Ziegler Brokers Another Bank Bond Financing
Ziegler has been on a roll lately, closing one bank bond financing after another for CCRC clients across the country. Its latest closing, working with Truist and Hancock Whitney, was for a not-for-profit CCRC in Fort Myers, Florida. Founded in 1995, the community has grown over the years to include 333 independent living units, 44 IL villas, 44 assisted living units, 44 memory care units and a 64-bed/unit skilled nursing facility. It sits adjacent to HealthPark Medical Center and close to both Estero Bay Preserve State Park and Fort Myers Beach. To replace outstanding debt, reimburse and fund certain capital expenditures and fund a debt service reserve... Read More »
PGIM Closes Freddie Mac Financing For Colorado Community
A Denver-area senior living community refinanced with a Freddie Mac loan arranged by PGIM Real Estate. Spectrum Retirement Communities developed the community in 2009 and has been operating it ever since. It currently features 130 independent living, 60 assisted living and 18 memory care units. Amenities include a beauty sale, bistro, fitness center, lounges and a movie theater. To take out a previous PGIM loan, Trace Wilson, who led the transaction on PGIM’s behalf, secured a $60 million loan with a 10-year term, five years of interest only and a 30-year amortization period. There was also a floating rate. Read More »
Bridge Loan Closed in Boonville, New York
Greystone has provided a $10.37 million bridge loan for the refinance of a skilled nursing facility in Boonville, New York, about 25 miles north of Utica. Opened in 1947 but expanded in 1958, 1964 and 1985, the facility features 120 beds and an outpatient occupational therapy program. It was renovated in 2008 and now consists of 54 semiprivate and 12 private units in one story. It is the only skilled nursing facility in a 15-mile radius. The facility’s third-generation family owner/operator wished to refinance existing recourse senior debt and eventually obtain a permanent mortgage, so they worked with Greystone’s Fred Levine to secure a $10.37 million bridge loan. That came with a... Read More »
Truist Provides Refinance to National Senior Campuses
The Obligated Group of National Senior Campuses, Inc. (Obligated Group), which consists of five large CCRCs located throughout the Mid-Atlantic and New England, is currently embarking on a $517 million refinancing that will replace existing debt with long-term financing. Truist Financial Corporation announced that it provided a $136 million loan as part of the package. The communities feature a total of 7,731 independent living, assisted living, memory care and skilled nursing units and are located in New Jersey (Pompton Plains and Tinton Falls), Pennsylvania (Warminster), Massachusetts (Peabody) and Virginia (Springfield). They are owned by the... Read More »
CIBC Finances New Jersey SNF Acquisition
There was another acquisition financing closed by CIBC Bank USA, following the bank’s funding of an Indiana skilled nursing portfolio acquisition and cash-out refinance of a SNF in eastern Kentucky earlier this month. The recent transaction was arranged for a 55-bed skilled nursing facility in northeastern New Jersey. With an effective age of 10 years and occupancy in the 90% range, the facility was operating strongly at EBITDAR margins around 15%. That makes for quite a desirable acquisition. So, a local operator that had been leasing the facility bought it for an undisclosed price but utilizing a $6.3 million acquisition loan from CIBC. As a result of the... Read More »Schedule a demo
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