Pennsylvania CCRC Refinances 2008 Bonds With Help From HJ Sims
A large CCRC in Lititz, Pennsylvania (Lancaster area) that expanded in 2008 (tough time to do that…) recently refinanced $123 million of Series 2008 bonds, as well as $10 million of Series 2015 bonds, with the help of HJ Sims. Tracing its roots to 1897, the community now features 505 independent living units, 141 assisted living/personal care units, 120 skilled nursing beds and a 20-bed rehab center. In 2008 it expanded its IL offering and also reconfigured its healthcare services, which was funded by $123 million of bonds. Then in 2015, the CCRC opened its rehab center, in addition to upgrading its buildings and technology, with $10 million of bonds funding the project. The call date for... Read More »
Bank It, With KeyBank
John Randolph and Laura Conway of KeyBank Real Estate Capital’s Healthcare Group closed a couple of transactions, both involving HUD refinances. Trilogy Health Services was the borrower in both of the transactions. It first refinanced its 132-bed healthcare campus in Noblesville, Indiana with a $9.6 million loan. The facility was built in 2010 and features 49 skilled nursing, 33 assisted living and 29 memory care units. Trilogy also received a $5.7 million loan to refinance its Lafayette, Indiana skilled nursing facility. With 71 beds, it was originally built in 1969 but recently renovated in 2010. Both loans (which have 35-year amortization schedules) will also fund some repairs at the... Read More »Erik Howard’s Transaction Trio
Baltimore-based Capital Funding Group recently closed three HUD transactions totaling nearly $25 million for a repeat borrower. Erik Howard, Managing Director of Real Estate Finance, facilitated the loans, which included a $9.06 million mortgage for a Colorado skilled nursing facility, a $9.96 million loan for a Washington facility and $5.75 in financing for another Washington SNF. All three loans refinanced existing term loans from conventional lenders, and Mr. Howard executed a no-lockout, five-year prepayment penalty structure that gave the borrower, a national operator of SNFs and assisted living communities, greater flexibility in the medium term. Read More »Lancaster Pollard’s $50 Million Month
Lancaster Pollard showed off its financing prowess, closing a variety of transactions this month that totaled over $50 million. Bill Wilson first arranged a $9.5 million HUD loan on behalf of an Oklahoma City-based senior care operator to refinance one of its skilled nursing facilities and fund the recent construction of a therapy addition. Lancaster Pollard and the borrower have a strong relationship, working together on five transactions, totaling over $40 million, since 2014. Mr. Wilson, with assistance from Joe Munhall, also obtained a $17.4 million construction loan for a 120-unit senior living community (with independent living, assisted living and memory care) in Lincoln, Nebraska.... Read More »
HJ Sims Hits It Out Of Overland Park
A CCRC in Overland Park, Kansas is planning a large expansion to its independent living services. Perhaps they read Marcus & Millichap’s National Seniors Housing Report, which reported average IL occupancy steady at 91.7% in 2016, and predicted it will rise 10 basis points in 2017. That is close to the census peak in 2008, when IL communities averaged 92% occupancy, before the Great Recession reared its ugly head. The Overland Park’s IL census is very strong too, at 98%, which prompted the 76-unit expansion effort. Built in 2000, the community already features 64 IL villas, 54 assisted living units, 52 skilled nursing units and 36 memory care units. Census was in fact strong all... Read More »Schedule a demo
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