Top Senior Care Facility Is Sold
Mark Davis of Healthcare Transactions Group sold a 128-bed/unit senior care facility in Maryland that is widely recognized as a preeminent facility of choice in the Washington, D.C. metro area. It has maintained a five-star rating ever since the rating system was started. The skilled nursing portion was originally built in 1958 with additions or renovations in 1965, 1986 and 2000, and currently has 66 beds. The overall occupancy averages 96% with a 48% private pay census, with 24% Medicare and 28% Medicaid. The 62-unit assisted living portion was built in 2000, and average occupancy is 90% and it is all private pay. There are two interconnected and distinct buildings, one for skilled... Read More »
HFF Closes $115 Million Financing For Seattle Senior Living High-Rise
Columbia Pacific Advisors just received about $115 million in financing for its to-be-built senior living high-rise in Seattle’s First Hill neighborhood. David Fasano, Sarah Anderson, Casey Davison, Ryan Maconachy and Chad Lavender of Holliday Fenoglio Fowler (HFF) represented CPA in the transaction, with HCP, Inc. providing the loan. Location is key for this development, as the community is located within five blocks of three major hospitals and less than a mile away from downtown Seattle. The 24-story building will consist of 194 independent living, 21 assisted living and 28 memory care units, along with an auditorium, full-service restaurant, bistro/café, two bars, a top-level clubroom,... Read More »
Fast HUD Financing From Lancaster Pollard
Aaron Becker of Lancaster Pollard led the way in arranging an $11.9 million HUD refinance of a 54-bed skilled nursing facility in Pittsfield, Massachusetts. Owned and operated by long-standing Pittsfield-area not-for-profit organization, Berkshire Retirement Home, Inc., the facility was built in 2014 to replace Berkshire’s original SNF. Conventional bank financing, with a floating interest rate, funded the construction, but ownership decided to refinance through HUD. Lancaster Pollard worked to obtain a firm commitment from HUD less than two weeks after formal submission, allowing the borrower to lock in the interest rate in December, before rates increased. We’re sure more than a few late... Read More »
Meridian Capital Group Is On A Roll
Following up on a nearly-$200 million month in January, Meridian Capital Group backed that up with another $80 million in closings in February, showing off their national reach too. The team of Ari Adlerstein and Ari Dobkin arranged all four financings, starting in Clovis, New Mexico, where the pair arranged an $11 million 35-year HUD loan to refinance an independent living/assisted living community. Located in rural New Mexico near the Texas border, the community also offers memory care and respite stay services. Then, Messrs. Adlerstein and Dobkin arranged nearly $10 million in financing for a 224-bed senior living community in Bedford, Ohio (Cleveland MSA). The $9.75 million... Read More »
KeyBank Arranges Fannie Mae Refinance in North Carolina
A high-end assisted living community located halfway between Greensboro and Durham, North Carolina just refinanced with the help of Charlie Shoop of KeyBank Real Estate Capital. Built in 2014, the one-story community features 65 units of assisted living and memory care on a roughly eight-acre plot in the town of Mebane, and was well occupied. It is operated by Ridge Care, which has a portfolio that includes 11 other communities in North Carolina and one in West Virginia. To refinance existing debt, Ridge Care received a $15.5 million fixed-rate Fannie Mae loan, with a 10-year term subsequent to a two-year interest-only period. Read More »Schedule a demo
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