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 »
Dwight Capital’s March Activity
Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, closed more than $364 million in real estate financing in March. Featured among the transactions were a bridge loan for Silverwoods in New Jersey, a bridge loan for a three-property skilled nursing portfolio in Rhode Island and a HUD 223(f) refinance for Skyview Heights in Washington State. First, DMT closed a $50 million bridge loan for the acquisition of Silverwoods, a seniors housing community with 313 units in Toms River, New Jersey. The property comprises 46 one-story buildings and includes seven studios, 41 one-bedroom units and 265 two-bedroom units across 55 acres. Loan proceeds were used to finance the acquisition, fund... Read More »
CreativCap Closes Two Financings
CreativCap secured debt for two clients, including a bridge loan and a lifeco refinance. The $53 million bridge loan was closed on behalf of a new client, Inspired Living, and facilitated the refinancing of two assisted living/memory care communities. Each community consisted of 127 units (81 AL and 46 MC), with one located in Florida and the other in Louisiana. Both communities were well-occupied, with occupancy rates in the upper 80s and lower 90s, but needed additional time to improve margins to desired levels, primarily through rent increases. However, because lenders favor projects that are already achieving the desired margin or communities with upside in occupancy, margin... Read More »Schedule a demo
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