Walker & Dunlop Finances New Seniors Housing Development
A former community health center in Washington, D.C. is being redeveloped into a mixed-income senior apartments community thanks to HUD financing arranged by Rob Rotach of Walker & Dunlop. Originally built in 1925 as The Hebrew Home, the building served as a skilled nursing facility until 1968 when it was purchased by the District of Columbia to convert it to a community health center. However, it has stood vacant since 2009, and is now being redeveloped into an affordable senior apartment community with 185 total units, 88 of which will benefit from an adaptive reuse rehabilitation loan. It is also being designed to achieve a LEED certification. The project’s capital stack will... Read More »
Synovus Bank Announces Series of Closings
Synovus Bank has not shied away from the lending market recently, closing five transactions and more than $115 million in commitments in the second quarter, so far. That follows 13 loans closed in the first quarter and more than $300 million in volume. It’s true that most of these transactions were largely worked out before COVID-19 really hit the country in March, but the parties still all had to agree on terms in the end. And the deals that were all but closed pre-COVID-19 had little to no changes to the final terms. April and May’s activity consisted of two construction loans, two acquisition loans and one refinance of a matured Fannie Mae loan that also included funds for some... Read More »
Berkadia Arranges Supplemental HUD Financing
Berkadia’s Ed Williams secured supplemental financing through HUD for a skilled nursing facility in Florida. Owned by an Indiana-based sponsor, the 165-bed facility was built in 2010 (relatively new for SNFs) with a mix of skilled nursing and assisted living beds. Occupancy was strong at 90%, and its owner wanted to build a new skilled nursing wing with 20 private units. So, they increased licensed bed capacity by 12 and plan on converting some semi-private units to private. To cover 90% of the project cost, Berkadia arranged a $5.08 million HUD supplemental loan that will run coterminous with the original HUD loan with a term of 30 years. The addition is expected to open this summer.... Read More »
Meridian Capital Group’s Active Spring
Meridian Capital Group has hit a rich vein of activity, closing more than $300 million in transaction volume in the last month. The deals were arranged for 26 skilled nursing and assisted living properties across six states, bringing the seniors housing and healthcare team’s year-to-date total to more than $1 billion in financing. There were a couple of acquisition loans, starting with $44 million arranged for the purchase of two skilled nursing facilities and 272 beds in Maryland. For the same borrower, Meridian also closed a $31 million loan and an $8.25 million A/R line to acquire three additional skilled nursing facilities and 266 beds. One finance company provided both loans, and the... Read More »
CBRE Secures Acquisition Financing For HJ Sims/Voralto Living Purchase
The CBRE National Senior Housing team arranged acquisition financing for a North Texas assisted living/memory care community. A joint venture between HJ Sims and Voralto Living was the buyer, obtaining a four-year, floating-rate loan with 24 months of interest only from a national bank. Featuring 60 units, the community was a newer vintage and will join Voralto’s six other communities in Texas, and one in Georgia. Aron Will, Austin Sacco and Adam Mincberg handled the transaction for CBRE. It’s been a busy year already for CBRE’s Senior Housing Debt and Structured Finance team, which has closed over $515 million in debt and equity originations across 15 separate transactions. In the months... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
