Live Oak Bank Secures Credit Facility for JEA Senior Living
Live Oak Bank is expanding its balance sheet offerings for senior care clients and recently closed a credit facility for national operator JEA Senior Living. The $25 million facility will support JEA’s senior housing acquisitions nationwide as the company continues to grow its portfolio. The structure also allows JEA to both add and remove individual assets within the financing pool, giving them flexibility to move quickly to pursue acquisitions as well as manage future refinancing plans. The first funding under the facility supported JEA’s acquisition of a 38-unit memory care community in Peoria, Illinois, from its REIT landlord. Built in 2012 and licensed for 66 beds, the community has... Read More »
Four Refinancings From Lancaster Pollard
Lancaster Pollard announced a series of refinancings for both skilled nursing and seniors housing clients, for over $70 million in total volume across four transactions. First up, Oriol Health Care, a family-owned business, obtained a $16.2 million HUD loan to consolidate their debt with one lender, eliminate interest rate risk associated with a swap, fund repairs and also reimburse capital expenditures at its 123-bed skilled nursing facility in Holden, Massachusetts. The Oriol family built the facility in 1965 but recently expanded it to include a respiratory care unit, a home health care business and therapy services. They own one other facility in the state. Aaron Becker and Adam Walter... Read More »
CIBC Bank Closes Two Cash-Out Refinances
CIBC Bank USA announced a couple of cash-out refinances for skilled nursing clients, both deals closing last week. The first was arranged for Strawberry Fields REIT to recapture equity at its 72-bed skilled nursing facility in Muncie, Indiana, which the REIT acquired in November 2019 for $3.15 million in cash. Built in 1972, the facility was operating at the time of the sale at 72% occupancy, with a 72% Medicaid, 19% private pay and 9% Medicare census. It is also part of an Indiana county hospital UPL tie-up with Henry County Hospital and is being consulted by Infinity Healthcare Management. Strawberry Fields REIT had been leasing and subletting the property from the seller since... Read More »
Ziegler Secures Short-Term and Long-Term Debt for CCRC Client
The bank bond placements keep coming from Ziegler, and the specialty investment bank has already announced several in the last few weeks for not-for-profit CCRC clients. The latest was arranged for a 362-bed/unit CCRC in Manheim, Pennsylvania, that is sponsored by the not-for-profit Pleasant View Communities. Just like Ziegler’s refinance of a CCRC in Texas announced last week, Truist was involved in the deal, as was Fulton Bank, to provide both short-term and long-term debt. A couple of planned expansion projects spurred the refinance. Opened in 1954 and growing to include 152 independent living apartments and cottages, 95 personal care (assisted living) units and 115 skilled nursing... Read More »
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 »Schedule a demo
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