Tremper Capital Group’s Recent Financing Activity
Tremper Capital Group announced some recent financing activity, including a $10.5 million loan secured to refinance a recently renovated assisted living and memory care community in the Dallas, Texas MSA. The three-year floating-rate bridge loan with a regional bank provides the client time to execute on the in-place business plan. This is a new lending relationship for TCG’s client. TCG also secured a land acquisition loan for a repeat client, Harbert South Bay Partners. The floating-rate loan placed with a regional bank provides Harbert with flexibility to navigate the permitting process for the development of a three-story, 170-unit independent living, assisted living and memory care... Read More »
AEW Capital Management Acquires in Florida
JLL Capital Markets handled the sale and financing for Wellington Bay, a 283-unit seniors housing community in Wellington, Florida. JLL’s Seniors Housing Capital Markets team procured the buyer, AEW Capital Management, and secured the three-year acquisition loan through Capital One on behalf of the buyer. Built in 2019, the Class-A Wellington Bay comprises a well-performing 159-unit independent living community and The Lisbet Health Center, which offers 124 assisted living and memory care units. The 45-acre and 749,488-square-foot lakeside campus also offers the ability to expand the IL by an additional 177 units. According to South Florida Business Journal, the seller was Wellington Bay... Read More »
Joint Venture Secures Refinancing
First Citizens Bank announced that its Healthcare Finance business has refinanced The Bristal at Wayne, a 158-bed seniors housing community in Wayne, New Jersey. The borrower is a joint venture affiliate of Chicago-based Harrison Street and B2K Development. The same joint venture served as the community’s original developer, with Ultimate Care Assisted Living as the operator. The community was completed in 2019 at an approximate cost of $50 million, or $315,000 per unit. Read More »
New Jersey SNFs Secure Financing
MONTICELLOAM announced the closing of $39 million in total bridge and working capital financing for two New Jersey skilled nursing facilities. The sponsorship group, a repeat MONTICELLOAM client with extensive experience in the skilled nursing industry, will use the $38 million floating-rate senior bridge loan to consolidate previous loans and reduce its cost of capital. The $1 million working capital facility will be used by the sponsorship to cover the day-to-day needs of over 300 skilled nursing beds. MONTICELLOAM closed the transaction in 45 days. Read More »
PruittHealth Secures Financing in Georgia
Jay Healy and Andrew Lanzaro of Berkadia closed a $9.1 million bridge-to-HUD loan on behalf of PruittHealth to facilitate the acquisition of a skilled nursing facility. The 18-month, interest-only bridge loan represented 76.5% of the value and is prepayable at any time, putting its value at around $11.9 million, or $180,000 per bed. Berkadia anticipates closing the subsequent HUD refinance in the third quarter of this year. Built in 1966 and renovated in 2019, Southern Pines Nursing Center comprises 66 beds in Warner Robins, Georgia, and occupancy at the time of closing was 90%. It will be rebranded as PruittHealth – Warner Robins. This acquisition was made in conjunction with... Read More »Schedule a demo
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