Live Oak Bank/Berkadia Close Utah Loan
Live Oak Bank closed a $16.3 million A/B unitranche loan for an owner/operator of skilled nursing facilities in Utah. Berkadia Commercial Mortgage’s Seniors Housing & Healthcare Group assisted in the process, too. The financing provided bridge-to-HUD debt for a 38-bed transitional care/skilled nursing facility that opened in 2019 and provides short-term rehabilitation services. The loan announcement comes after Live Oak Bank closed a $13 million loan to refinance a 94-unit assisted living/memory care community in Lawrenceville, Georgia. That property also opened in 2019 and was leasing up when the pandemic began. So, the loan allows for additional time to fill the community before a... Read More »
Lument Refinances Two Oklahoma SNFs
Lument closed $16.9 million in HUD financing for two skilled nursing facilities in Oklahoma. The two skilled nursing facilities combine for a total of 266 beds. One was built in 2006, with an addition completed in 2010, while the larger facility was built in 1953 and renovated in 1967, 1985 and 2018. Bill Wilson, managing director at Lument, arranged the loans, which were issued with 35-year amortizations and fixed interest rates. They replaced existing variable-rate, personally guaranteed commercial bank debt and also reimbursed nearly $2 million of the borrower’s previous capital expenditures. Read More »
Midcap Financial Closes Loan on a Seniors Housing Portfolio
MidCap Financial announced the closing of a transaction with a joint venture between NexCore Group and an affiliate of Heitman LLC. The floating-rate first mortgage loan facilitated the recapitalization of six seniors housing communities totaling 821 independent living, assisted living and memory care units across the southeast. All of the communities are located in Florida. The operator of the communities will be NexCore’s seniors housing development and management division, Experience Senior Living. MidCap Financial’s loan is structured to both facilitate the recapitalization of the communities and provide future funding to complete construction of one of the... Read More »
Walker & Dunlop Arranges Ohio Refinancing
Walker & Dunlop arranged a $10.9 million HUD 232/223(f) refinance of a skilled nursing facility in Marysville, Ohio (Columbus MSA). Built in 1967, Monarch Skilled Nursing & Rehab comprises 75 units and recently underwent a rehabilitation of the existing units in addition to adding assisted living units to the facility. The refinancing was arranged on behalf of Janet Harris and Holland Management. Frank Cassidy of Walker & Dunlop handled this transaction. Read More »