Housing & Healthcare Finance’s Bridge Lending Business
The bridge lending program at Housing & Healthcare Finance seems to be flourishing since its launch in Fall 2015. It had a strong year in 2016, when the Capital Advisory Group (which arranges bridge loans and revolving lines of credit) closed about $350 million in transactions. Now, the team of Isaac Haas and Neil Gamss isn’t letting up, closing over $65 million in bridge loans in April alone. All of the loans were for skilled nursing clients across the country, including a $14.8 million loan for two facilities (with 213 combined beds) in Cincinnati, Ohio, a $21.5 million loan for three facilities (with 346 beds) in Oklahoma and a $13 million loan for two facilities (also with 213... Read More »Meridian Capital Group Funds Chicago SNF Deal
When three skilled nursing facilities sold in Chicago, Meridian Capital Group was there to arrange $48 million in balance sheet financing for the undisclosed buyer to fund the deal. Located across the city, the portfolio includes a large 310-bed facility, plus two smaller facilities with 156 and 143 beds. Occupancy averaged 85% across the portfolio. The financing covered 75% of the acquisition costs, so we can estimate the purchase price to be around $64 million, or $105,100 per bed. That would be near the national average for skilled nursing prices a few years ago, but not anymore with the prevalence of facilities valued over $100,000 in the last couple of years. The Meridian team of Ari... Read More »
Two Transactions From HJ Sims
HJ Sims recently helped a CCRC in Ponte Vedra Beach, Florida (Jacksonville MSA) refinance its existing bond debt, generating significant savings for the well operating property. Developed in the mid-1980s, this community features 227 independent living units, 38 private assisted living units and 60 skilled nursing beds. Occupancy has historically been high and consistently over 95% for the independent living units, which recently received a renovation. The community’s Series 2007 bonds were not eligible for an advance refunding, because they had repaid the 1993 bonds that were used to advance refund the original 1987 issuance. However, HJ Sims worked with the community’s commercial bank... Read More »
Back to Business for KeyBank
Less than a month after KeyBank Real Estate Capital announced its $703 million financing to fund Blackstone’s purchase of 64 seniors housing communities from HCP Inc., it was back to business for the commercial real estate financing provider with another HUD refinance. John Randolph of KeyBank’s Healthcare Group arranged a $15.4 million HUD loan for a 120-bed skilled nursing facility in Harlingen, Texas, which is located just a few miles from the U.S.-Mexico border. The 35-year loan refinanced existing debt on the facility, which was built in 2012, which helps explain the high value and debt of $128,300 per bed. Read More »From Coulterville to California for Cambridge Realty Capital Companies
Cambridge Realty Capital Companies closed a couple of transactions for clients across the country. First up, in Coulterville, Illinois, the Cambridge team arranged a $3.76 million HUD refinance for a 71-bed skilled nursing facility. The owner, a Missouri LLC, received a 35-year, fully amortized term. Then, a California LLC received a $3.7 million HUD loan, courtesy of Cambridge’s Hymie Barber, to refinance its nearly 20-year old 58-bed assisted living community in Arroyo Grande, California. The loan comes with a 27-year term. Read More »Schedule a demo
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