Lancaster Pollard Hits the Mark With Life Insurance Financing
Grant Goodman, Casey Moore and Doug Harper of Lancaster Pollard helped structure a life insurance refinance of two memory care communities owned by Agemark Corporation. Both located in Nebraska and totaling 75 units, the properties were encumbered with traditional bank debt. Looking to lock in their interest rate early in this rising rate environment, Agemark was introduced to Protective Life Insurance Company to obtain a 10-year, fixed-rate financing. This was the first transaction between the two but may not be the last. Read More »
Meridian Pushes Past $1 Billion In Financings
Already $1.0 billion deep into its 2018 transaction total by October, Meridian Capital Group took less than a month to close another $217 million in financings. Ari Adlerstein, Ari Dobkin and Josh Simpson did that by arranging the refinance of a large skilled nursing portfolio, the $9 million cash-out refinance of an assisted living community in Pittsburgh, Pennsylvania and an $18 million acquisition loan for a long-term acute care/skilled nursing facility in Ohio. Since the team’s inception in 2011, they have now closed more than $5 billion in financing for seniors housing and healthcare properties. Read More »
Greystone Centers In On New York Refinances
Working on behalf of skilled nursing operator Centers Health Care, Fred Levine of Greystone arranged over $100 million in HUD financing to refinance a couple of their New York SNFs. Located on opposite sides of the state, these facilities were each acquired a few years ago from not-for-profit owners. Built in 1974, the 475-bed facility in the Bronx was formerly owned by the Daughters of Jacob Nursing Home Company. After operating the facility since 2013 and significantly improving performance, Centers acquired it in 2016. Now that the facility is fully stabilized with a 96% occupancy rate, Greystone provided a $71.78 million loan, or $151,000 per bed, with a 35-year term, to both refinance... Read More »
HFF Funds Independent Living Acquisition
Less than a year after opening its luxury independent living community in Colorado Springs, Colorado, The Wolff Company turned to Nicole Brickhouse and Leon McBroom of HFF to refinance its existing construction debt with a $31 million floating-rate bridge loan. This 160-unit community, operated by Clearwater Living, is part of Wolff’s major investment in the industry, which reportedly will top $300 million annually to develop new high-end communities mainly in the western United States. Read More »
KeyBank Keeps It Going
KeyBank Real Estate Capital has been on a roll lately, announcing financing after financing following their successful HUD fiscal year atop the rankings. Their latest closing saw Charlie Shoop and Peter Trazzera close a $31.5 million Freddie Mac loan on behalf of Chicago Pacific Founders to refinance the original balance sheet acquisition loan (also provided by KeyBank) on a 176-unit senior living community in Topsham, Maine. Spread out on 90 acres, the community provides independent living, assisted living and memory care services to its residents. Messrs. Shoop and Trazzera arranged the financing with a seven-year term, variable rate and an open prepayment option during the last two... Read More »Schedule a demo
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