A RED refinance
RED Capital Group worked with Kensington Senior Living to refinance its 75-unit assisted living/memory care in the high-barrier to entry market of Los Angeles County. The community opened in 2014 and leased up not long after that. RED originally arranged a balance sheet construction loan, which was paid off with the current $29 million Fannie Mae refinance. Read More »HHC’s bridge to success
Since its launch in the Fall of 2015, Housing & Healthcare Finance’s (HHC) bridge lending program has brought in a lot of business so far in the last year, with the lender brokering 13 transactions and over $250 million in loan volume. Included in those closings were mostly skilled nursing facilities, except for a 183-unit CCRC in Cincinnati, Ohio, a SNF/assisted living community in Sacramento, and a SNF/ALF portfolio in Arkansas. The largest transaction totaled $60 million, while the smallest was approximately $4.2 million. Apart from brokering these transactions, HHC also provides bridge loans through its partner, Congressional Bank. The program is led by Isaac Haas and Neil Gamss,... Read More »
Cambridge Realty Capital’s crazy end to October
The team at Cambridge Realty Capital got to work this October, announcing eight transactions in the span of a few days. The largest of them featured a $26.92 million HUD loan closed for a 320-bed skilled nursing facility in Melville, New York. All but one of the remaining six transactions featured a HUD loan, ranging from $2.2 million to $18.3 million, for skilled nursing facilities, ranging in size from 78 to 170 beds. Cambridge also arranged a $3.0 million HUD loan for a 65-bed assisted living community in Boiling Springs, South Carolina. All told, nearly $80 million in financing was closed in the last few days of October. Well done to the Cambridge team. Read More »CFG’s transaction trifecta
Capital Funding Group showed off its variety of services in its latest grouping of closings, totaling $25 million in financing. Gary Sever led the way in the largest transaction, closing a $17.6 million HUD construction loan for a to-be-built assisted living/memory care community in Cary, North Carolina. The building is expected to open in May 2017 with 40 AL and 40 MC units. Meanwhile, Jeffrey Stein originated a $5 million cash flow loan for a Texas skilled nursing operator. And finally, Chip Woelper arranged a $2.5 million working capital line of credit for a 141-bed skilled nursing/rehabilitation facility in Los Angeles. Well done to the CFG team. Read More »Wait, there’s more
After announcing its seventh fiscal year in a row when it led all other HUD LEAN lenders in terms of total loan amount, Lancaster Pollard showed it was not a one-trick pony, closing two Fannie Mae refinances for clients in California. First, Jason Dopoulos arranged a $19 million loan for a 115-bed assisted living/memory care community in Oregon. The transaction refinanced an existing $10.5 million HUD loan as well as $8.2 million of previously incurred capital expenditures. And second, Grant Goodman closed a $14.5 million Fannie Mae loan for a 110-bed assisted living community in northern California, which refunded $9.6 million in existing debt and $4 million of incurred capex. Doug Harper... Read More »Schedule a demo
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