California SNF Acquisition Gets Financing from Harborview
An experienced private investment group acquired a portfolio of six skilled nursing facilities thanks to bridge financing at 90% loan-to-cost. Totaling $51.9 million, the three-year loan was originated by Jonathan Kutner and Eli Kutner of Harborview Capital Partners, and negotiated by Robert Kellerman. The acquired facilities combine for 678 beds and are located throughout California. Read More »
SunTrust Secures CCRC Financing
An established CCRC in Ridgeland, Mississippi is set to expand its memory care services with a loan provided by SunTrust Bank in hand. Opened in the mid-1980s, the community includes the full continuum of care from independent living and assisted living to rehabilitation therapy and skilled nursing services. However, the time had come to replace its 13-unit memory care building with a new 40-unit community. With the expansion, the CCRC will then be able to accept male residents in need of memory care, an option not previously possible due to size and design restrictions. Construction should start this summer and is set to open next summer. The property’s owner, Wakefield Capital, obtained... Read More »
CIT Helps Refinance Florida Assisted Living Portfolio
CIT Group, through its Healthcare Finance business, served as sole lead arranger for a $64 million loan used to refinance three assisted living communities in Florida owned by the borrower, Virtus Real Estate Capital. Totaling more than 350 AL and memory care units, the properties are located in Clermont, Stuart and Tavares, Florida. That comes out to over $180,000 per unit in financing. Not bad for these central Florida locations. Read More »
Love Funding Funds Florida Development
A new assisted living community will open in New Smyrna Beach, Florida, thanks to a $16.3 million HUD loan secured by Ken Charbauski of Love Funding. Located at the site of the former Alba Court Inn Hotel, which was built in 1895 and demolished in 2010, the community will feature 88 assisted living and 21 memory care beds in 93 total units. Adjacent to the four-story building will also be a 4,000-square foot adult day care center being renovated from a shuttered church. Urbanus Development, based in San Juan, Puerto Rico, is the project’s developer, with Miami Beach-based MIA Senior Living coming in as the operator. The non-recourse loan featured a 40-year term following the construction... Read More »
CBRE Refinances DiNapoli Portfolio
DiNapoli Capital Partners has refinanced five of its California senior living properties, thanks to a structured ARM loan originated by Andrew Behrens, Aron Will, Austin Sacco and Adam Mincberg of CBRE. All acquired individually over the last four years, these communities total 560 units and vary in their ages, ranging from the 1980s to 2008, but have been fully repositioned to compete with the newer builds in each of their respective markets. Integral Senior Living operates three of the communities, with two in southern California and one in northern California, and Westmont Senior Living manages the two communities in Roseville in the Sacramento area. DiNapoli spent well over $115... Read More »Schedule a demo
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