Lancaster Pollard Refinances Texas SNFs
Four years on from their acquisition, four skilled nursing facilities owned by Summit Healthcare REIT refinanced through HUD, thanks to Jason Dopoulos of Lancaster Pollard. Located in Granbury, Woodville, Jacksonville, and Longview, Texas, Summit and its joint venture partner, Best Years, LLC, acquired the facilities in 2015 for $27 million, or $55,900 per bed. They were then leased back to the seller, a third-party operator. Fast forward to today, and Lancaster Pollard Mortgage Company provided $20.7 million in total HUD financing, the 17th completed deal closed for Summit by Lancaster Pollard. Totaling $120 million in par value, that’s a productive relationship. Read More »
IDB Bank Arranges Loan for Florida Facility
Watercrest Senior Living Group’s first-ever “Market Street” senior living community located in Viera, Florida, recently refinanced with the help of Israel Discount Bank of New York (IDB Bank). Opened in 2016 under Watercrest’s new stand-alone memory care brand, the 60-unit community experienced a quick lease-up, reaching 50% occupancy in the first five months after opening. Things clearly have gone smoothly since, as it is now refinancing with a $10.7 million loan structured by IDB Bank. Lisa Silvers, senior vice president of healthcare lending, handled the transaction. Read More »
Regions Bank Closes Ohio Bridge Loan
Chris Honn of Regions Bank’s Healthcare Real Estate Group worked on behalf of an Ohio-based private owner to close a $16.8 million bridge loan with a floating interest rate and two-year term. The loan is also interest-only for the entire term, until maturity, when Regions plans to provide an agency refinance. The owner repaid construction debt with the transaction, in addition to getting cash out. They opened the 103-unit assisted living/memory care community in suburban Cleveland in the fall of 2018. It is already 65% occupied, but the interest-only payments should help the owner during the remaining lease-up period. Read More »
The Arboretum Group Refinances with Lancaster Pollard
Working on behalf of The Arboretum Group (TAG), Lancaster Pollard helped arrange two bridge loans to recapitalize five of their skilled nursing facilities in Texas. The first loan, coming in at $12 million with a 12-month term, was closed for two SNFs in south Texas to refinance existing debt and help take out equity. Then, Lancaster Pollard agented with syndicate partner MB Financial Bank to facilitate a $30 million, 30-month bridge loan for three more south Texas SNFs. The loan came with two three-month extensions and earn-out provisions. TAG was also able to extract equity from the properties. Finally, the firm arranged HUD debt for a sixth facility. Scott Blount, Chris Mauger and Eric... Read More »
Greystone Finances Southeast SNF Portfolio Acquisition
Fred Levine of Greystone successfully arranged bridge financing for the acquisition of seven skilled nursing facilities in the Southeast. Totaling 874 beds, the facilities are located in North Carolina (6) and Kentucky. Their new owner obtained a $71.92 million bridge loan with a 24-month term, two six-month extensions and no prepayment penalty. Greystone expects to eventually refinance the loan through HUD. Read More »Schedule a demo
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