SunTrust Bank Arranges Atlanta-Area Construction Financing
SunTrust Bank arranged construction financing for the first phase of an enormous senior living development going up in the Atlanta metro area that will include some 600 units when all is said and done. The developer, Village Park Senior Living, will start with 204 high-end units (including 82 independent living, 75 assisted living and 26 memory care units) and most of the common areas being built. Phase One will also include 21 “City Homes” with separate access and gardens with patios. After opening this Phase in Fall 2020, Village Park will then start on Phases Two and Three, all combining for $300 million of development cost. We don’t see developments of that scale too often. SunTrust... Read More »
White Oak Healthcare Finance Buys $700 Million In Senior Care Loans
White Oak Healthcare Finance is aggressively growing its presence in the senior care lender market and purchased a portfolio of 12 skilled nursing and seniors housing loans from Capital One and its participant banks. Financial terms were not disclosed, but the loans totaled approximately $700 million and helped Capital One reduce its skilled nursing exposure. So, it was a win-win for both parties. Capital One also provided debt financing for White Oak to fund the transaction. This isn’t White Oak’s first big wave in the senior care lending market. Last month, the company served as administrative agent and lead lender on the funding of a $190 million senior credit facility of 17 skilled... Read More »
Berkadia Closes First Freddie Mac Structured Pool Transaction For Seniors Housing
Berkadia combined both fixed and variable rate debt in their latest transaction closed on behalf of Brookdale Senior Living. Using Freddie Mac’s new Structured Pool Transaction program, Heidi Brunet and Lisa Lautner secured 10-year, non-recourse financing with a 30-year amortization schedule split between a $213 million fixed-rate component and a $114 million variable-rate component. Some 28 properties and 2,200 units were refinanced with the loans, and through Freddie Mac’s Green Advantage program they will be able to make environmental upgrades. This is the first Structured Pool Transaction in the seniors housing industry, but with the interest rate risk diversification it provides, look... Read More »
Pennsylvania Provider Finances for the Future
HJ Sims met Phoebe Ministries’ capital needs with a taxable financing provided by Citizens Bank. A not-for-profit senior care provider with locations in seven Pennsylvania counties, Phoebe Ministries recently purchased a 38-acre property in Emmaus (near Allentown) to convert the existing office building there into seniors housing. That came to a cost of $12 million. Phoebe Ministries also planned about $4.5 million of capital improvements at its Berks location. To cover those combined costs, plus about $1.5 million in funded interest and financing costs, HJ Sims arranged $18 million in interim financing which will be repaid with permanent financing in 12 to 24 months. Read More »
IDB Bank Assists In Renovation Refi
An assisted living community in West Palm Beach, Florida is getting renovated and repositioned thanks to financing provided by Israel Discount Bank of New York (IDB Bank). Lisa Silvers structured the $11.0 million loan to also include a future advance of $2 million upon completion of the renovation and subsequent stabilization. With the financing, the borrower, Florida-based Gold Standard of Care, plans to consolidate a number of units into larger floorplans (with higher rents, of course). Of the total loan amount, about $2.0 million will be for renovations and the remainder will pay off the previous loan on the property. The five-year loan has an interest-only period, and the LIBOR-based... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
