California Senior Care Facility Secures HUD Financing
Forbright Bank closed a $44.2 million HUD loan for a skilled nursing, assisted living and memory care facility in California. The financing, provided under the HUD 232/223(f) program, will support a 318-bed facility in the San Jose area. The loan was closed in partnership with Forbright Bank’s Healthcare Lending team, which provided bridge financing for the acquisition of the facility in 2022. The loan refinanced existing Forbright Bank bridge and partnership debt, reimbursed the borrower for recent capital expenditures, funded critical repairs and covered all transaction costs associated with the HUD loan. The 35-year fully amortizing term loan will provide the borrower with long-term... Read More »
CFG’s H2 2024 Activity
With 2024 in the books, Capital Funding Group announced the company executed or arranged more than $1.3 billion in bridge and HUD loans across 68 deals throughout the year. These financings included 41 healthcare bridge loans and other lending products, 12 multifamily bridge loans and 15 HUD loans for CFG’s clients throughout the nation. Several CFG senior living transactions closed in H2 of 2024. First was the closing of a $207.1 million bridge-to-HUD term loan to support the partnership buyout of a portfolio of thirteen skilled nursing facilities featuring 1,423 beds in Florida. Next was an $185.0 million construction loan to support the first phase of construction of a 501-unit... Read More »
Class-A Community Secures Financing
Walker & Dunlop arranged $25.9 million in permanent financing for Rivertown Ridge, a seniors housing community in the Grand Rapids, Michigan MSA. Built in 2019, Rivertown comprises 152 independent living, assisted living and memory care units. It is a Class-A community that sits on a larger, 120-acre master-planned community. Mary Stuart Hurst and Russell Dey of W&D partnered with Inner Circle Holdings to structure the 10-year, fixed-rate Fannie Mae loan with three years of interest-only payments to Redstone Group Management Inc. Read More »
Georgia Community Secures Refinancing
EBSC Lending provided $23.7 million to refinance a 201-unit seniors housing community in Union City, Georgia. The financing includes a three-year, fixed-rate loan with extension options that replaces the existing construction loan. The community, completed in phases between 2016 and 2017, offers independent living, assisted living and memory care. Unit options include studio, one-bedroom and two-bedroom layouts. Read More »
Carnegie Capital Announces Q4 SNF Closings
JD Stettin of Carnegie Capital announced his fourth quarter financing activity, which included acquisition loans closed for four skilled nursing facilities in Texas. Two facilities were located in the northern part of the state, and the other two were near the Mexican border. They combined for 430 beds. Vintages varied, but the older facilities had recently received capex. The existing operator purchased the facilities from three different sellers for an average purchase price of $80,000 per bed. In the previous year, that operator had created significant value at the facilities relative to their long term lease rate. Each acquisition was funded separately through a combination of bridge... Read More »Schedule a demo
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