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 »
Ziegler Arranges “Cinderella” Bank Bond Refinance for Tennessee CCRC
Working on behalf of a large CCRC in Germantown, Tennessee, Ziegler successfully closed a series of bank bonds for the not-for-profit sponsor. Incorporated in July 2000, the community has grown on its 27.5 campus to include 230 independent living units, of which there are 202 apartments and 28 patio homes, 32 assisted living units, 16 dementia units and 50 skilled nursing beds, along with plenty of common areas and amenities. The one-, two- and three-story buildings are also interconnected with enclosed, air-conditioned hallways. Ownership was looking to refinance its 2012 bonds using a Cinderella Refunding structure, which consists of taxable bank debt that then converts to non-bank... Read More »
United Community Bank Back to Business
The Senior Care Lending Group of United Community Bank, led by Vice President Dennis Rowlen, has been hard at work this quarter, closing four transactions for clients in the senior care industry. Not only that, but the bank is also actively underwriting several loans, and the rest of the pipeline has been described as robust. These days, that is very promising. The second quarter activity has included three construction loans and one mini-perm refinance, combining for nearly $60 million in total commitments. Each loan was closed for a different client, and all financed properties in the Southeast. Read More »Schedule a demo
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