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 »
Ohio Senior Care Communities Secure Financing
MONTICELLOAM’s Healthcare Bridge Lending team closed $73.2 million in total bridge and working capital financing for a portfolio of senior care communities across Ohio. The $64.7 million floating-rate senior bridge loan will be used by the pre-existing sponsor group, a repeat client of MONTICELLOAM, to recapitalize the existing debt on the portfolio, which comprises independent living, assisted living and skilled nursing properties. The $8.5 million working capital facility will be used to cover the day-to-day operational needs of over 700 beds across the portfolio. Read More »
Forbright Bank Reports Active 2024
Forbright Bank’s Healthcare and HUD lending teams closed 2024 with strong deal activity. Last year the Healthcare and HUD lending teams provided more than $400 million in financing to organizations in more than 12 states. In one recent transaction, Forbright provided a $40 million bridge loan for the acquisition of three seniors housing facilities in Oregon. Underwriting was done in conjunction with Forbright’s HUD team. In another recent transaction, the bank provided a $38 million term loan and $5 million revolver for the acquisition and renovation of two skilled nursing facilities in Massachusetts by an experienced regional operator with a strong presence in the state.... Read More »Schedule a demo
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