, Kansas office led the $10.8 million HUD refinance, which took out existing bank debt that Advantage Living Centers used to acquire the property in... Read More »
MonticelloAM Closes Acquisition Financing
To support the acquisition of two skilled nursing facilities, MONTICELLOAM, LLC (Monticello) announced that it provided $20.0 million in first lien debt financing. Also included in the financing was one unencumbered skilled nursing facility. The three properties total 251 beds and are located in Kansas and Ohio. They average nearly fifty years in age. An experienced owner/operator with a current portfolio of nearly 1,200 licensed beds was the borrower, having worked with Monticello before, including securing financing for the acquisition of a number of facilities in 2020. Relationships have been key to getting acquisition debt this year, and it seems to be paying off for these two... Read More »
Lument Hires David Boitano
David Boitano, formerly of Ventas, has made the move to Lument, where he’ll be a managing director and responsible for delivering an array of debt and structured products to the firm’s seniors housing and healthcare clients. Mr. Boitano will be based in the Tacoma, Washington office and part of Lument’s western region seniors housing and healthcare production team, which is co-led by Casey Moore and Doug Harper. With 25 years of experience in seniors housing financing, Mr. Boitano was previously a senior vice president at Ventas, where he completed over $15 billion in healthcare real estate transactions. Before that, he was CFO and then senior vice president of finance and acquisitions... Read More »Schedule a demo
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