Capital Funding Refinances Baltimore Skilled Nursing Facility
Over four years after acquiring a 105-bed skilled nursing facility in Baltimore, Maryland, its owner decided to refinance with the help of Tim Eberhardt and Erik Howard of Capital Funding. Part of a three-property portfolio, this facility was built in 1976 and enjoyed consistently strong operating results. The owner had built up equity at the property, and through the refinance was able to deleverage the other two assets in the portfolio, including the repayment of “non-project” debt. The Capital Funding team also converted a short-term, non-agency loan into permanent, fixed-rate HUD financing that totaled $12.3 million. Read More »
Cain Brothers Closes Bonds For Affordable Assisted Living Acquisition
An affordable assisted living community is going up in Mishawaka, Indiana, thanks in large part to a tax-exempt bond issue managed by Cain Brothers. Developed at a cost of approximately $28 million, or $205,900 per unit, the community will feature 55 studios and 81 one-bedroom units for residents whose household income does not exceed 60% of the area median income. The going Medicaid waiver rates range from $2,881 for a studio to $3,378 for a one-bedroom unit through Indiana’s Home and Community-Based Services Medicaid Waiver Program. In addition to the $18.5 million bond issuance at a fixed rate of 5.75%, the project received $9.3 million in Low-Income Housing Tax Credit equity from NDC,... Read More »
The Freddie Mac/Fannie Mae 2018 Rankings Are In
Fannie Mae and Freddie Mac came out with their 2018 multifamily loan production rankings, showing more than $143 billion in volume was closed across the two agencies. Compared with last year, that resulted in a 3% decrease for Fannie Mae but a 7% increase for Freddie Mac. That’s a lot of capital injected into multifamily assets. Wells Fargo Multifamily Capital placed first for the Fannie Mae list with $8.1 billion in closings, followed by Walker & Dunlop ($6.9 billion) and Berkadia Commercial Mortgage ($6.6 billion). On the Freddie Mac rankings, CBRE came out on top with $13.7 billion in loans closed, with Berkadia ($9.9 billion) and HFF ($7.2 billion) taking second and third.... Read More »
CBRE’s “Triple-A” Acquisition Financing
Aron Will, Austin Sacco and Adam Mincberg of CBRE helped arrange acquisition financing on behalf of Angelo Gordon & Co. and Auctus Capital Partners to purchase an assisted living/memory care community in Oakland, California. Located in the affluent submarket of Rockridge, this 148-unit community was originally built in 1981 but recently underwent two multimillion-dollar renovations which have made it a top competitor in the area. The first renovation in 2013 converted 30 assisted living units into a dedicated memory care wing, and the second renovation in 2016 (at $4.8 million) saw updates made to the interior and exterior common areas, amenities, units and landscaping. On top of that,... Read More »
HJ Sims Finances Delray Beach Development
A senior living development in Delray Beach, Florida is inching towards opening its doors and just received $51.45 million in bonds to cover lease-up costs and other cash needs, arranged by HJ Sims. The mix of tax-exempt and taxable bonds, including $11.6 million in subordinate tax-exempt bonds, were sold to institutional investors and to Sim’s investors. They featured step-coupons, which would have an initial lower coupon during construction and lease-up and increase to a more traditional, non-rated coupon after that period. Sims also structured an optimal redemption window starting in five years with a mandatory tender of 11 years from closing. The project is sponsor Tuscan Garden’s... Read More »Schedule a demo
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