KeyBank Refinances Citadel Acquisition Loan
KeyBank Real Estate Capital headed back to the Bronx to take out a previous financing they had closed for a 199-bed skilled nursing facility. Built in 1994, this facility is subject to a ground lease with an unrelated third party. It was acquired a number of years ago by the borrower, Citadel Care Centers, thanks to a term loan arranged by KeyBank. Now, John Randolph, Henry Alonso and Brandon Taseff have arranged a $33 million HUD refinance, which includes $500,000 for repairs and improvements to the property. The loan came with a 35-year, fully amortizing term. Read More »
Greystone Goes Big on Long Island
A huge skilled nursing facility on Long Island, New York just refinanced through HUD, with the help of Fred Levine of Greystone. Totaling 588 beds, this facility provides clinical care, physical, occupational and speech therapies, amputee rehabilitation, and pulmonary, ventilator, cardiac and memory care. It also received multiple significant renovations to its five inter-connected buildings. In June 2016, the borrower had obtained a high-leveraged bridge loan also from Greystone to finance its purchase of the facility. To take out that loan, Mr. Levine arranged $78.53 million in HUD financing, with a 30-year term and amortization schedule. Read More »
BMO Harris Bank Finances Watercrest’s Latest Senior Living Development
Watercrest Senior Living Group’s latest development in Florida just obtained a construction loan courtesy of BMO Harris Bank’s Healthcare Real Estate Finance group. The community just broke ground last August and is anticipated to open in Summer 2020 with 72 independent living, 96 assisted living and 30 memory care units. Watercrest is developing the community in partnership with United Properties, after previously collaborating on a senior living development down the coast in Naples, Florida (expected to open this year). BMO arranged a $46.5 million loan to fund the Sarasota construction. Read More »
Berkadia Bags Four HUD Financings
Berkadia jumped out of the 2019 gates with four HUD closings totaling $40 million. Ed Williams secured the largest loan, $14 million in financing for a skilled nursing facility in Pennsylvania. The loan proceeds were used to retire existing bank and related partner debt for the borrower. Next, Mr. Williams and Jay Healy headed to Michigan to arrange a $9.06 million loan on behalf of a SNF there. The Midwest-based owner/operator borrower purchased the 139-bed facility in May 2017 from a not-for-profit seller. Back then, Berkadia provided the bridge financing to fund 100% of the acquisition costs plus a significant renovation. The HUD refinance retires that Berkadia bridge loan. Mr. Williams... Read More »
CBRE Sells The Village Portfolio (And Finances It Too)
CBRE pulled doubly duty for a pair of assisted living/memory care communities in Houston, Texas, arranging both the sale on behalf of the seller and acquisition financing for the buyer. Dubbed “The Village Portfolio,” these communities total 224 units and are located within a 10-mile radius of the largest medical center in the world, the Texas Medical Center. Although a new institutional investor will replace the previous institutional owner, Bridge Property Company, through its wholly owned management affiliate Retirement Center Management, will continue in its role as operator. Lisa Widmier represented the seller in the transaction, while Aron Will and Austin Sacco helped arrange two... Read More »Schedule a demo
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