HJ Sims Finds Bank Financing for Philly CCRC
Working on behalf of a large CCRC in northeast Philadelphia, HJ Sims helped arrange a bank financing through the community’s existing banking partner. Philadelphia Protestant Home (PPH) currently consists of 266 independent living units, 175 personal care units and a 126-bed skilled nursing facility. Ownership had been funding capital improvements from general fund revenues, but in order to manage its cash flow, it chose to finance $6.5 million of upcoming capex projects. So HJ Sims worked with Citizens Bank, the community’s existing banking partner, to secure a $6.5 million loan with a 10-year, fully amortizing term and a five-year interest-only period that is followed by monthly... Read More »
Ziegler Funds CCRC Expansion Project in North Carolina
With financing in hand from Ziegler, a not-for-profit CCRC in North Carolina is embarking on an expansion project to increase both its independent living and transitional care offerings. Set on 72 acres in High Point, Pennybyrn at Maryfield’s currently consists of 180 independent living units split between 131 apartments and 49 cottages, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. It is owned and operated by Maryfield, Inc., which was incorporated in 1947 by the Congregation of the Poor Servants of the Mother of God, an order of the Roman Catholic Church. This is not the first time Ziegler has worked with Maryfield, Inc., having a relationship with the... Read More »
HHC Finance Secures Several HUD Refinances
Housing & Healthcare Finance (HHC Finance) is wrapping up HUD’s fiscal year with several transactions closed through the agency. First, the firm arranged a $19 million loan for a 200-bed skilled nursing facility in New York, then followed up with a $20 million HUD refinance of a 155-bed skilled nursing facility in Ohio. Continuing with financing large SNFs, HHC Finance also closed a $22 million loan for a 225-bed facility in Ohio. All three facilities were built in the 1970s but have received numerous capital improvements over the years. Each HUD loan came with interest rates in the very low 2s. What a deal. HHC Finance next closed a $6.8 million HUD supplemental loan for an... Read More »
Monticello Secures Working Capital Loan
MONTICELLOAM, LLC and its affiliates (Monticello) closed yet another working capital loan. Typically, in the last couple of years, the firm has arranged the working capital on top of first lien debt financing too. But in this deal, Monticello did not place the senior loan. Receiving the $2.0 million working capital financing were the operating companies of two skilled nursing facilities totaling 338 beds in Montana. The deal follows a couple of August deals closed by Monticello, including both a $14.0 million acquisition/refinance loan and another $2.0 million working capital loan for a portfolio of two skilled nursing facilities and a skilled nursing/assisted living... Read More »
Waco Seniors Housing Project Gets Variety of Funding
Construction just started on a 90-unit seniors housing community in Waco, Texas, and a variety of financing sources have already been announced. Mears Development and Construction Inc. and Harris284 Team Inc. are developing the project to include 11 market-rate units and 79 units set aside for low-income seniors. Six of the units will cater to the mobility impaired and three others will be for either hearing or visually impaired residents. Amenities include a business center, clubhouse, fitness center, picnic area and swimming pool, while Meadowlake Medical Center, Heart Hospital and Ascension Providence, a specialty care hospital, are all located nearby. Completion is expected for... Read More »Schedule a demo
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