Washington SNF Receives HUD Refinancing
Berkadia’s Jay Healy Andrew Lanzaro arranged a $15 million loan through HUD’s 232/223(f) program for a California-based sponsor and repeat Berkadia client. The 35-year, non-recourse loan refinanced bank debt that was utilized to pay off the previous HUD loan and fund a new addition for the 99-bed skilled nursing facility located in Bothell, Washington. The new expansion will include 20 new private rooms, a therapy gym and a dining area. The 99-bed, four-star facility was originally built in 1964 and 1984. At closing, the property had a 56% quality mix. Read More »
Ziegler Handles Bond Financing
Ziegler announced the closing of Covenant Living Communities and Services $146.46 million Series 2025A tax-exempt bonds. The bonds were issued through the Colorado Health Facilities Authority. Ziegler and CLCS have been partners for over 30 years. CLCS is a not-for-profit organization established to operate a multi-site system of CCRCs on behalf of the Board of Benevolence of The Evangelical Covenant Church. It currently operates 20 communities in 11 states with over 5,900 total units, including communities inside and outside of the Obligated Group. Proceeds of the Series 2025A bonds will be used to fund approximately $85 million of new money project costs as well as to currently... Read More »
Helios Healthcare Advisors Handles Refinancing
Helios Healthcare Advisors structured and arranged a credit facility used to refinance and consolidate existing senior debt as well as to provide construction financing for a new development. The facility was secured by a portfolio of nine assisted living and memory care communities in Louisiana. A New Orleans-based regional owner/operator engaged Helios as its financial advisor to consolidate its existing debt and capitalize a stabilized, under-levered portfolio to support the development of three new communities in the New Orleans and Baton Rouge markets. The facility was structured with a publicly traded regional lender as a 70% loan-to-value refinance secured by the nine existing... Read More »
Live Oak and Berkadia Team Up on Bridge Loan
Live Oak Bank recently closed a $34.3 million bridge loan in partnership with Berkadia Commercial Mortgage for a two-property portfolio owned and operated by BrightSpace Senior Living. The communities are located in the Nashville, Tennessee, and Boise, Idaho MSAs. The loan was structured in an A/B arrangement, with Berkadia funding the subordinate debt, and features a two-year, interest-only term. Loan proceeds were utilized to retire existing bank debt and support ongoing capital expenditures. Read More »
California Memory Care Communities Receive HUD Loans
Lument closed two HUD loans totaling $20.7 million to refinance two memory care communities in northern California. Doug Harper, managing director at Lument, co-originated the loan with Grant Goodman of G Capital. The two communities are Crescent Oaks Memory Care, which features 22 units and 36 beds in Sunnyvale, and Silver Oaks Memory Care, which consists of 25 units and 43 beds in Menlo Park. The HUD loans replaced in-place, high-cost bank debt with new low, fixed interest rates and 35-year terms and amortization schedules. The borrower was also able to fund replacement reserves and combined the two facilities under a new master lease. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
