Ziegler Arranges Bond Financing
A CCRC in Southern Pines, North Carolina, near the world-famous Pinehurst Golf Course, is embarking on an independent living expansion project with the help of bond financing arranged by Ziegler. Currently comprising 150 IL units, 42 assisted living units and 32 skilled nursing beds, Penick Village will add 44 IL units (with underbuilding parking), a new 5,000 square-foot wellness center and renovations to the healthcare center. Since beginning pre-sales in June 2024, the expansion has successfully pre-sold 39 of the 44 (88.6%) new units with a 10% deposit. Two tranches of bonds will finance the project, totaling $73.295 million. The Series A long-term bonds totaled $54.87 million and came... Read More »
Four SNFs Receive Refinancing
MONTICELLOAM closed $87.0 million in total bridge and working capital financing for a portfolio of four skilled nursing facilities totaling 450 beds in Florida. The $80 million bridge loan carries a two-year term, with two six-month extensions, and will be used to refinance the existing debt on the four assets. The $7.0 million working capital revolver will be used to manage day-to-day operational expenses across the portfolio. Proceeds from the $80,000,000 bridge loan were used to refinance the existing debt on four skilled nursing facilities. The loan carries a 24-month term with two six-month extensions for the borrower. Read More »
California Community Secures Refinancing
CBRE secured a Fannie Mae refinance for a seniors housing community in San Leandro, California, on behalf of the borrower, Carlton Senior Living. Built in 1997, the community features 147 units of assisted living and memory care in a high-barrier-to-entry market in the Bay Area. It was 95% occupied at the time of closing, and since owning the community, Carlton has renovated it over the years to keep it competitive in the local market. In order to reconstitute its original joint venture ownership into a closely held Tenant-in-Common (TIC) ownership structure, Carlton refinanced the property with a cash-neutral, $22.9 million loan through CBRE’s Fannie Mae DUS Lending Platform. The... Read More »
980Investments Finances Partnership Buyout
Capital Funding Group announced the closing of a major bridge loan for a skilled nursing client to finance the partnership buyout of a large skilled nursing portfolio in Florida. CFG’s Andrew Jones and Ava Julio originated the loan on behalf of 980Investments, a nationally recognized real estate investment company and the landlord of the 13 skilled nursing facilities in question. CFG closed a $207.1 million bridge-to-HUD loan and also provided $15 million in accounts receivable financing to support the working capital needs of the portfolio. There are a total of 1,423 beds across the facilities. CFG closed both deals on October 21, 2024, and a subsidiary of CFG Bank, Capital Finance, LLC... Read More »
Walker & Dunlop Handles HUD Deals
The team at Walker & Dunlop (W&D) recently closed four HUD transactions for senior care facilities located across the country. Largest (and perhaps most notable) among them was a $35.9 million refinance of a 166-unit behavioral assisted living community in Arizona. The community houses assisted living residents with a secondarily behavioral diagnosis, and this was a unique project for HUD’s LEAN program given the behavioral component and unique payor type, but the program executed on the transaction. To account for the added risk, W&D underwrote the transaction at a lower LTV than traditional senior housing projects. The refinance paid off bank debt and partnership debt. Next,... Read More »Schedule a demo
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