Monticello Offers Its Services In The Volunteer State
With $10.38 million in financing secured by two of Monticello Asset Management’s investment vehicles, an experienced borrower acquired a 139-bed skilled nursing facility in Tennessee. The target consists of a 50-bed short-term rehabilitation unit in addition to an 81-bed long-term care unit on approximately 10.43 acres. Ancillary services like physical, occupational and speech therapy are also provided at the facility. The borrower, Madison Due West Property, LLC, obtained $8.88 million in first lien debt, while the operating company received a $1.5 million working capital loan. Read More »
Oregon Operator Refinances Bond Debt
The long-term owner of an assisted living/memory care community in Oregon went to MidCap Financial to help recapture equity for its other development projects and to fund property improvements. Caring Places, an operator of 11 communities in Washington and Oregon, secured a $4.65 million floating-rate loan, with a three-year term, to refinance bond debt on its 66-unit community in Forest Grove (Portland MSA). Featuring 44 assisted living and 22 memory care units, the property was originally developed by Caring Places in 1991. That long-term vision will continue, as Caring Places looks to eventually refinance this first mortgage through HUD. Read More »
Hunt Real Estate Capital Becomes Fannie Mae Seniors Housing Lender
Hunt Real Estate Capital has undergone quite the transformation this year. After bringing in RED Capital Group’s Kathryn Burton Gray this past March to lead its seniors housing and healthcare lending group, along with RED alumni James Scribner, Jason Smeck and Brady Johnson, Hunt then changed its name from Hunt Mortgage Group to Hunt Real Estate Capital at the end of July. Now, the new group has fulfilled one of its goals and was just approved as a Fannie Mae Seniors Housing Lender. Now, bring on the transactions. Read More »
Chicago Pacific Founders Refinances Two Southwest Senior Living Communities
On the way to stabilizing its two senior living communities in Tucson, Arizona and Pahrump, Nevada, Chicago Pacific Founders refinanced with the help of Aron Will of CBRE. In 2016, its subsidiary CPF Living Communities acquired the two majority-independent living communities (with assisted living and memory care units as well) from two non-traditional seniors housing owners. Occupancy was low at the time, but Grace Management took over and improved operations, expecting them to fully stabilize by 2019. There are 140 independent living, 60 assisted living and 12 memory care units. CBRE secured a three-year floating-rate loan, with 36 months of interest only, from a debt fund to refinance... Read More »
Synergies Yield Successful Bond Financing in Georgia
The new relationship between Lancaster Pollard and its parent company (for less than a year) ORIX Corporation USA is paying off for their clients. One of them, Georgia-based Brickmont Assisted Living, took advantage of those synergies to obtain construction financing for its to-be-built assisted living/memory care community in Johns Creek, Georgia. Lancaster Pollard placed $16.7 million of tax-exempt bonds with ORIX USA, offering a drawn-down bond structure that will yield significant savings for Brickmont. After purchasing all the bonds at a fixed interest rate, ORIX USA also gave Brickmont flexible prepayment options, should the company decide to refinance early. Sounds like a good deal... Read More »Schedule a demo
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