Joint Venture Receives Acquisition Financing
BMO’s Healthcare Real Estate Finance group announced its role in providing acquisition financing to IRA Capital and Principal Asset Management for their purchase of an 89-unit seniors housing community in Gilbert, Arizona. American Care Concepts and Reichmann International Realty Advisors developed American Groves Senior Living in 2021 and have owned it since then. Each of the 89 units can transition between independent and assisted living in response to changing resident needs. Currently, occupancy is 100%, and we imagine the property operated at a healthy margin. IRA Capital and Principal Asset Management announced that they paid $44.5 million, or $500,000 per unit, for the... Read More »
Wyoming SNF in UPL Program Refinances
KC Peterson of PM Advisors secured a HUD refinance of a 60-bed skilled nursing facility in Evanston, Wyoming. The refinance, which totaled just under $4 million, was completed through Bedford Lending, a direct HUD lender. Prior to entering the 232 program, the facility had performed necessary capital improvements including adding a large multiday generator. PM Advisors refinanced the entirety of the existing loans and capital improvement debts. The project is the first and only UPL project in Wyoming, with North Big Horn Hospital District as the sublessee operator. HUD has previously approved this legal structure with Indiana, Utah and Texas (with its QIPP program) hospital operators... Read More »
HUD Announces Loan Sale
The U.S. Department of Housing and Urban Development (HUD) has announced Healthcare Loan Sale 2026-1 (HLS 2026-1). On October 22, 2025, HUD will offer eight (8) Secretary-held, non-performing commercial mortgage loans for sale. The portfolio consists of Section 232 vacant healthcare loans with a combined unpaid principal balance of approximately $58 million. Each loan is secured by a first-lien mortgage on healthcare facilities located across Connecticut, Illinois, Maine, Missouri and Minnesota. HUD reserves the right to add or remove loans from the sale at its discretion. For further details regarding the healthcare loans offered in the HLS 2026-1 auction, please visit... Read More »
Senior Care Portfolio Secures Bridge Loan
Capital Funding Group closed a $121.5 million bridge loan. The deal supports the refinancing of twelve skilled nursing and assisted living properties, with ten in Texas and two in Maryland, featuring a total of 1,625 beds. Tim Eberhardt, Craig Casagrande and Catherine Mansel originated the transaction, which closed in September. This follows CFG’s announcement that highlighted the closing of six deals for over $86 million in financing on behalf of nationally recognized borrowers. The deals supported financing for two memory care communities, four skilled nursing facilities and one psychiatric hospital throughout Missouri, California, Tennessee, Texas and Virginia. CFG closed the... Read More »
Bridge-to-HUD Loan Facilitates Grace Manor’s Financing Transition
Sims Mortgage Funding (SMF) took out a bridge-to-HUD financing for Grace Manor at North Park at the end of August. The bridge component was a unitranche loan originally issued in February 2020 by Lakeland Bank and an affiliate of SMF’s parent company, HJ Sims, which the borrower used to purchase a 52-bed assisted living and memory care community in Allison Park, Pennsylvania. The new $9.63 million HUD-insured loan has a 35-year amortization and represents 78.3% of the asset’s value, underwritten at a 1.46x debt service coverage ratio. The loan, insured under the Section 232/223(f) program, covered 100% of the cost of refinancing, including capital reserves, repairs, deferred interest, HUD... Read More »Schedule a demo
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