Monarch Advisors Funds Development in South Carolina
A Charleston, South Carolina-based developer, WV Ventures, engaged Alec Blanc of Monarch Advisors (an affiliate of Senior Living Investment Brokerage) to close construction financing for a to-be-built senior living community in southern Georgia. The 80-unit project received senior and mezzanine debt equal to 75% of its total development cost. Monarch secured the senior loan from a regional bank with a five-year term and competitive rate. The loan was structured as interest-only for the first three years and also includes a recourse requirement, which will start to burn down upon certificate of occupancy. As for the mezzanine financing, Mr. Blanc sourced the loan from a firm deploying funds... Read More »
CBRE Refinances Brookdale Portfolio
Five communities owned and operated by Brookdale Senior Living for over 10 years received a $160.3 million credit facility through Fannie Mae. Aron Will, Austin Sacco and Matthew Kuronen of CBRE arranged the debt, which is a blend of fixed-rate (about 75% of the principal) and floating-rate (the remaining 25%) with a 10-year term and five years of interest only. The loan comes in at 60% leverage and provides for asset substitutions, borrow-ups and partial releases. With the facility secured, the communities were able to refinance debt set to mature in the near-term. Totaling 945 units, 783 for independent living and 162 for assisted living, they are located in Alabama, Michigan,... Read More »
HHC Finance Closes Several SNF Loans
Housing & Healthcare Finance (HHC Finance) closed $24 million in HUD financing for a portfolio of three skilled nursing facilities with a total of 264 beds in Tennessee. The experienced borrower refinanced conventional debt with the transaction. Built in 1964, 1997 and 2007, the three properties ranged in occupancy from the low- to mid-80s. HHC Finance’s Capital Advisory Group also had an active August, placing close to $100 million in bridge loans for two portfolios of skilled nursing facilities in the Southeast. One of the portfolios consisted of 10 properties in Kentucky, while the other saw three facilities spread across Georgia, Alabama and Oklahoma. Read More »
Grandbridge Finances Philly-Area Development
A brand-new senior living community is being built in the Philadelphia, Pennsylvania market with funding facilitated by Grandbridge Seniors Housing and Healthcare Finance Group. Set to open in 2020, the project will feature 160 units of independent living, assisted living and memory care in the town of Limerick. It is being developed by Vantage Point Retirement Living, a growing operator in the Mid-Atlantic with 11 senior living and active adult communities already open in Maryland, Delaware and Pennsylvania. Two more are set to open next year in Delaware and Pennsylvania (including this one being financed), with three more in the works. The construction/mini-perm loan totaled $34 million... Read More »
Capital Funding Group Funds Portopiccolo Purchase
The Portopiccolo Group picked up another two skilled nursing facilities, following its acquisition of a North Carolina SNF earlier this summer. The most recent targets included a 130-bed pediatric and geriatric rehab facility in Dunn Loring, Virginia (Washington, D.C. MSA), and a 74-bed skilled nursing facility in Silver Spring, Maryland (also D.C. MSA). Accordius Health, an operating platform of Portopiccolo, will take over management of the facilities. To fund the acquisition, Portopiccolo obtained several tranches of financing, arranged, agented and participated by Capital Funding Group (CFG). Tim Eberhardt originated the transaction, which includes a $30.6 million senior loan, a $3.8... Read More »Schedule a demo
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