KeyBank Real Estate Capital Refinances Two Pennsylvania Properties
A large regional owner/operator in the Northeast refinanced two of its senior care facilities through HUD, with the help of John Randolph of KeyBank Real Estate Capital. Located in Pennsylvania, the properties include a 180-bed skilled nursing facility and a 120-bed skilled nursing facility, the latter of which also features a 73-bed independent/assisted living wing. Mr. Randolph arranged $57.7 million in HUD financing to pay down a portion of an existing bridge loan, originally secured by KeyBank’s Henry Alonso and Brandon Taseff, that was used to fund the initial acquisition, and subsequent recapitalization, of a portfolio of healthcare facilities located in the Northeast. Read More »
Greystone Closes HUD Refinance For Large New York SNF
After working to close a $16.5 million HUD refinance for a 216-bed skilled nursing facility in Dunkirk, New York (Buffalo MSA) last month, Greystone’s Fred Levine closed another HUD loan for another large New York SNF. Located in Suffern, on the border with New Jersey, the facility consists of 203 beds and is the largest subacute care facility in Rockland County. Situated on six acres, it offers orthopedic rehab, cardiopulmonary rehab, wound care, concierge services and veterans programs, all under the management of CareRite Centers. To help fund renovations, and provide meaningful debt service savings, Mr. Levine arranged a $23.52 million HUD loan, with a fully amortizing 33-year... Read More »
The Ensign Group Receives $112 Million In HUD Financing
Lancaster Pollard recently assisted The Ensign Group in a large $112 million portfolio financing arranged through HUD. The 30- and 35-year term loans were secured by mortgages on seventeen Ensign-owned properties and came with low, fixed interest rates. Ensign will use the loan proceeds to pay down previously drawn amounts on its revolving credit line, and the financing provides the company liquidity on a portion of its owned real estate. The proceeds will also fund future acquisitions and renovations, as well as other working capital needs. The company’s acquisition appetite seemed to wane slightly towards the end of 2017 (five deals announced in the first six months, versus two in the... Read More »
Berkadia Closes In On $2 Billion Year
Heidi Brunet and Chris Fenton of Berkadia wrapped up their holiday season with a couple of financings for assisted living providers, bringing Berkadia Commercial Mortgage’s 2017 total to nearly $2 billion in loan production. First up, Ms. Brunet arranged a $25.6 million Fannie Mae loan, with a 10-year term and fixed interest rate, for a new borrower. The loan financed a portfolio of four assisted living/memory care communities all built in the early 2000s and totaling 288 units. Second, Chris Fenton worked on behalf of a joint venture (which included a New England-based operator) to finance their acquisition of a 54-unit assisted living/memory care community in New Hampshire. The $25.2... Read More »
Greystone Gets It Done
Aspens Senior Living partnered with Greystone to obtain construction financing for two of its latest seniors housing projects located in North Carolina and Arizona. First, to the Tar Heel state, where Aspens and joint venture partner Pennybacker Capital are currently building a 182-unit independent living community in Raleigh. A regional bank provided a $24.2 million loan to fund the construction. Then, in Gilbert, Arizona, Aspens, Pennybacker Capital and McFarlin Group are developing a 204-unit independent living community, with the help of a $25.8 million loan provided by a publicly traded bank and also arranged by Greystone. Greystone also snuck in a $16.5 million HUD loan arranged by... Read More »Schedule a demo
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