Ziegler Structures Debt For Radiant Senior Living Acquisition
Ziegler served as exclusive capital structuring advisor on a debt placement for the borrower, Radiant Senior Living, to acquire a portfolio of three seniors housing communities in the Pacific Northwest. Two of the properties are located near Seattle, Washington, while the third is in Bozeman, Montana. Previously owned by a publicly traded REIT, they combine for 36 independent living and 204 assisted living units and generate in-place, stabilized cash flow. However, there is an opportunity to add value through economies of scale, which suits Radiant and its 18-property portfolio in the Pacific Northwest. The $42.6 million in financing consisted of both senior and mezzanine debt,... Read More »
CIBC Secures Cash-Out Refinance and Working Capital
Matthew Tyler and Neal Netzel of CIBC Bank USA closed a cash-out refinance of a 120-bed skilled nursing facility in eastern Kentucky. With an effective age of 20 years, the facility has been managed by a local operator for a number of years. Its historical occupancy hovered around 75%. Ownership obtained a $13.5 million loan, with a five-year term, on the real estate. In addition, CIBC arranged a $1.0 million revolving line of credit to support working capital needs. Read More »
Oxford Finance Funds Wisconsin SNF Acquisition
Oxford Finance secured a senior credit facility and revolving line of credit for a partnership to acquire two skilled nursing facilities and a combined 158 beds in Wisconsin. That partnership is between AB Asset Management LLC, a vertically integrated real estate company based in Miami Beach, and Vitalogy Property Holdings LLC, a growing owner/operator founded in 2015 by Levi Rudd and Louis Kass. Vitalogy is expanding its existing operating platform in the Midwest and also partnered with Symmetry Healthcare, a provider of back office support services in the healthcare industry, to acquire the properties. To fund the deal, Oxford closed both the... Read More »
M&T Realty Finances Avanath Acquisition
Avanath Capital Management bought an affordable senior apartment complex in Sterling, Virginia (Washington, D.C. MSA) with the help of a loan provided by M&T Realty Capital Corporation. Developed in 2001 with low-income housing tax credits, this community has 150 units and was owned by a private local investor. It offers one- and two-bedroom unit options, and there are amenities such as a fitness center, billiards table, beauty salon and entertainment room, among others. Greysteel represented the seller in the transaction, which resulted in a $27.25 million, or $181,000 per unit, purchase price. M&T’s Matthew Hodson arranged a $17.1 million Fannie Mae Multifamily Affordable... Read More »
Ziegler Closes Large Bank/Bond Financing
Ziegler closed a huge financing package for HumanGood California Obligated Group to take out outstanding debt, advance refund other previous bond series and fund various campus improvements across the 14 CCRCs owned and operated by the Obligated Group in California. Altogether, the bank capital totaled $125 million. There were $15.48 million in Series 2020A revenue and refunding bonds that refinanced an existing tax-exempt bank placement and came with a commitment period of 16 years, matching the previous placement. The Obligated Group received a variable rate based on 79% of one-month LIBOR plus a bank spread and also entered into an interest rate cap with a strike price of... Read More »Schedule a demo
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