The Art of Funding the Deal
Eli Kutner of Harborview Capital Partners has been busy of late, closing five acquisition loans that ranged from $3.19 million up to $34.89 million. That largest deal funded the purchase of two skilled nursing facilities (totaling 496 beds) in the towns of Gallatin and Lebanon, Tennessee (Nashville MSA). The loan featured an interest rate of LIBOR+2.85, a 25-year amortization and a three-year term. Staying in the Southeast, the smallest transaction, a $3.19 million loan with an interest rate of LIBOR+3.25, 20-year amortization and three-year term, financed the acquisition of a 135-bed skilled nursing facility in Tampa, Florida. Harborview stayed in the Northeast for the three remaining... Read More »
Canterbury Tales
Ziegler is helping a not-for-profit CCRC that has been operating for about 25 years in Waterford, Michigan (about 40 miles from Detroit) both refund existing debt and fund an extensive repositioning project. Already with 255 rental units, including 75 independent living units, 40 assisted living units and 140 skilled nursing beds, the community is owned by Canterbury Heath Care, Inc. and operated by LCS, which has been managing it since 1995. Times have changed though, and ownership is partnering with Greenbrier Development to build a new 32-bed memory care building (connected by a to-be-built two-story structure) and renovate the existing skilled nursing building to convert 24... Read More »
No community left behind
Capital One went back to a former client to close a HUD loan modification, taking advantage of the low-interest rate environment while they can (looking at you Mr. President-elect). A few years ago, the team at Capital One refinanced a portfolio of properties owned by Terrace Communities, which included a 15-year old, 71-unit assisted living/memory care community in Tequesta, Florida. However, because of a timing difference, that property closed with a higher interest rate than the rest of the portfolio. So Carolyn Whatley of Capital One went through HUD’s loan modification program to reduce the community’s interest rate. The non-recourse fixed-rate loan has over 32 years remaining on the... Read More »Will and The Waters
Going through a life insurance company, Aron Will of CBRE arranged acquisition financing on behalf of a joint venture looking to acquire a 139-unit assisted living/memory care community in Edina, Minnesota. In the affluent suburb of Minnesota, the community was built in 2013 with 97 AL and 42 MC units near a local hospital. Mr. Will worked with a joint venture between an institutional client and The Waters Senior Living in securing a $33.15 million seven-year acquisition loan, with a fixed rate and 18 months of interest-only. Read More »
Harborview hits a triple
In three separate transactions, Harborview Capital Partners closed over $40 million in financing and showed off its variety of services in turn. Ephraim Kutner and Jonathan Kutner of the commercial real estate finance, equity and advisory firm first arranged a $10.6 million HUD loan with a 30-year term on behalf of a Chicago-based borrower to refinance a 115-bed assisted living community in St. Paul Minnesota. Harborview also closed two bank loans. One, led by Jonathan Kutner and David Chiger, involved a $16 million refinance of an Illinois skilled nursing facility. The five-year loan will pay off existing debt and provide cash-out proceeds to the Chicago-based borrower. And then Jonathan... Read More »Schedule a demo
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