PruittHealth Secures Financing in Georgia
Jay Healy and Andrew Lanzaro of Berkadia closed a $9.1 million bridge-to-HUD loan on behalf of PruittHealth to facilitate the acquisition of a skilled nursing facility. The 18-month, interest-only bridge loan represented 76.5% of the value and is prepayable at any time, putting its value at around $11.9 million, or $180,000 per bed. Berkadia anticipates closing the subsequent HUD refinance in the third quarter of this year. Built in 1966 and renovated in 2019, Southern Pines Nursing Center comprises 66 beds in Warner Robins, Georgia, and occupancy at the time of closing was 90%. It will be rebranded as PruittHealth – Warner Robins. This acquisition was made in conjunction with... Read More »
Ohio Senior Care Communities Secure Financing
MONTICELLOAM’s Healthcare Bridge Lending team closed $73.2 million in total bridge and working capital financing for a portfolio of senior care communities across Ohio. The $64.7 million floating-rate senior bridge loan will be used by the pre-existing sponsor group, a repeat client of MONTICELLOAM, to recapitalize the existing debt on the portfolio, which comprises independent living, assisted living and skilled nursing properties. The $8.5 million working capital facility will be used to cover the day-to-day operational needs of over 700 beds across the portfolio. Read More »
Forbright Bank Reports Active 2024
Forbright Bank’s Healthcare and HUD lending teams closed 2024 with strong deal activity. Last year the Healthcare and HUD lending teams provided more than $400 million in financing to organizations in more than 12 states. In one recent transaction, Forbright provided a $40 million bridge loan for the acquisition of three seniors housing facilities in Oregon. Underwriting was done in conjunction with Forbright’s HUD team. In another recent transaction, the bank provided a $38 million term loan and $5 million revolver for the acquisition and renovation of two skilled nursing facilities in Massachusetts by an experienced regional operator with a strong presence in the state.... Read More »
Class-A Community Secures Refinancing
BMO’s Healthcare Real Estate Finance group acted as sole lender on a term loan refinancing of $30 million for The Solana East Cobb, a Class-A, 94-unit assisted living and memory care community in the Atlanta, Georgia MSA. The community has been operated by The Arbor Company since its original opening in 2019. Arbor manages 49 seniors housing communities across 11 states. Read More »
Monarch/REDICO Joint Venture Secures Refinancing
Marathon Asset Management’s Commercial Real Estate platform originated a $154.5 million mortgage loan to a joint venture between Monarch Alternative Capital LP and REDICO to fund the refinance of The American House Florida Portfolio. Marathon’s Joseph Griffin originated the senior acquisition loan. Aron Will and Adam Mincberg of CBRE arranged the financing, marking CBRE’s second financing of this portfolio within a three-year time span. The portfolio comprises six purpose-built seniors housing communities with 817 units (409 independent living, 306 assisted living and 102 memory care). Five were built between 2015 and 2018 in strong Florida markets. REDICO has been invested in the... Read More »Schedule a demo
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