Another Bank Bond Financing From Ziegler
The bank bond financings keep coming from Ziegler, which recently closed another one on behalf of Presbyterian Village North located in Dallas, Texas. The not-for-profit CCRC was originally built in 2007 and now includes 89 buildings with 253 independent living units, 101 assisted living units, 44 memory care units and a skilled nursing facility with 106 operating beds and 172 licensed beds, all on a 66-acre campus. Its sponsor is Presbyterian Communities and Services, Inc., d/b/a Forefront Living, which is planning an expansion project that will include 112 independent living units in a new five-story building, in addition to renovations to the existing campus common... Read More »
Meridian Capital Group Reports Active Month
The last month has seen the team at Meridian Capital Group close $672.4 million in transaction volume across 56 total properties. Comprising both financings and investment sales, that’s some impressive action. The Meridian team for these transactions comprised Ari Adlerstein, Ari Dobkin, Josh Simpson, Matt Lesnik, Jesse Rauch and David Gottlieb. First, Meridian handled the sale of five skilled nursing facilities and 527 beds in Vermont for $46.6 million, or $88,400 per bed. Gleaned from local news reports, the seller was Genesis HealthCare. Four years ago, the large provider acquired the Vermont portfolio for $39 million from Revera, Inc. Located in Bennington,... Read More »
Keybank Finances Renovation of Senior Apartment Community
KeyBank Real Estate Capital and KeyBanc Capital Markets worked on behalf of National Church Residences to secure acquisition financing for the not-for-profit’s renovation of an affordable senior apartment community in Cleveland, Ohio. Built in 1976, the community sits on two acres next to the Cleveland Clinic. It features 12 stories and 171 total Section 8 units, which came in one- or two-bedroom configurations. National Church Residences’ renovation project will preserve the building as affordable housing in the long term. So, KeyBank provided $14 million in HUD construction financing, with a 40-year term, and also sold $17 million of required tax-exempt bonds. In addition, KeyBank... Read More »
CIBC Bank Funds Indiana SNF Acquisition
CIBC Bank USA facilitated acquisition financing for a regional operator’s purchase of 11 senior care facilities in Indiana. If this deal sounds familiar, that’s because it is part of the larger 21-facility portfolio sale announced by Evans Senior Investments last week. Matthew Tyler and Daniela Miranda of CIBC closed the $51.2 million loan for a regional operator, which purchased the facilities from a local operator. The loan comes with a five-year term on the real estate, and a $5.0 million revolving line of credit was provided to support working capital needs. The portfolio consists of 751 skilled nursing beds and 109 assisted living units. Those 11 facilities have an effective... Read More »
Eagle Arc Partners Acquires 20 Skilled Nursing Facilities
Eagle Arc Partners, formerly known as BM Eagle Holdings, has made yet another large investment in the skilled nursing industry, acquiring 20 skilled nursing facilities, with 18 in Florida and one each in Mississippi and Georgia. All will be leased to local operators going forward. To fund the deal, Eagle Arc, which is run by Elliott Mandelbaum, worked with Capital Funding Group (CFG) to close a $317.5 million bridge-to-HUD financing package. CFG provided the financing through its new credit venture, CFG Credit Partners, LLC, an off-balance sheet credit venture managed by CFG Asset Management. The new venture expands the company’s bridge-to-HUD lending capacity, a welcome sign... Read More »Schedule a demo
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