Love Funding Takes Out Bridge Loan
Eric Forguson of Love Funding helped the owner of a senior care campus in Arnold, Missouri (St. Louis MSA) take out bridge debt on the property and replace it with a $12.9 million HUD refinance. Built in phases over the last 30 years, most recently adding a 52-unit assisted living building in 2019, the community features a mix of independent living, assisted living, memory care and skilled nursing services, with 202 units/beds total. Its operations were strong, and it produced stabilized cash flow over a three-year period. Mr. Forguson had originally secured a short-term bridge loan in April from Love Funding’s parent company, Midland States Bank. More than half of the loan’s proceeds... Read More »
CBRE Returns to Harleysville for Supplemental Freddie Mac Financing
Fresh off their closing of a portfolio financing for three California senior living communities owned by Carlton Senior Living, the CBRE team of Aron Will, Austin Sacco and Tim Root has closed another transaction, this time across the country in Harleysville, Pennsylvania. Mr. Will was already familiar with this property, having funded its 2016 acquisition with a $39.9 million Freddie Mac financing on behalf of the buyer, Green Courte Partners (GCP). Built in two phases in 2006 (151 units) and 2014 (125 units), the independent living community filled up quickly and has performed well since then. It was originally operated by Heritage Senior Living, then by GCP’s wholly owned... Read More »
Lancaster Pollard Finances SNF Construction in California
Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital, just closed on a HUD construction loan for a to-be-built skilled nursing facility in Oceanside, California. Featuring 120 beds in 62 units, the project is already underway by a partnership between RangeComm Development and Providence Group, along with the contractor ARCO Construction. It will specialize in short-term rehabilitation, and we imagine by the time the project opens, elective surgeries will be somewhat back to normal and drive much of this facility’s census. Despite delays and challenges related to COVID-19, Brett Murphy of Lancaster Pollard was able to lead the way on a $25 million HUD loan ($208,000... Read More »
CIBC Closes Cash-Out Refinance of California SNF
CIBC is not slowing down, having just announced its second and third senior care transactions in the last two weeks. At the end of April, we first heard of the bank’s refinance of a Phoenix, Arizona area memory care community. This week, CIBC closed another refinance, this time for a 70-bed skilled nursing facility in the San Francisco Bay area. The $5.6 million cash-out loan was provided to a local owner/operator who has managed the property for a number of years. The property itself has an effective age of 20 years. Census was in the high-80s, and the EBITDAR margin was about 10%. The loan came with a five-year term. Matthew Tyler and Neal Netzel handled... Read More »
Oxford Finance Expands Credit Facility
It’s a tough time out there for senior care owners and operators, dealing with the pressure of keeping their residents safe and healthy only to emerge from the crisis and likely deal with a census and cash crunch. Lenders will play a big role in helping the industry through the crisis, and Oxford Finance was there for one of its senior care clients, upsizing a credit facility for one of its skilled nursing owner/operator clients. Oxford Finance closed a $19.8 million add-on term loan and revolving credit facility, bringing the whole facility to more than $75 million. The borrower has now used the entire credit facility commitment, and used the additional proceeds to finance the... Read More »Schedule a demo
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