Walker & Dunlop Refinances Chicagoland Portfolio
A portfolio of four skilled nursing facilities, all located in Illinois within 50 miles of Chicago, secured permanent financing courtesy of Walker & Dunlop. The properties include Aperion Care Plum Grove, a 69-bed SNF in Palatine, Pavilion of Waukegan, a 112-bed facility, Park View Rehab Center, another 112-bed facility in Chicago, and River View Rehab Center, which has 203 beds in Elgin. They received a combined $38.4 million in financing from HUD, with terms that ranged from 30 to 34 years. All also featured low, fixed rates and a declining prepayment schedule. Joshua Rosen led the origination team for Walker & Dunlop. Read More »
Cain Brothers Manages California Bond Issuance
Cain Brothers served as the sole manager in the public issuance of $37.275 million of taxable, fixed-rate revenue bonds. Not-for-profit Los Angeles Jewish Home for the Aging, which programs all levels of senior care from short-term rehab to CCRCs to PACE and in-home care, was the recipient of the financing, which will advance refund the organization’s Series 2014A bonds. Those previous bonds were about two years from the call date, but they featured a higher interest rate, so a refinance in this low-rate environment made sense. The current bonds are insured by Cal-Mortgage. This was actually the third refinance completed for the sponsor in the last eighteen months, giving them more funds... Read More »
HJ Sims Refinances Two Senior Care Communities
HJ Sims closed a small loan for a seniors housing community in Kansas City, Missouri, and provided ownership with about $61,000 in annual debt service savings as a result. The 81-unit community caters to low-income seniors and was in need of some repairs. Also, real estate taxes had recently been imposed on the property, meaning that ownership had to buoy its finances (which was fixed by the Section 8 revenue) quickly in order to maintain a 1.05x debt service coverage that was required for not-for-profit borrowers. So, HJ Sims arranged a $3.237 million loan through HUD, which extended the community’s debt maturity by 12 years. With the funds, ownership was also able to replace... Read More »
KeyBank Secures Financing For Idaho Property
Thomas Development Co., a multifamily real estate developer based in Boise, Idaho, acquired a low-income senior apartment community in nearby Caldwell thanks to financing secured by Sarah Geis and Kevin Ruf of KeyBank Community Development Lending and Investment. The community is brand new and features 48 units comprised of 32 one-bedroom and 16 two-bedroom units. The two-story building also has a community room, exercise rooms, a library and management office. Forty-one of the apartments are restricted to residents earning 40% to 60% of the area median income, and the remaining seven units are market rate. Tomlinson Associates is the operator, and a manager will live on site. ... Read More »
MONTICELLOAM Funds Working Capital For Pennsylvania Property
MONTICELLOAM, LLC and its affiliates (Monticello) secured a $1.25 million working capital loan for the operating company of a large skilled nursing facility in Pennsylvania. The facility has 181 beds and is owned by an experienced owner/operator with nearly 3,600 licensed beds in its portfolio. It has grown its portfolio in the last several years thanks to acquisition financing provided by Monticello. Read More »Schedule a demo
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