Lument Arranges Freddie Mac Refinance
Lument’s seniors housing and healthcare team closed a Freddie Mac refinance of a seniors housing community in Papillon, Nebraska. Set on the 44-acre Hillcrest Country Estates senior care campus, which provides the full continuum of care, the community in question features 102 independent living and 60 assisted living/memory care units. It is owned by Hillcrest Health Systems, a provider of senior care, home health care and telemedicine at its seven locations across Nebraska. Lument’s Quintin Harris, Doug Harper and Casey Moore arranged a non-recourse $41.5 million loan from Freddie Mac, with a 10-year term and 30-year amortization. The transaction replaced existing... Read More »
CIBC Bank USA Refinances Two Tennessee SNFs
Two skilled nursing facilities in Tennessee recently refinanced their debt with the help of CIBC Bank USA. Totaling 340 licensed beds with an effective age of 20 years, the facilities have been run by a local operator for a number of years. Under that management, effective occupancy has been in the 70% range, with EBITDAR margins in the high-teens, which is quite good for SNFs these days. With that lower occupancy, we’re guessing there was a healthy Medicare and/or private pay patient census. Ownership obtained a five-year, $20 million loan on the real estate, also giving them some cash out. CIBC Bank USA also helped secured a $1.0 million capital expenditures facility for... Read More »
Tryko Partners Developing Pittsburgh Seniors Housing
Selected by The Urban Redevelopment Authority of Pittsburgh to redevelop a former school in the city to serve the needs of both low-income and middle-income seniors, Tryko Partners just obtained a gap financing commitment from the Pittsburgh Housing Authority to help fund the project. Formerly the Fairywood School in the city’s west end, the site will include a total of 46 one-bedroom units with covered porches, including 39 reserved for low-income residents. There will also be a community building where residents can take advantage of financial literacy, nutrition and exercise programs, health screenings, and other support services for seniors. The project would also anchor a... Read More »
People’s United Bank Funds Connecticut CCRC
Bridgeport, Connecticut-based People’s United Bank headed upstate to refinance a CCRC in Bloomfield, just north of Hartford. Duncaster, Inc. opened in 1984 as a not-for-profit CCRC that now includes 193 independent living units, 19 assisted living units, 24 memory care units and 60 skilled nursing beds. The pandemic led to a drop in occupancy (who didn’t experience that?) and slower IL unit sales. But the property did receive a healthy amount of stimulus funds to offset the drop in revenues, and recent IL unit sales reportedly have been strong. There was about $9.2 million of maturing bond debt held by Citizens Bank on the property, plus... Read More »
Bank Leumi Refinances Prestige Care
Bank Leumi USA announced that it has booked and funded a $23.5 million refinance for Prestige Care, a third-generation family operator of 80 seniors housing and care properties across eight states in the West. The transaction will refinance one of Prestige’s asset-based lending revolvers and a real estate term loan secured on a portfolio of four skilled nursing facilities in Oregon and Washington, plus one assisted living community in Arizona, all combining for 356 operating beds. The deal also gives New York-based Bank Leumi a significant treasury management relationship on the West Coast. Read More »