Becker serves up refinancing
Aaron Becker of Lancaster Pollard refinanced a portfolio of six skilled nursing/rehab facilities located throughout Connecticut (5) and Rhode Island (1), with the help of HUD. The borrower is Apple Rehab, a CT-based provider of short-term rehab services with 25 locations. For the six facilities (which total 517 beds), Apple received six loans totaling $40.7 million, all with 30-year terms and low, fixed interest rates. The refinancing provides significant debt service savings and increases Apple’s replacement reserves. Read More »
The All-in-One Deal
Valstone Properties brought in Walker & Dunlop to refinance their portfolio of 12 memory care properties located throughout New Jersey and also provide funding for the acquisition/refinancing of two additional communities. Working with HUD, Kevin Giusti and Michael Vaughn of W&D arranged a 35-year $28.38 million loan with an 80% loan-to-value. The financing reimbursed Valstone for their original acquisition costs, capital expenditures and various renovations. It also involves the largest number of individual properties, which total 215 units, to be included as one loan under HUD’s scattered site policy since the HUD 232 program’s inception, which allowed for significant... Read More »
Meridian in Massachusetts
New York City-based Meridian Capital Group is helping an undisclosed buyer with the purchase of three skilled nursing facilities and one assisted living community in Massachusetts. Led by Ari Adlerstein, Ari Dobkin and Josh Simpson, the firm arranged a two-year $64 million bridge-to-HUD loan, provided by a finance company, with a full-term of interest-only payments. Plus, with an additional $5 million earn-out feature, the financing comes to 90% loan-to-cost, pushing the acquisition cost up to an estimated $76.7 million. Read More »
Lancaster Advises on Sale to Shepherd Health
A Miami Beach-based real estate developer/operator, Shepherd Health, is taking its services to Daytona Beach, Florida with the acquisition of a 146-unit senior living community that comes with a sterling reputation. Built in 1984, the fully occupied (and 100% private pay) community has 120 assisted living and 26 independent living units. In 2015, it was one of three Florida AL communities to have received a “Silver – Achievement in Quality” award from the American Health Care Association and the National Center for Assisted Living. That may have helped push the purchase price up to $30.5 million, or an above-average $208,904 per unit. Having been a long-term capital partner of the... Read More »
Cain Brothers and Pilgrim’s Place
Pilgrim’s Place, a not-for-profit CCRC in Claremont, California was originally established over 100 years ago, and now is planning a $9 million renovation with the help of a $36 million tax-exempt bond issuance from Cain Brothers. The community has grown over the years to feature 182 independent living units, 56 assisted living units and 62 skilled nursing beds on a 32-acre neighborhood campus. Cain Brothers structured the bonds with a 4.25% coupon priced at a discount, and an all-in total interest cost of 4.46% and net present value savings on the advanced refunding portion of more than $1.5 million, or 6.4% of refunded par. Read More »Schedule a demo
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