CFG’s latest transaction batch
As always, Capital Funding Group closed a number of various transactions in the past month. First, Craig Casagrande originated a $13.7 million loan secured by the cash flow of seven skilled nursing facilities operated by CommuniCare Family of Companies. The loan will be used for general corporate purposes to help strategically position itself for future opportunities. Next, Patrick McGovern originated two-part financing to facilitate the acquisition of two central-Michigan skilled nursing facilities, with 210 beds, affiliated with the not-for-profit University of Michigan Health System. The Peplinski Group was the buyer, receiving a bridge-to-HUD acquisition loan arranged by Capital... Read More »Two cheers for Cambridge
Cambridge Realty Capital Companies closed nearly $25 million in HUD refinancings for two senior care properties in the Chicago area. Both were Alden Management Services facilities, two of 46 owned by the senior care provider mainly around Chicago and a couple in Wisconsin. A 121-bed assisted living community in Aurora received a $13.58 million loan with a 35-year term. In Chicago, a 300-bed skilled nursing facility refinanced with an $11.3 million loan, also for 35 years. Cambridge Realty Capital Ltd. underwrote both transactions. Read More »
Iron Will
We can’t go long without seeing another Aron Will (of CBRE) transaction, or two. The first of his latest deal duo took place in California when a joint venture between Auctus Capital Partners and Och-Ziff Capital Management acquired a 54-unit assisted living/memory care community in San Francisco. Located on an irreplaceable site, the building was originally built it 1923 as a hospital but was purchased by a Mom & Pop in the 1990s who then converted it to senior care. It has some underutilized “dead space” that the JV will convert to add significantly more assisted living and memory care units. Plus, Auctus and Och-Ziff will make some cosmetic improvements to help drive operations,... Read More »
Pillar delivers
A 96-unit assisted living community in Glen Cove, New York undergoing an expansion to add a dedicated memory care wing also refinanced with HUD at the same time. The community, built in 1992 and owned by the not-for-profit National Healthplex, Inc., sought to repay existing municipal bonds, as well as to fund the conversion/rehabilitation project. Josh Hausfeld of Pillar originated a $32.5 million HUD loan, with a 40-year term. The financing was more complicated than usual, with a ground lease on the project land, a payment in-lieu of taxes (PILOT) agreement, and the existing tax-exempt bonds issued by Glen Cove Industrial Development Agency. Following the expansion, the community will... Read More »
Capital One strikes twice
Showing off its wide array of services, Capital One announced two transactions this week across two health care sectors. First, in seniors housing, Allison Holland originated and provided a 12-year $11 million Fannie Mae loan to refinance a 72-unit assisted living community in Homosassa, Florida (about 60 miles north of Tampa). The community was built in 2009 and features a choice of studio, one- or two-bedroom units. Ms. Holland arranged the 12-year term for the borrower to take advantage of the current low interest rates. Then, in home health care, Capital One served as administrative agent and lead bookrunner for a $65 million senior secured credit facility to finance the acquisition of... Read More »Schedule a demo
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