Dwight Capital Refinances Utah Assisted Living Community
Dwight Capital got a HUD financing closed in West Jordan, Utah (Salt Lake City MSA). The target was a Beehive Homes community built in 1996 and 2007 on over 1.5 acres. It currently consists of 50 beds in 50 units and is located less than a mile from Jordan Valley Medical Center. The license allows the community to care for 11 AL Type-1 residents, 16 AL Type-2 residents and 16 residents in a secure memory care unit. To refinance the property, Kevin Lifshitz of Dwight Capital arranged a $4.28 million loan with a 35-year term and amortization. We’re sure it was no easy feat. Read More »
Meridian Capital Group’s Impressive March Activity
Meridian Capital Group has had a productive start to the year, including an especially busy last few weeks. We imagine they gained some knowledge from closing deals during that period, which could not have been straightforward. So far in 2020, the group has arranged $563 million in financing for skilled nursing, assisted living and memory care communities, and in the last three weeks they closed $301 million in financings across seven states. Working through a commercial bank, the team of Ari Adlerstein, Ari Dobkin and Josh Simpson first arranged a $34 million refinance of four memory care communities totaling 264 units in Florida, New York, Ohio and Arizona. Also, in Florida, they... Read More »
The HUD Doors Are Still Open
One thing to come out of the coronavirus crisis (among many things) has been record-low interest rates, with the 10-year Treasury yield falling as low as 0.318% on March 9 and the federal funds rate being cut to 0-0.25%. It has been in the federal government’s interest to maintain liquidity in the market, as much as possible, so how has that policy affected HUD lending in the senior care industry? We asked Michael Gehl of Housing & Healthcare Finance a few questions, and here are his answers: 1) First question is, is HUD still doing business? Yes, HUD is still doing business, as you can imagine a number of people are working from home, which does create its challenges not... Read More »
Welltower Prepares for the Worst
Welltower announced a couple of moves to significantly increase its near-term liquidity. With all the uncertainty going around right now, that seems to be a prudent move. As of March 20, 2020, the REIT had $338 million of cash and cash equivalents and about $1.5 billion of available borrowing capacity under its unsecured revolving credit facility. Now, Welltower has added a two-year unsecured term loan of $1.0 billion, bearing an interest rate of 30-day LIBOR +1.20%. The company will also have the right to increase the loan amount by an additional $200 million. Proceeds from the loan will be used to repay borrowings under Welltower’s unsecured revolving credit facility and commercial paper... Read More »
Newmark Knight Frank Off and Running
The team at Newmark Knight Frank is off to a good start so far in 2020, doing equity, debt and sales transactions. In California, they closed just over $48 million in an equity raise for a new senior living development in the Los Angeles metro market. The community will total 336 units of independent living, assisted living and memory care. While technically not a CCRC, it is a rental community offering everything except skilled nursing, which seems to be where the market is heading these days. The total cost is estimated to be north of $200 million, or more than $600,000 per unit. While high, it is LA, where the difficulty for new development is well known. It is also quite a large... Read More »Schedule a demo
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