Cambridge Refinances Texas Senior Living Community
Cambridge Realty Capital Companies arranged a HUD refinance of an assisted living/memory care community in Sherman, Texas. Built in 1982 and featuring 49 units, the community is owned by a Texas limited liability company, but according to our M&A database, it was last acquired in 2015 by a non-traded REIT. At the time it was 98% occupied and was purchased for $5.2 million, or about $106,100 per unit. The community is now being refinanced by a $4.645 million HUD loan with a 30-year term. Read More »
Greystone Refinances on the Jersey Shore
It was a team effort from Greystone to successfully close a Fannie Mae refinance of an assisted living community on the New Jersey Shore. Working on behalf of the borrower, Sage Healthcare Partners, Greystone’s DJ Elefant originated the $24 million loan, with Neal Raburn providing support in structuring, underwriting and closing the transaction. The 10-year loan (with a 20-year amortization and two years of interest only) replaces the original bridge loan provided by Greystone to enable Sage Healthcare Partners to acquire the property in 2017. Originally built in 1949 and renovated in 1997, the six-story community also had one floor converted to memory care in 2010. Back then, it was owned... Read More »
HHC Finance’s March Madness
Housing & Healthcare Finance posted a strong month in March with six HUD transactions closed for skilled nursing facilities in Florida, New Jersey, New York and Texas, plus one for a 156-bed supportive living facility in Illinois, all totaling $62 million. The Illinois closing marked the fifth supportive living HUD closing for HHC Finance in the last 12 months, an impressive stat given the small size of the market. Not resting on its HUD laurels, HHC Finance also announced that it placed about 15 bridge loans totaling more than $150 million in the first quarter, alone. They were closed by the firm’s Capital Advisory Group, led by Isaac Haas and Neil Gamss. Read More »
PGIM Refinances Kentucky Communities Through Fannie Mae
Christopher Fenton of PGIM Real Estate Finance originated the refinances of two Morning Pointe assisted living/memory care communities in Kentucky. This transaction comes just two years after both communities were built, so the market research clearly worked since occupancy has already cleared 90% at the two locations. There was a 60-unit AL/MC community in Danville, Kentucky located near a regional medical center and a 44-unit memory care community in Russell, also located near a top Kentucky hospital. So, location clearly helped too. Working with Fannie Mae, PGIM provided a $7.5 million loan for the Danville property ($125,000 per unit) and a $7.8 million loan for the Russell community... Read More »
Greystone Refinances SentosaCare’s Southampton SNF
Five years have passed since Greystone arranged a $54.5 million acquisition bridge loan for SentosaCare to purchase a 280-bed skilled nursing facility in Southampton, New York. That means it’s time for a refinance, which Fred Levine obliged by arranging a $58.8 million HUD loan with a 35-year term ($210,000 per bed). Located on nine acres on the affluent South Fork of Long Island, the facility provides both short-term and long-term care services. There are also two separate secure Alzheimer’s/dementia care units. Read More »Schedule a demo
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