Greystone Arranges HUD Construction Debt
Working through HUD, Lisa Fischman of Greystone facilitated construction financing for an assisted living community to expand its Buffalo, New York-area campus. Originally built in 2003 with 110 beds in 84 units, the community is located on a 20-acre campus. Onsite amenities including a theater, physician’s office and beauty salon certainly helped attract residents, and the community consistently boasted a waiting list. With that full occupancy, ownership decided to embark on an expansion that would feature 32 new assisted living units and 23,000 total square feet, including the expansion of the campus’ existing communal spaces, all at a cost of approximately $7.5 million, or $234,400... Read More »
Looking for Answers in the Lending Market: A Q&A with Alec Blanc of Monarch Advisors
To get a sense of what is going on in the capital markets in this immediate post-COVID-19 world, we turned to Alec Blanc of Monarch Advisors for his own thoughts. How has the lending environment changed from the beginning of the second quarter to now? Overall, there is less debt capital available than there was prior to the COVID-19 crisis. Many lenders have paused any lending activity in the sector. Notably, most of the mortgage bank bridge lending programs are on hold right now. Most of the remaining lenders have tightened their criteria for new client acquisition, leverage, and underwriting. We are also seeing some widening of credit spreads, probably in the neighborhood of 50 to... Read More »
Monticello Announces Another Portfolio Refinance
A large owner/operator of skilled nursing facilities just refinanced two of its facilities and acquired a third with the help of MONTICELLOAM, LLC (Monticello). Averaging nearly 50 years in age, the portfolio totals 312 beds in North Carolina and Kentucky. The acquired facility joins a portfolio of 8,752 total licensed beds, grown significantly in the last few years with financing provided by Monticello. This transaction featured $30 million in first lien debt with a 36-month term. The deal is similar to another that Monticello closed earlier this month that involved first lien debt provided to an experienced owner/operator for the acquisition of a couple of senior care... Read More »
Walker & Dunlop Closes Three HUD Deals
The lending market may be the slowest it has been since the Great Recession, but agency refinances continue to close. Walker & Dunlop announced a spate of them for senior care clients throughout the Midwest. Joshua Rosen led the origination team on the deals. First was a $14.895 million HUD refinance of a 156-bed skilled nursing facility in Aurora, Illinois. Located adjacent to a 136-bed supportive living community that sold earlier this year to Cascade Capital Group for $11 million, or $80,900 per unit, the facility is located about 40 miles west of downtown Chicago. Walker & Dunlop has been heavily involved with this senior care campus, having arranged the previous bridge debt... Read More »
Grandbridge’s Agency Financing Activity
Grandbridge Real Estate Capital announced a slew of agency financings across the country, all for seniors housing clients. First, Richard Thomas secured a $19.5 million refinance of an 84-unit assisted living/memory care community in Temecula, California. Highgate Senior Living built the community in 2018, and occupancy was already at 94% by the time of closing. They obtained a non-recourse loan from Freddie Mac that has a 10-year term and fixed interest rate. Mr. Thomas also worked with Thomas Wiedeman (based in Grandbridge’s Atlanta office) to arrange acquisition financing for an 89-unit assisted living/memory care community in Pensacola, Florida. Built in 2016 and now close to full... Read More »Schedule a demo
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