Cambridge Realty Capital Assists In Illinois SNF Sale
Cambridge Realty Capital Companies recently assisted a skilled nursing operator to exercise its purchase option on a 192-bed skilled nursing facility in Glenview, Illinois, with the help of a $20 million bridge loan, plus a $1.0 million asset-based loan to fund the deal. The borrower had taken over operations at the nearly 30-year old facility just nine months prior under a lease, so its own culture was still being implemented at the facility level. However, it decided to go through with the purchase option, utilizing its long-standing relationship with Cambridge to get the job done. Read More »
Harborview At It Again
Harborview Capital Partners is back in the news, working on behalf of a Tennessee-based borrower to refinance its assisted living community in Putnam County, Tennessee. Avi Begun of Harborview originated a $6.34 million HUD loan, with a 35-year term, and took advantage of an early rate lock to generate savings for the community. Read More »
HJ Sims & HUD Plus
With every seniors housing development project, it is always important to have a contingency plan. Having a trusted financing partner goes a long way, too. That is why when a joint venture led by Affinity Living Group ran into some unexpected problems during the lease-up stage of their portfolio of four newly developed assisted living/memory care communities in North Carolina, they turned to HJ Sims to arrange some additional capital. Built between August 2015 and January 2017, these communities combine for 120 assisted living and 152 memory care units, and were developed by the joint venture, with Affinity as the operator. The venture had contributed over $7 million of equity to the... Read More »Ziegler Finances South Carolina CCRC Expansion
With its roots in antebellum South Carolina, a 178-unit CCRC in West Columbia is repositioning itself for the future with a planned expansion of its skilled nursing and assisted living services. The South Carolina Episcopal Home at Still Hopes has been in operation since 1975 and sits on a 43-acre site that includes a 107-year old mansion. It currently features 192 independent living units, 24 memory care units, 22 rehab beds and 40 skilled nursing beds, but the not-for-profit ownership wanted to construct a new health center that would house 48 skilled nursing beds (to replace the existing 40 beds) and 22 assisted living units. To fund the project, Ziegler closed a $39.33 million bond... Read More »
Housing & Healthcare Finance’s Flourishing Bridge Loan Program
The Capital Advisory Group at Housing & Healthcare Finance, led by Isaac Haas and Neil Gamms, has been hard at work closing over $100 million in bridge loans and a $7 million A/R line of credit in the last couple of months. The largest of the transactions took place in Ohio, where the firm closed a $57 million loan for a portfolio of five skilled nursing facilities and two assisted living communities totaling 854 beds. Four SNFs in Georgia with 560 beds received a couple of loans totaling $25.7 million. The firm also closed an $11 million loan for a 140-bed SNF in Pennsylvania, and three loans ranging from $3 million to $7 million for smaller facilities in Kentucky, Massachusetts and... Read More »Schedule a demo
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