Capital One Helps Refinance Pacifica Companies’ Portfolio
In one of the largest financings of the July, Capital One provided a $77.7 million loan to Pacifica Companies to refinance nine seniors housing communities in Arizona, California, Florida, Oregon and Utah. The loan consists of $67.7 million in initial funding plus an earn-out feature, which is contingent on specific conditions. That gives Pacifica the opportunity to recapture additional equity as newly renovated units lease up. Read More »
Hunt Mortgage Group Hits It Out Of The Park
Hunt Mortgage Group, a subsidiary of Hunt Companies and a commercial real estate lender, has been slowly building its seniors housing/skilled nursing business since its launch in 2015. Now, Director Jim Neil has announced the firm’s largest senior care transaction yet with a $27.6 million HUD refinance of eight skilled nursing facilities in Texas. The borrower, Senior Living Properties, significantly improved operations across the 841-bed portfolio, which consists of primarily older, rural facilities. Since taking over management in 2014, Senior Living Properties also entered the facilities in the Texas UPL program, which boosted their performance. With the refinance completed, the company... Read More »Housing & Healthcare Finance’s Bridge Lending Success
Housing & Healthcare Finance’s Capital Advisory Group has certainly been a success since its launch nearly two years ago. Focusing on bridge loans and credit facilities, the program has closed over $650 million in transactions, so far. Isaac Haas and Neil Gamss, who lead the group, continued their good work into this summer, arranging over $100 million in bridge loans and credit lines in May and June. The largest of the closings included a $53 million bridge loan for a portfolio of skilled nursing facilities (and 948 total beds) in Wisconsin. Next up, Messrs. Haas and Gamss arranged a $37 million bridge loan on behalf of a SNF portfolio in Ohio with a combined 760 beds. A skilled... Read More »
Greystone Centers In On Brooklyn
Six years since being acquired by Centers Health Care (then Centers for Specialty Care), a 510-bed skilled nursing facility in Brooklyn, New York is refinancing through HUD with the help of Greystone’s Fred Levine. The transaction comes at a good time for the facility, which has significantly improved its operations since Centers took over in 2011. The company has so far invested over $20 million in renovating the facility, which now maintains a five-star rating from CMS. Built in 1973, it is 97% occupied with a 49% Medicaid, 25% Medicare and 26% private pay census. Its services are comprehensive as well, including amputee recovery and training, cardiac care, palliative care, dental... Read More »Trust In SunTrust Bank
SunTrust Bank pulled double duty for an entrance fee CCRC in Stone Mountain, Georgia, providing permanent financing for both the existing community and a new addition in the form of a $74.4 million loan on behalf of the owner/operator, Isakson Living. Through its Aging Services practice, SunTrust provided a mix of fixed- and floating-rate debt, about 60% of which went towards refinancing the existing 398-unit CCRC, known as Park Springs. Built in 1999, the community was over 90% occupied and was ready to expand. So, the remaining 40% of the financing (about $27.8 million) funded a brand-new health center to feature an 18-unit skilled nursing rehab facility next to a new physical therapy... Read More »Schedule a demo
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