Contemporary Healthcare Capital Funds Portopiccolo Purchase
New Jersey-based The Portopiccolo Group has expanded its skilled nursing holdings in the Southeast and entered the North Carolina market with its latest acquisition. The target is located in the western part of the state in Hendersonville and features 134 licensed beds, at 72% occupancy. In the end, it sold for $8.075 million, or about $60,000 per bed, at approximately 1.17x its 2018 revenue. To fund the acquisition, Coastal States Bank provided a $6.25 million senior mortgage loan and Contemporary Healthcare Fund III, LP provided a $1.358 million mezzanine loan, both structured as a unitranche loan. That included about $600,000 for future renovations. This acquisition is the fifth for... Read More »
Lancaster Pollard Secures Two Permanent Refinances
Lancaster Pollard Mortgage Company closed two agency refinances of newly built senior care properties, retiring existing construction debt in both transactions. The first was arranged for a 106-bed skilled nursing facility in Warner Robins, Georgia that was built in 2015 and operated by Health Management, a middle-Georgia operating group. LP’s Conner Girdley arranged the $9.4 million loan through HUD. Then, in Cypress, Texas, Scott Blount, Doug Harper and Casey Moore led the way on a $14.6 million Fannie Mae refinance on behalf of a senior living community owned by Avanti Senior Living and Iron Point Partners. Also built in 2015 at a cost of $15 million, the property consists of 50... Read More »
NHI Provides Construction Financing for Wisconsin Development
A new assisted living/memory care community is being built in Oshkosh, Wisconsin thanks to a construction loan provided by National Health Investors. Totaling 66 beds, this development will be managed by 41 Management upon completion in about a year. 41 Management has been growing steadily since its founding in 2011, with a portfolio now numbering 28 communities throughout the Midwest, not including two other properties currently in development. This is NHI’s first deal with the operator. The $10.8 million loan comes with a five-year term and annual interest rate of 8.5%, plus two one-year renewal options. Funding of the construction will also be provided by periodic draws on NHI’s... Read More »
Brookdale Gets Another Large Freddie Mac Financing
Brookdale Senior Living continues to make moves that put the company on surer financial footing, having just refinanced existing debt with a $111.1 million Freddie Mac loan arranged by Monique Bimler of KeyBank Real Estate Capital. Secured in two tranches of 14 cross-collateralized seniors housing properties in Arizona, Florida, Massachusetts, Maryland, Mississippi, New York, Oregon, Texas, Virginia and Washington, the first mortgage was arranged as a 10-year split payment master note. There will be a five-year interest-only period split between 40% floating rate and 60% fixed rate payments, with a 30-year amortization schedule after that. This transaction follows a much larger $327... Read More »
St. Louis-Area Acquisition Funded by Regions Bank
Regions Bank Healthcare Real Estate Group assisted a joint venture in obtaining acquisition financing for their purchase of two assisted living communities in the St. Louis MSA. Built in 2000 and 2006, these two Illinois communities featured a combined 135 assisted living units. Thanks to a $12.675 million, or $93,900 per unit, bank loan, they were acquired by a Florida-based investor and a Missouri-based management company. The non-recourse loan was structured with a five-year, floating-rate term and an interest-only period. Amber Crosby and Chris Honn of Regions closed the transaction. Read More »Schedule a demo
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