Capital Funding Group Funds Acquisition of Pennsylvania SNF
Craig Casagrande and Andrew Jones of Capital Funding Group secured a bridge loan for a client to acquire a 139-bed skilled nursing facility in Christiana, Pennsylvania (about halfway between Philadelphia and Lancaster). Formerly on the SFF list as recently as 2016, the facility has since achieved a five-star rating from CMS. That’s quite the turnaround. It was formerly owned and operated by Harrison Senior Living, but a new owner (Chaim Steg, according to public records) took over. They secured a $10.8 million loan from Capital Funding Group, plus a $3.5 million line of credit. CFG ultimately expects to refinance the debt through HUD. Read More »
Greystone Closes Pennsylvania Portfolio Refinance
Greystone provided HUD financing to a portfolio of five skilled nursing facilities in the eastern part of Pennsylvania. The 622-bed portfolio, located in Easton, Millville, Orangeville and Stevens, was acquired by Maybrook Holdings in 2017 for an undisclosed price. Whatever changes were made or renovations were completed must have worked out, as Maybrook sought out a permanent debt solution. Fred Levine originated the deal, which consisted of $62.98 million in non-recourse, self-amortizing HUD loans that also came with low, fixed rates. Read More »
Regions Bank and Cushman & Wakefield Finance Auctus-Owned Community
Regions Bank Healthcare Real Estate Group announced a balance sheet loan closing at the start of February for a client in northern California. Originally built in 1975 in Carmichael, the property being refinanced is a 98-unit independent living community. Auctus Capital Partners acquired it in 2015, with plans to invest in capital improvements. So, it underwent a significant renovation and conversion project in 2018, and is now in the final stages of lease-up. Auctus put an operating affiliate, Altum Senior Living, in place to manage the community. Working with a new customer for the bank, Chris Honn secured a $5 million loan, with a three-year term and three years of interest only, to... Read More »
Monticello Finances Tennessee Transaction
Monticello Asset Management and its affiliates provided $15.8 million in first lien debt to finance the acquisition of three assisted living/memory care communities in Tennessee. Totaling 126 units, the communities will also be renovated thanks to funds from this transaction. The borrower was an experienced owner/operator of seniors housing communities with a portfolio of more than 1,100 units, inclusive of recent acquisitions. This is the second Tennessee transaction closed by Monticello this month. The earlier deal consisted of $16.68 million of first lien debt for the refinance of two skilled nursing facilities and 303 total beds in the state. That transaction also included a $3 million... Read More »
Ziegler Finances SNF Repositioning/Renovation Project
Ziegler worked on behalf of St. Ann’s of Greater Rochester, a seniors housing and health services provider in the Rochester, New York area, to fund a campus-wide improvement project that started in 2015. The first phase involved the relocation of 34 post-acute rehabilitation beds from one facility to the ninth floor of its largest skilled nursing facility, St. Ann’s Community. Phase II will be comprised of a renovation to floors three through eight of St. Ann’s Community, and will result in a net-reduction of 96 beds. Together with other available funds, St. Ann’s received $108.825 million in tax-exempt, fix-rate bonds to finance the project, capitalized interest, outstanding indebtedness... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
