HJ Sims Expands Its Investment Banking Team
HJ Sims announced a major expansion to its Investment Banking Team, adding two senior bankers and opening new offices in the Midwest and on the West Coast. Lynn Daly joined the firm as Executive Vice President in the new Chicago location, bringing over 30 years of experience working with not-for-profit organizations in financing. Previously, she was acting head of Senior Living Investment Banking at BB&T Capital Markets, and also spearheaded the Catholic Initiative within senior living investment banking at Ziegler. Brady Johnson also joined the HJ Sims team as Senior Vice President in the new West Coast office in Orange County, California. Previously at Hunt Real Estate Capital,... Read More »
Harborview Capital Partners Announced Several Financings
Harborview Capital Partners announced a series of recent closings for several clients across the country. First, the firm worked with a national lending partner to arrange an $81 million loan to refinance a portfolio of four skilled nursing facilities and one assisted living community in Maryland. The loan featured aggressive LIBOR-based fixed interest rate and a four-year term with limited recourse. It resulted in a cash-out in excess of $20 million for the New Jersey-based owner. Ephraim Kutner, Jonathan Kutner and Eli Kutner originated the transaction. Then, Harborview arranged for the refinance of two senior care properties in Queens, New York. The 200-bed skilled nursing facility... Read More »
CIBC Closes Phoenix-Area Refinance
Chicago-based bank CIBC just completed a cash-out refinance of a 98-bed memory care community in the Phoenix, Arizona market. Originally built in 2000 and renovated in 2013, the community obtained a $21.5 million loan with a five-year term and a 25-year amortization schedule. There is also the possibility of an additional $2.1 million of debt which would be released based on certain performance achievements. Fritz Kieckhefer handled the transaction for CIBC. Read More »
Cushman & Wakefield Arranges Construction Financing
Seniors housing construction may be slowing to a crawl, as is the lending market, but Cushman & Wakefield has bucked the trend and arranged both construction financing and joint venture equity for a development in South Portland, Maine. The team of Richard Swartz, Jay Wagner, Tim Hosmer and Sam Dylag advised the developer, Confluent Senior Living, on the deal. The project will feature 123 units of assisted living and memory care, with an array of amenities, at a cost of $40 million, or $325,000 per unit. Its operator, Harbor Retirement Associates, broke ground on the community last month, and its location is ideal near both the largest mall in the state and Old Port... Read More »
Housing & Healthcare Finance Handles HUD Refinance
The team at Housing & Healthcare Finance has closed a couple of HUD financings totaling $57 million. There was a $34.1 million loan for a portfolio of five skilled nursing facilities located throughout Minnesota. The experienced borrower was able to replace conventional debt on the portfolio with a substantially higher interest rate. They came with 30- and 35-year terms. The loan amount came in at about $120,000 per bed/unit. Built from 1958 to 2008, averaging 38 years old, the portfolio totals 464 total beds. Two of the facilities also feature assisted living units. Occupancies ranged from the low-80s to the high-90s. Finally, HHC Finance closed a $22.8 million rate modification... Read More »Schedule a demo
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