Financings from Capital Funding
Capital Funding Group announced a pair of HUD loans on two sides of the country. The first, originated by Patrick McGovern, totaled nearly $5.5 million and went towards refinancing a 53-bed assisted living community in Sacramento, California. Capital Funding provided the original bridge loan in 2012 for the community and recapitalized the borrowing entity with more than $1 million in cash. The second transaction, originated by Gary Sever, totaled $14 million and refinanced a bridge loan (that CFG had also previously provided) on a 180-bed skilled nursing facility in Palatka, Florida. The bridge loan helped fund the acquisition of the facility in September 2014. Capital Funding is the sole... Read More »Freddie Mac welcomes newest lender
Arbor Commercial Mortgage is fast diversifying its seniors housing lending platform. In June, the company closed its first bridge loan. In July, Fannie Mae approved Arbor as a Seniors Housing DUS Lender. And now in August, it was appointed as Freddie Mac’s latest Seniors Housing Lender, one of just 15 others in the country. Arbor kicked off this new relationship by providing a $12.1 million loan to refinance a 98-unit assisted living community in Mesquite, Texas. Built in 1999 and renovated in 2013, the community had an average occupancy rate of 96.5%. Jeff Ringwald, SVP of Seniors Housing & Healthcare for Arbor, closed the loan which featured a 10-year term and 30-year amortization... Read More »Cambridge completes four HUD transactions
Cambridge Realty Capital Ltd. has had a busy month, underwriting four HUD loans worth over $50 million. All of the loans went towards refinancing skilled nursing facilities for three separate local limited liability companies and an Illinois not-for-profit. The first, an $8.7 million loan with a fully amortizing 30-year term, refinanced a 180-bed skilled nursing facility in Dayton, Ohio. Staying in Dayton, a 148-bed skilled nursing facility received a $14.2 million HUD refinance with a 30-year term. Next, Cambridge arranged a $16.5 million loan with a 32-year term to refinance a 235-bed facility in Elmwood, Illinois that also provides Alzheimer’s and dementia care. Finally, an Illinois... Read More »Financing for the “new-normal”
A health complex in West Hartford that had never fully recovered from the losses in reimbursements and operating income incurred during the Great Recession, and from larger healthcare systems in the area, was faced with a dilemma: how do you deal with this “new normal” of operating and reimbursement parameters while still servicing its debt? Hebrew Home and Hospital, Inc. (HHH) is the not-for-profit owner of a 367-bed health campus in West Hartford, Connecticut, which features 277 skilled nursing beds, 45 beds providing hospital-level services, a 22-bed behavioral health unit and a 23-bed complex medical unit. Originally built in 1987, the project was financed with a HUD loan funded with... Read More »Oakmont Senior Living growing
Already with a $150 million Freddie Mac Revolving Credit Facility provided to them in December 2013 to support their robust development pipeline, Oakmont Senior Living obtained an additional $23.5 million tranche with the help of Greystone. The financing enabled Oakmont to take out its construction loan on its newly constructed 71-unit assisted living/memory care community (with 45 AL units and 26 MC units) in Carmichael, California. Just nine months out from the community’s opening, the property was already 96% occupied at closing, which is impressive considering the recent declines in overall AL occupancy. Oakmont received low floating rate, non-recourse debt with an interest-only... Read More »Schedule a demo
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