Cambridge Closes Slew of HUD Financings
Cambridge Realty Capital Companies has been quite prolific this month in the HUD market. Just last week, the firm closed two loans totaling $24 million for two senior care campuses in Ohio. Then, in Merced, California, Cambridge provided a $16.3 million HUD loan to refinance a 72-bed transitional care facility. The property offers units with private restrooms, nutrition services, therapy, and physical therapy services, a physical therapy center, two restaurant-style dining venues, courtyard dining facilities plus an on-site beauty salon. The California limited partnership borrower received a fully amortizing 35-year loan. Finally, Cambridge headed across the country to refinance a 104-bed... Read More »
Lancaster Pollard Refinances Oregon Memory Care Community
Giza Development successfully refinanced its new 45-unit/bed memory care community in McMinnville, Oregon (45 miles south of Portland), with the help of Ross Holland of Lancaster Pollard. Managed by Senior Development Resources, the community is located across the street from McMinnville’s full-service hospital and between two medical office parks. Sounds pretty ideal. It was initially refinanced with a bridge loan provided by OREC Structured Finance Co., which allowed Giza to buy out investors in the property and refinance construction debt. It was also immediately eligible for a permanent refinance. So, Lancaster Pollard secured a $4.9 million loan though HUD with a favorable, long-term... Read More »
Cambridge Realty Capital’s Two HUD Closings
Cambridge Realty Capital Companies provided two HUD loans totaling $24 million to refinance two senior care campuses in Ohio. The Lisbon property is a 76-bed skilled nursing/assisted living facility, while the skilled nursing/assisted living facility in Mineral Ridge has 181 beds. Both facilities feature private and shared units, restaurant-style dining and housekeeping and laundry services. They also provide a variety of healthcare services including dentistry, podiatry, IV therapy, optometry, audiology, psychology and medical imaging. Cambridge arranged the fully amortizing 30- and 35-year loans on behalf of the Ohio LLC borrower. Read More »
Walker & Dunlop Finances Another Cascade Capital Group Acquisition
Walker & Dunlop’s Joshua Rosen arranged bridge financing for Cascade Capital Group’s acquisition of a 136-bed supportive living facility in Aurora, Illinois. Totaling over $11.0 million, the debt was structured and provided by W&D’s bridge lending program, which utilizes the company’s own balance sheet. It came with a nine-month term and full term of interest-only payments and allow Cascade to quickly execute on the acquisition. The loan also features flexible prepayment options, and Cascade expects to refinance through HUD later this year. If this sounds familiar, it’s because in August 2019, Walker & Dunlop provided a $12.8 million loan from its balance sheet to cover 100% of... Read More »
Lancaster Pollard Refinances Plum Portfolio
It’s been quite a lucrative relationship between Lancaster Pollard and California-based skilled nursing operator, Plum Healthcare Group. About 18 months ago, Grant Goodman, Jason Dopoulos, Joe Munhall and Elliot Kaple secured $400 million in bridge financing from Credit Suisse on 27 skilled nursing facilities in California owned by Plum. However, that was short-term, corporate-level recourse-based debt, which did not give Plum much capital flexibility. So, upon closing of that transaction, Lancaster Pollard immediately began work on a HUD refinance, and the time has now come. On behalf of 26 of those facilities, Messrs. Goodman, Dopoulos and Kaple led the way on a $420 million HUD... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
