HJ Sims Closes Two Bond Financings
We wrote last month about the general health of the CCRC market and the numerous expansion projects either breaking ground or opening even during a pandemic. Another CCRC is expanding its services thanks to a large bond financing closed by the team at HJ Sims. Jefferson’s Ferry in Brookhaven, New York is a CCRC that offers independent living, assisted living, memory care, skilled nursing and short-term rehab services. This summer, the 20-year-old community announced a 60-unit independent living expansion, plus plans for a new 20-unit memory care building. There will also be renovations of the existing assisted living and skilled nursing areas, a new health and wellness... Read More »
Cain Brothers Closes Social Bond Financing
Senior care provides an essential service in this country, more so than ever, and Cain Brothers (a division of KeyBanc Capital Markets) served as sole manager for a series of “social” bonds provided to a California not-for-profit senior care company. These social bonds, contracted with a public authority and supporting projects with positive social outcomes, total $39.68 million. They are tax-exempt, come with a fixed interest rate and were issued through the California Health Facilities Financing Authority. The borrower was California-based On Lok, a not-for-profit, public benefit corporation that serves over 1,600 frail and low-income seniors in the... Read More »
Greystone Arranges Trio of HUD Refinances
Greystone refinanced a trio of assisted living communities in New Hampshire with three HUD loans totaling $23.8 million. Located throughout the southern part of the state in Manchester, Bedford and Nashua, the communities are owned by The Courville Company and represent the company’s entire seniors housing portfolio (they also own a skilled nursing facility in Nashua). There are more than 150 assisted living units across the communities. Lisa Fischman of Greystone originated the interest rate reduction transaction, which lowered the interest rates on the existing HUD loans while maintaining the existing maturity and loan amount. Read More »
Oxford Finance Secures Credit Facility for Missouri Acquisition
Oxford Finance announced its role in funding SRZ Management’s (Reach LTC) acquisition of a large skilled nursing facility in the St. Louis suburb of Town & Country, Missouri. The buyer received a $7.4 million senior credit facility and revolving line of credit to support the purchase and general working capital. Jeff Binder and Patrick Byrne of Senior Living Investment Brokerage represented the seller, National HealthCare Corporation (NHC), in the deal. Built in the 1960s, the facility was set to be replaced by a 187-unit senior living community, which would be developed by Ryan Companies at a cost of about $60 million. However, NHC couldn’t get the project through planning and zoning... Read More »
CIBC Bank Funds Another SNF Acquisition
CIBC Bank USA arranged yet another acquisition loan for a Mid-Atlantic skilled nursing facility. With an effective age of 35 years, this Baltimore, Maryland facility features 130 beds. Historically, occupancy was in the 80% range, and EBITDAR margins approximated 22%. That’s more than strong for a SNF. The existing operator, who had been leasing the facility since 2015 and clearly doing a good job, is now buying the SNF. That’s where CIBC comes in, with Tim Wurpts arranging a $20 million acquisition loan on the real estate, which comes out to nearly $155,000 per bed. So, the purchase price is almost certainly higher than that, which makes sense given the level of cash flow... Read More »Schedule a demo
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