Carnegie Capital Secures Acquisition Financing For Washington State Portfolio
JD Stettin of Carnegie Capital is at it again, returning to the Pacific Northwest to close on acquisition financing for a portfolio of assisted living communities in Washington State. This closing comes just a couple of weeks after Mr. Stettin arranged $7.74 million in acquisition financing for four assisted living communities in rural Oregon. The details of that deal can be found here. Back to Washington State, where the four other assisted living communities are located. Previously owned by Enlivant, they totaled 185 units, but the new owner, a private fund based in Arizona, will initiate a conversion project resulting in 193 units, split between 87 for assisted living... Read More »
KeyBank Arranges Financing For Low-Income Seniors Housing
Working on behalf of Hampstead Development Partners, a San Diego-based real estate company that focuses on developing and preserving affordable housing, KeyBank Community Development Lending and Investment secured acquisition, construction and permanent financing for a new affordable senior apartment community in Salt Lake City, Utah. Originally built in 1916, the four-story building features 80 units and will be renovated by Hampstead. The unit mix features studios and one-bedroom floorplans averaging 416 square feet, and all units cater to residents earning 60% of the area’s median income. In addition, 20% of the units are reserved for non-seniors, while the rest will be restricted to... Read More »
Monticello Announces Memphis-Area Refinance
A couple of skilled nursing facilities located around Memphis, Tennessee found first lien debt financing through MONTICELLOAM, LLC and its affiliates (Monticello). These facilities averaged around 50 years in age, and totaled 336 beds. No details were released on their operating performance or census. Their owner, an experienced owner/operator with a portfolio of more than 8,750 licensed beds across the county, had worked with Monticello multiple times in the last several years to fund other skilled nursing acquisitions, and turned to them again to refinance the two facilities with $41.0 million in first lien debt, or $122,000 per bed. Read More »
Ziegler Arranges Another Bank Bond Financing
We know that the lending market has slowed considerably, and has been perhaps the main reason for M&A coming to a crawl, but just a week after arranging a bank bond refinance for a CCRC client, Ziegler has arranged another one for a CCRC in Texas, resulting in a total of more than $150 million in proceeds across the two transactions. That’s an impressive sum these days. Most recently, Ziegler refinanced Westminster, a not-for-profit entrance-fee CCRC in Austin, Texas. Founded in 1972, Westminster has grown over the years to include 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds on a 9.3-acre campus. Life Care Services (LCS) has... Read More »
Greystone Secures HUD Refinance for Three Centers Health Care SNFs
Greystone got back in the game with a HUD refinance for three skilled nursing facilities in upstate New York. Fred Levine originated the transactions on behalf of the borrower, Bronx, New York-based Centers Health Care. The facilities include Ontario Center for Nursing and Rehabilitation in Canandaigua, Steuben Center for Nursing and Rehabilitation in Bath, and Corning Center for Nursing and Rehabilitation in Corning, all between Rochester and Elmira. They total 323 beds. Centers acquired the Bath facility from Steuben County in 2014 for $11 million, or $104,800 per bed, but it was built in 2008 for a total cost of $19.5 million. Centers Health Care also took over the 45-year... Read More »