Newmark Secures Refinancing for Virginia Class-A Communities
The Newmark Seniors Housing Team announced the closing of the refinance of two newer-vintage seniors housing communities in Virginia. Both communities saw strong leasing activity during the marketing process, and Newmark closed with a regional bank that provided non-recourse financing at competitive terms. The total loan was around $88 million. Built in 2021, The Providence Fairfax is a seven-story seniors housing community with 124 assisted living and 30 memory care units. Built in 2022, The Landing Alexandria is a nine-story seniors housing community in Alexandria with 40 independent living units, 89 assisted living units and 42 memory care units. Read More »
Financing Secured for New Jersey SNF Acquisition
MONTICELLOAM announced the financing of a $33.6 million senior bridge loan for the acquisition of a skilled nursing facility in New Jersey. The floating-rate loan has a 30-month initial term for the borrower group, a longstanding client of MONTICELLOAM, that will use the financing towards the purchase of a northeastern New Jersey facility totaling 180 beds. Read More »
Berkadia Closes Four HUD Loans
Within the past 30 days, Jay Healy and Andrew Lanzaro of Berkadia Seniors Housing & Healthcare have closed four HUD 232/223(f) loans totaling $64.4 million in aggregate proceeds. The loans were obtained on behalf of three sponsors and are secured by three seniors housing communities and a skilled nursing facility spanning Hawaii, Texas and Washington. Each loan carries a fully amortizing 35-year term. The first transaction was a $18 million refinance for a San Marcos, Texas-based owner/operator of assisted living and memory care communities. The proceeds were used to retire bank construction debt and convertible ownership debt utilized to develop the 94-unit AL/MC community in... Read More »
Senior Care Portfolio Secures Acquisition Financing
First Citizens Bank’s Healthcare Finance business helped to arrange $270 million in financing to support the acquisition of 30 senior care facilities across Idaho, Oregon, Washington, Montana and Arizona. The portfolio includes 15 skilled nursing facilities, and seven senior care campuses that feature skilled nursing beds as well as independent living and assisted living units. There are 1,584 skilled nursing beds, 90 assisted living units and 450 independent living units. The buyer is a real estate investment group that specializes in the post-acute sector. The properties have been, and will continue to be, operated by Cascadia Healthcare and its affiliate, Olympus Retirement... Read More »
Oklahoma Senior Care Portfolio Receives Bridge Loan
Greystone provided a $51.5 million bridge loan to refinance a portfolio of senior care facilities in Oklahoma. The financing was originated by Fred Levine. The portfolio comprises 633 skilled nursing beds and 71 assisted living beds across six facilities. The bridge loan carries a two-year term with an extension option, and the borrower intends to pursue permanent financing from HUD. Read More »Schedule a demo
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