Capital Funding Group Closes Loan For SNF Portfolio

Capital Funding Group Closes Loan For SNF Portfolio

Capital Funding Group’s standout year continues with another large term loan closed for a 29-asset skilled nursing portfolio. Located in Colorado, California and Wyoming, the properties include 28 skilled nursing facilities and one SNF with assisted living units as well, all totaling 3,410 beds. Capital Funding Group worked on behalf of the owner, a private real estate investment group, to close a $262.6 million term loan that refinanced the portfolio. In addition, CFG underwrote the transaction of operations from SavaSeniorCare to four new regional operators. Erik Howard and Director Tim Eberhardt originated the transaction.  This brings CFG’s bridge-to-HUD loan closings to $2.3 billion... Read More »
H2C Secures Loan For Florida SNF Acquisition

H2C Secures Loan For Florida SNF Acquisition

Matthew Tarpley and Mitch Levine of H2C Securities, Inc. (or Hammond Hanlon Camp) has secured an $8.25 million loan for Mainstay Senior Living to acquire a 120-bed skilled nursing facility in Lakeland, Florida. The one-year, interest-only loan came with a rate of 4.125%.  Built in the 1990s, the facility was delicensed by the state in 2017 but was allowed to reopen in early 2020 to accommodate COVID-19 residents. The operator received a new license to operate, however, its publicly-traded REIT owner (revealed to be Omega Healthcare Investors based on a web search) decided to sell, since the asset was nearly vacant once the initial COVID wave subsided. The facility is located adjacent to an... Read More »
Ziegler Picks Up Loan Activity with Two More Financings

Ziegler Picks Up Loan Activity with Two More Financings

Ziegler has picked up its loan activity for the second week in a row, closing two large bond financings in Virginia and Florida. Virginia United Methodist Homes of Williamsburg, dba WindsorMeade, a not-for-profit corporation in Williamsburg, Virginia, received the first of the series of bonds totaling $58.24 million. WindsorMeade operates a CCRC in Virginia, consisting of 181 independent living units, 14 assisted living units, 18 memory care units and 22 skilled nursing beds. WindsorMeade filed for Chapter 11 bankruptcy protection in 2013 following liquidity and occupancy challenges, but since the restructuring its overall performance has improved. The current refinancing package include... Read More »
Ziegler Closes Three Large Bond Financings

Ziegler Closes Three Large Bond Financings

Ziegler has had a busy start to the month by underwriting three separate bond financings.  The first set of bonds was issued to Lifecare, Inc., a not-for-profit operator of Friendship Village in Kalamazoo, Michigan. It consists of an $8.685 million bond issued through the Michigan Strategic Fund and an $11.965 million bond issued through the Economic Development Corporation of the City of Kalamazoo. The proceeds will be used to refund outstanding debt, terminate an interest rate swap and reimburse cost of capital expenditures. The bonds have a 30-year maturity with a weighted average yield-to-call of 3.42% and a weighted average yield-to-maturity of 4.08%. The call provisions included... Read More »
Greystone Secures Construction Financing For Missouri Project

Greystone Secures Construction Financing For Missouri Project

Greystone’s Matt Miller and Tyler Armstrong secured a $35.9 million construction loan on behalf of a joint venture between Shelbourne Healthcare and Cedarhurst for the new development of Shelbourne at Chesterfield in Chesterfield, Missouri. The 8.2-acre lot was acquired by Shelbourne Healthcare in 2018 for $4.4 million. The 150-unit senior housing development will contain 96 independent living units, 37 assisted living units and 17 memory care units. There will be studio, one- and two- bedroom options. The Greystone Senior Housing Capital Markets team facilitated the financing, which includes a five-year loan funded by a large regional bank. Moseley Architects is designing the... Read More »
CIBC Closes Loans For Three SNFs

CIBC Closes Loans For Three SNFs

CIBC Bank USA recently closed loans for two skilled nursing facilities in Ohio and one in California. The first financing package included a $12.4 million acquisition loan and a $1.2 million capital expenditure loan with a five-year term for a 100-bed SNF in southern California, provided by CIBC’s Matthew Tyler and Neal Netzel. The 20-year old facility has been leased by the buyer for the past 10 years and has had a historical occupancy of 85%. EBITDAR margins have recently resided in the low double-digits, with revenues nearing $14 million. The next transaction was a $10 million cash-out refinance for a 100-bed SNF in Ohio. The 15-year old facility was owned by a local owner/operator.... Read More »