Stride Bank’s Recent Activity
We learned of a number of recent financings provided by Stride Bank for senior care facilities across the country. First, the bank refinanced multiple assets in New Mexico and West Texas. The relationship with this particular borrower began in June 2023 (through Clint Miller of Ziegler) when it was looking to execute a bridge-to-HUD strategy and its prior, larger regional bank was unwilling to entertain. The portfolio features a mix of HUD-qualified and non-HUD-qualified assets, and the borrower needed an institution that allowed a multi-step process to release the HUD-qualified assets slowly. The senior credit facility will fully retire once the HUD-qualified assets are refinanced,... Read More »
Spyglass Healthcare Secures Financing
A growing skilled nursing owner/operator is priming itself for further growth with a new revolving credit facility structured by Grant Goodman of G Capital. Bay Area-based Spyglass Healthcare currently has six facilities in its Northern California portfolio, and it obtained the financing to fund working capital, future acquisitions and general corporate purposes. Texas Capital Bank provided the $15 million ABL financing with a SOFR-based rate and an attractive spread. In 2024, the $31 billion-dollar bank significantly expanded its healthcare business, with industry veteran Shane Passarelli leading the charge. We expect to hear more soon from all parties. Read More »
Joint Venture Secures Refinancing
Harrison Street and Dial Retirement Communities secured a refinance for their seniors housing property in Batavia, Illinois (Chicagoland), thanks to the team at Newmark. The Landings, which opened in Spring 2021, features 142 units of independent living, assisted living and memory care. It was very well occupied, at 96% with a waitlist. The borrowers wished to refinance the construction loan on the property and obtained a new bank loan with a three-year term, full term of interest only and amortization. It was also a non-recourse loan, but the amount was not disclosed. There was a competitive interest rate. Read More »
Four SNFs Receive Refinancing in Virginia
Capital Funding Group closed a $132.24 million bridge loan on behalf of a nationally recognized borrower. The deal supported the refinancing of four skilled nursing facilities comprising 731 beds in Virginia. Craig Cassagrande and Catherine Mansel handled the transaction, which closed 47 days from receipt of the signed term sheet. This transaction follows CFG’s even-larger closing of a $207.1 million bridge-to-HUD term loan on behalf of landlord sponsor, 980Investments. The deal supported the partnership buyout of a portfolio of thirteen skilled nursing facilities featuring 1,423 beds in Florida. CFG also provided $15 million in accounts receivable financing to support the working... Read More »
KeyBank Finances New Ohio Project
A new affordable seniors housing community is going up in Columbus with construction financing now in hand. KeyBank Community Development Lending and Investment arranged the $93 million in construction financing, which consisted of a $43.3 million construction loan, $23.8 million in low-income housing tax credit financing, and a $25.9 million Forward Fannie mortgage-backed securities (MBS) as collateral for a tax-exempt bonds permanent loan. Known as The Caravel, the community will consist of 234 units for residents aged 55 and older who earn at or below 50%, 60% and 70% of the area median income (AMI). Kittle Property Group is developing the property in partnership with Homeport, a... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
