Walker & Dunlop Closes Five HUD Financings
Working on behalf of Saber Healthcare Group and Regency Senior Living, Kevin Giusti of Walker & Dunlop went through HUD to arrange five financings for five separate senior care properties located in three states. The transactions include a $14.5 million financing for a senior living community in Fort Oglethorpe, Georgia, $12 million for an assisted living/memory care community in Morristown, Tennessee, and three loans totaling $13.65 million for three properties in Ohio. One of the properties with existing short-term bank and agency debt was able to refinance into a single loan that also funds a planned 16-unit addition. Read More »
Ryders Health Management Secures Financing For Connecticut Acquisition
Ryders Health Management acquired a 90-bed skilled nursing facility in eastern Connecticut, thanks to financing provided by both Contemporary Healthcare Capital and CoastalStates Bank of Hilton Head, South Carolina. Located in the town of Windham, the facility was previously owned by Affinity Healthcare but went into receivership following Affinity’s bankruptcy filing in 2016, its second in just six years. Now, the facility will complement Ryders’ six other SNFs located throughout Connecticut. To acquire the property and invest $1.55 million in capital improvements, Ryders obtained a $1.454 million mezzanine loan from Contemporary and a $4.725 million senior loan from CoastalStates... Read More »
HUD, Fannie Mae and A Bank, Oh My!
Spreading the love this month, Lancaster Pollard worked with HUD, Fannie Mae and a bank to close its latest three transactions. Quintin Harris led the way on the HUD deal, closing an $11.7 million refinance to replace short-term, floating-rate commercial bank debt on a 95-unit senior living community in St. Michael, Minnesota. Moving forward, the community’s owners, Tealwood Senior Living and its partners, will be able to invest in the physical plant and better serve its residents. On the Fannie Mae financing, Casey Moore arranged a 12-year loan for an 89-bed memory care community in Olympia, Washington. Originally built in 1996, the community had an existing 10-year Fannie Mae loan that... Read More »
After Five Years of Ownership, Tryko Partners Refinances PA SNF
Five years after acquiring a 97-bed skilled nursing facility in Easton, Pennsylvania, Tryko Partners is turning to Housing & Healthcare Finance (HHC Finance) to refinance it through HUD. Originally built in 1960, the facility still had a lot of upside back when it was sold by Signature HealthCARE in 2013. It is located directly across the street from the 196-bed Easton Hospital and featured a good quality mix, with 22% Medicare, 11% private pay and the remainder Medicaid. Occupancy was 84% at the time, as well. However, it was an orphan property for the seller five years ago. The operating margin was just around 4% on $8.55 million of revenues at the time of the sale, but Tryko... Read More »
Capital One Closes Holiday Transaction
Holiday Retirement recapitalized two of its seniors housing communities with a single $65 million adjustable-rate loan provided by Capital One. One community, with 241 independent living units, plus a separate wing with 12 assisted living units that is managed by Superior Home Care, is located in Cincinnati, Ohio. The other, with 159 IL and AL units was built in 1989. The loan amount comes to about $157,700 per unit. With this transaction (one of many between Holiday and Capital One over the years), Holiday will be able to add other assets to the loan in the future. Read More »Schedule a demo
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