CBRE Secures Financing for Washington Asset
CBRE secured financing for a seniors housing community in Tacoma, Washington, on behalf of a joint venture between Harrison Street, PMB and GenCare Lifestyle. Built in 2020, GenCare Lifestyle Tacoma at Point Ruston comprises 159 independent living, assisted living and memory care units. The community fully opened in the fourth quarter of 2020 and leased up to 90% in 36 months, averaging four net move-in’s per month. Occupancy is currently hovering around 98%. Aron Will and Tim Root secured a three-year loan for this transaction. Read More »
Live Oak Bank Returns to Santee Seniors Housing Campus
Live Oak Bank closed a $27.0 million refinance with a repeat client for an assisted living/memory care community, The Ridge at Lantern Crest, situated on a larger campus, Lantern Crest, in Santee, California. Lantern Crest, operated by Lantern Crest Senior Living, is a 34-acre seniors housing campus developed by The Grant Companies. It offers independent living, assisted living and memory care. Development occurred in three phases, with Phase I being The Ridge at Lantern Crest, Phase II being The Pointe at Lantern Crest and Phase III being The Plaza at Lantern Crest. The Ridge, which opened in 2012, was originally built with 80 assisted living and memory care units. It was expanded... Read More »
The Current Lending Environment for Senior Care Properties
The financing process has killed dozens (and hundreds) of deals in the last couple of years, and yet M&A activity is near record levels in the seniors housing and care industry. So deals are getting done, and not just with cash. Who has been lending and at what cost to the borrower? What hurdles have to be overcome? And when capital costs do lower, how can owners and operators best prepare to finance the oncoming wave of deals and demographics? Read More »
CFG Secures Bridge-to-HUD Loan for Five North Carolina SNFs
Capital Funding Group closed a $36.2 million bridge-to-HUD loan to support the refinancing of five skilled nursing facilities in North Carolina that total 522 beds. CFG refinanced an existing loan to include two additional underleveraged facilities on behalf of a nationally recognized borrower. Tommy Dillon originated the transaction. This financing follow’s CFG’s closing of a bridge-to-HUD loan totaling $20 million, on behalf of a nationally recognized borrower. The loan supported the refinancing of a 125-bed skilled nursing facility in Maryland. Read More »
Cain Brothers Secures Refinancing for New York Asset
Cain Brothers advised FilBen Group on a $30.67 million HUD refinancing for Wallkill Realty Partners (dba Braemar at Wallkill), an assisted living community in New York. The proceeds on the loan will be used to refinance The Orange County Funding Corporation Assisted Living Residence Revenue Bonds, Series 2012, providing a long-term, fixed-rate low cost of capital to the borrower. As a result of the refinancing, the tax-exempt public fixed-rate Series 2012 bonds were redeemed at par. In addition, the refinancing will remove any ongoing financial covenants and public disclosure requirements related to the Series 2012 bonds (for example, debt service coverage ratio and days cash on hand).... Read More »Schedule a demo
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