High Quality SNF Refinances with Cambridge Realty Capital Companies
A skilled nursing facility with an array of post-acute services just refinanced through HUD with the help of Cambridge Realty Capital Companies. Located in Madison, New Jersey, the 102-bed facility is situated across the street from Drew University and about three miles from Morristown Memorial Hospital. It provides IV therapy, tracheostomy care, wound care, stroke care, orthopedic and trauma rehab, pain management and physical therapy in a combination of private and semi-private rooms. There is also concierge service, restaurant-style dining and an on-site beauty/barber shop, plus other amenities. Those bells and whistles don’t directly improve care quality, but they certainly help in... Read More »
Affordable Housing Secures HUD Financing from HJ Sims
Much of the investor attention in seniors housing is paid towards the higher-end, luxury communities. Those properties are able to charge much higher rents and usually operate at higher margins. But a huge swath of the senior population cannot come close to afford living in those communities, making the demand for middle- and low-income units very strong in some markets. With that, HJ Sims arranged a cash-out refinance for a 125-unit affordable seniors housing community in Middletown, Pennsylvania (Harrisburg MSA) to help its owner both distribute equity to its partners and invest in major upgrades to the community. Originally built in the 1980s, it operates under a Section 8 HAP Contract... Read More »
Creativcap Shows Off Its Variety
Shortly after its founding earlier this year by Greystone-alum Scott Kavel, Creativcap showed off some impressive variety in its three latest transactions, helping close a life company loan, a mezzanine loan and bridge financing. First, Creativcap was the exclusive correspondent for a $6 million mezzanine loan that is funding the construction of an 87-unit assisted living/memory care community in Roseville, California. GG Finance, an entity affiliated with Creativcap, provided the loan. Then, to Elgin, Illinois, where the owner of a three-year old AL/MC community refinanced an existing bridge loan from a bank with a new $20 million, fixed-rate loan provided by a life insurance company.... Read More »
Florida CCRC Secures Bond Debt
A not-for-profit CCRC in Lakeland, Florida is now able to further its mission and strategic plans thanks to $32.8 million in bond financing placed by Ziegler. Approximately $18 million of the community’s outstanding Series 2008 bonds had become callable, and the property also wanted to finance about $17.4 million in future capital expenditures. So, working with the not-for-profit client for the first time, Ziegler stepped in to secure a low interest rate and reduce their annual debt service. This community was originally built in 1986 and currently operates 337 independent living, 49 assisted living and 72 skilled nursing units on its campus. All of its health care units, which maintain a... Read More »
Big Bronx SNF Gets Big HUD Financing
A large skilled nursing facility in the Bronx just received one of the largest HUD loans ever on a single building in the agency’s history, totaling $104 million. Berkadia Commercial Mortgage arranged the refinance, with Mark Zafrin and Mark Frimmel of Michelman & Robinson, LLP representing the borrower, 3155 Grace Avenue Trust (a Delaware Statutory Trust) in the transaction. The transaction was also HUD’s first with a DST borrower under the Section 232 program. Totaling 524 beds, this skilled nursing facility, which occupies an entire city block in the Bronx, was completely renovated by its not-for-profit owner in 2006 and then purchased by a private investor group in 2013. In that... Read More »Schedule a demo
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