HJ Sims Heads to Hawaii for Latest Financing
Two skilled nursing facilities in Hawaii refinanced their debt and lowered their interest rate by about 60% in a transaction led by HJ Sims. The facilities, both located in Honolulu, consisted of 92 beds and 75 beds, respectively. Before this refinancing, they were collateralized with a single, high-interest rate bridge loan that had both a short term and expensive extension provisions. Sims Mortgage Funding (SMF) underwrote a $14.08 million loan through HUD to take out as much of the bridge debt as possible, resulting in a loan at about 80% of the estimated market value. The loan came with a 35-year term and a 2.05x debt service coverage ratio. In addition, to round out the capital stack,... Read More »
Two Senior Living Communities Get Financing from Regions Bank
Regions Bank closed a couple of transactions in recent weeks for both a to-be-built senior living community and an existing one whose owners were looking to get a small cash-out. The $29.2 million construction loan was arranged for a joint venture between a Midwest-based developer/owner and a Southeast-based operator. Located in a fast-growing Alabama market, the community will consist of 105 independent living and 27 memory care units in a three-story building. Jack Boudler and Chris Honn secured the $29.2 million, or $211,000 per unit, loan, which came with a five-year initial term, four years of interest only, and a staged reduction in loan repayment recourse. Also, at or prior to... Read More »
Cambridge Realty Capital Arranges Refinance for Florida AL Community
Cambridge Realty Capital Companies successfully refinanced an assisted living community in Largo, Florida (St. Petersburg MSA). The 63-bed community, which is owned by a Florida limited liability company, obtained a $4.1 million HUD loan with a fully amortizing 33-year and eight-month term. Amenities at the pet-friendly community include a hair and nail salon, library and gardens with walking paths. It also provides in-house therapy with Fusion Healthcare. Autumn Senior Living manages the community. This transaction was one of eight HUD Lean refinances that Cambridge closed in the previous HUD fiscal year, with a total of $80.8 million in volume. Read More »
Capital Funding Finances New Jersey Acquisition
Capital Funding, LLC financed the acquisition of a skilled nursing facility in New Jersey, and they expect the transaction to come full circle with a HUD refinance in a few years. That business has been good to them, as Capital Funding is coming off 33 transactions and nearly $395 million in volume in HUD’s most recent fiscal year. Craig Casagrande originated the $13.8 million bridge loan. Featuring 126 beds, the facility is operated by Preferred Care. Read More »
Live Oak Bank Reports Lively Quarter
Live Oak Bank was hard at work in the third quarter, closing three loans on behalf of senior care clients across the country. First, on behalf of a joint venture between Smith/Packett and RSF Partners, the lender closed a $6.2 million commitment for a conventional refinance of a 136-bed skilled nursing facility in Parksley, Virginia (Eastern Shore). Smith/Packett had originally acquired the community from a local hospital in 2017, bringing in Saber Healthcare to operate the property under a lease agreement. In the last couple of years, the firm has invested millions in renovating the property. And now, the time has come to refinance. Live Oak then closed a $3.3 million SBA 7a construction... Read More »Schedule a demo
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