Senior care campus gets HUD and Fannie Mae financing
One size didn’t fit all at a senior care campus in Boise, Idaho when it decided to refinance its existing debt through two lending agencies: HUD and Fannie Mae. The property, which comprised a skilled nursing facility and an independent/assisted living community, had a single existing mortgage, but required two different lenders to fund two separate loans. So Walker & Dunlop secured a 10-year $20.8 million Fannie Mae loan for the seniors housing community, which was built in 1992 with 142 independent living and 51 assisted living units. Then, for the skilled nursing facility, Walker & Dunlop arranged a $9 million HUD mortgage with a 35-year term. Built in 1986, the facility... Read More »Greystone Closes $204 million in Q4
As 2016 was winding down, Greystone’s seniors housing lending group was heating up, closing $204 million in financings. In the last quarter of the year, Greystone demonstrated its financial range, including Fannie Mae, HUD, bridge, mezzanine and national bank loan transactions for acquisitions, refinancings and the new construction of nearly 1,700 seniors housing and multifamily units. In the fourth quarter, the lending team, led by Scott Kavel, Neal Raburn and Cary Tremper, arranged $138 million in Fannie Mae financing, including a $48.5 million refinance for an entrance fee CCRC in the Tampa MSA. Greystone also closed $55 million in financing for three Oakmont seniors housing properties... Read More »
Ziegler Soars
Ziegler has been dominating the tax-exempt bond financing market for seniors housing, closing over $400 million in issuances since November. Its two most recent transactions involved a couple of not-for-profit CCRC operators. First (and the largest), Ziegler closed $126 million in non-rated, tax-exempt bonds, plus $3.8 million in non-rated, taxable, fixed-rate bonds for C.C. Young Memorial Home. The Texas-based not-for-profit was founded in 1922 by the State of Texas to care for the elderly, and now owns and operates a 20-acre campus in northeast Dallas. Included at the community are 223 independent living units in a number of buildings, 75 assisted living units, 30 memory care beds and a... Read More »
Florida CCRC operator receives a $160 million refinance
When the largest operator of CCRCs in the state of Florida wanted to refinance in order to take advantage of the low interest rate environment, HJ Sims was happy to oblige. Presbyterian Retirement Communities, Inc., or Westminster Communities of Florida, with 2,025 independent living, 468 assisted living and 751 skilled nursing units in its portfolio, is not only the largest CCRC operator in the Sunshine State (with nine), but is also the 10th largest not-for-profit operator of senior living units in the country. Founded in 1954, the organization targets the middle income market, with entrance fees ranging from $44,100 to $357,000, and averaging at $120,600. Westminster already worked with... Read More »Cambridge Realty Capital On a Roll
When it rains, it pours for Cambridge Realty Capital Companies, which announced a succession of three loan closings throughout the middle of the country. First up, the firm arranged $5.32 million in 24-year HUD financing for a Missouri LLC to refinance its 114-bed skilled nursing facility in Crystal Lake, Illinois. Then, down to Kansas City, Missouri, a 162-bed facility owned by a Missouri limited partnership also refinanced with a $4.02 million 25-year HUD loan. These closings come a month after Cambridge worked with Aron Will of CBRE to secure $30 million from a national bank to refinance a portfolio of four seniors housing communities in the El Paso, Texas area. Managed by 12 Oaks... Read More »Schedule a demo
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