Greystone’s Part-II Portfolio Deal
Greystone made news at NIC when it announced it sold a five-property senior living portfolio to Hong Kong-based Chevalier International Holdings Ltd. Previously owned by a publicly-traded REIT, the portfolio consists of 570 total units in New Mexico and Washington state that were built or renovated between 1989 and 2003. It was part of a larger portfolio, which saw four other properties sold in July in Nebraska (1) and Oregon (3), also to Chevalier. In both transactions, The Avamere Family of Companies was brought in to lease the properties, which may include one more property expected to sell next month. Mike Garbers and Cody Tremper of Greystone represented the REIT seller in... Read More »
Lancaster Pollard Closes Two HUD Transactions
The ever-prolific team at Lancaster Pollard closed two more HUD financings on the back of their impressive $610.4 million haul during the 232 Lean program’s fiscal year 2018, which placed them second in terms of volume among the Lean lenders. The first closing was in Greentown, Indiana for an 84-bed skilled nursing facility and a 43-unit assisted living community. Both are owned by Putnam County Hospital (a 25-bed critical access hospital in town) and managed by Exceptional Living Centers. The hospital purchased the property in January 2018 with the help of a $6 million bridge loan provided by Lancaster Pollard Finance Co. that was underwritten concurrently with the HUD refinance. Now, the... Read More »
Cambridge’s Cahokia Closing
Cambridge Realty Capital Companies provided a $3.9 million HUD loan to refinance the a 150-bed skilled nursing facility in Cahokia, Illinois. The fully amortizing, 35-year term loan was arranged for the property’s owner, an Illinois limited liability company, and the interest rate was not disclosed. Read More »
KeyBank Tops HUD Rankings
There’s a new king of the HUD 232 Lean program. KeyBank Real Estate Capital unseated long-time leader Lancaster Pollard (which had topped the list since 2010 in terms of dollar volume) after closing $812.7 million in loans in FY2018, a record for single-year volume in the program and up 144% from the firm’s FY2017 volume. In that time, KeyBank also closed the largest single-asset HUD loan in history when it secured a $127 million loan for a 499-bed skilled nursing facility in New York City. Lancaster Pollard still reported an impressive $610.4 million in loan closings (good enough for second place), while Capital Funding took third place with $466.0 million. Not resting on those impressive... Read More »
Greystone Closes Two Bridge Financings For SNF Clients
Fred Levine of Greystone announced his latest two bridge financings that closed in Ohio and Pennsylvania, for three total skilled nursing facilities. Two of those facilities are located in Youngstown, Ohio and have undergone significant renovations in recent years. They offer subacute care, skilled nursing, pulmonary care, wound care, orthopedic rehab and outpatient therapy programs, among others. In addition, one facility has a dialysis unit, while the other offers diabetic management and a Parkinson’s program for both residents and non-residents. They received $15 million in bridge financing. Then, in the Squirrel Hill neighborhood of Pittsburgh, Pennsylvania, Mr. Levine arranged a $19.5... Read More »Schedule a demo
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