Capital One Finances Caddis Construction Project
A large senior living community being developed by Caddis in partnership with operator Solvere Senior Living is going up in Venice, Florida thanks in part to a construction loan provided by Capital One. Totaling $35.7 million, the loan will finance the 181-unit project, which will feature independent living, assisted living and memory care services upon completion in Summer 2020. Although managed by Solvere, the three-story community will operate under Caddis’ “Heartis” brand. It boasts water views, and will feature large common areas, a beauty/barber shop and game rooms, among other amenities. Read More »
Dwight Capital Dials in On Bridge Lending
Dwight Capital closed over $80 million in healthcare transactions in the last couple of months. The closings included four bridge loans arranged for skilled nursing facilities across the country. A large 240-bed SNF in Memphis, Tennessee obtained the largest one totaling $22.7 million, while a 109-bed facility in Atlanta, Georgia and an 82-bed SNF in Salina, Kansas received $5.3 million and $3.7 million loans, respectively. Dwight wrapped up its bridge activity with a $13.2 million arranged on behalf of two skilled nursing facilities with 256 combined beds in Ohio. Dwight Capital spread its wings and secured several other types of loans in the same span. The team refinanced a 90-bed... Read More »
Monticello Magic
To finance the acquisition of two skilled nursing facilities in New Jersey, Monticello Asset Management worked on behalf of a previous client to provide first lien debt financing for the deal. The two facilities totaled 328 beds and were acquired on the heels of another SNF acquisition by the buyer in 2018. The 2019 acquisition was funded by $37.8 million in financing, but Monticello’s asset-based lending group, Monticello Commercial Capital, also provided a $3 million working capital loan to the operating companies. In the end, the borrower expects to refinance through HUD. Read More »
Genesis HealthCare Buys and Divests
As it continues to improve its capital structure and rationalize its lease exposure, Genesis HealthCare has joint ventured with Next Healthcare Capital to buy 15 skilled nursing facilities with 2,147 total beds previously leased from Welltower located in Pennsylvania (6), New Jersey (4), Connecticut (3), West Virginia and Massachusetts. Genesis will own a 46% stake in the venture, and lease the properties, at presumably a lower rate than with Welltower, and there will be no escalators for the first five years. Welltower’s lease had 2% annual escalators. Next Healthcare appears to be willing to wait for that extra return, since Genesis has a purchase option beginning in 2026 to buy out the... Read More »
Dekel Capital Funds Latest California Construction Project
Who says construction is slowing down? It may very well be, but we keep seeing an active market for construction loans. Dekel Capital arranged one of those totaling $38.7 million for a to-be-built assisted living/memory care community in Glendale, California. East West Bank originated the four-year loan, which came with 36 months of interest-only payments, at 65% loan-to-cost for the developer, Willis Development. Dekel, through its proprietary equity fund Dekel Strategic Investors, also provided $20.7 million in JV equity for the development. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
