Helios Secures Credit Facility for CA Properties
EVA Care Group, a national healthcare conglomerate based in Los Angeles, secured a new credit facility to refinance existing debt, fund capital improvements and take out cash on a couple of senior care properties in southern California. Helios Healthcare Advisors arranged the facility on behalf of EVA. The properties in question include a 99-bed skilled nursing facility and a 66-bed assisted living community. The SNF was built in the 1970s and was underperforming, with occupancy in the mid-60s. Built in 1994, the assisted living community was also occupied around 60% and needed renovations to enhance its appeal in the market. There was a maturing seller note on the AL property, while the... Read More »
CFG Closes Four Transactions
Capital Funding Group announced the closing of four transactions totaling more than $76 million in September. The financing supported 16 skilled nursing facilities and was executed on behalf of nationally recognized borrowers. First, CFG closed a $24.35 million bridge-to-HUD loan for the refinancing of two SNFs with 246 beds in North Carolina. Next, it secured a $13.68 million HUD loan for the refinancing of SNF with 138 beds in California. Then, CFG closed a $20.64 million bridge-to-HUD loan for the refinancing of nine SNFs comprising 471 beds in Iowa. The transaction refinanced an existing loan, which CFG closed in September 2020, providing additional capital to leverage the... Read More »
Joint Venture Secures Refinance in Florida
BWE secured a refinance for a Class-A senior living community in Florida. The sponsor is a joint venture between Meridian Senior Living and Buvermo Investments Inc. Managed by Meridian, Gentry Park Orlando has a 92-unit independent living building and an 84-unit assisted living and memory care building. The independent living community, which features one- and two-bedroom units, achieved stabilization in less than a year, and is currently at 98% occupancy. The assisted living community offers studio, one-, and two-bedroom units. Taylor Mokris secured the five-year bridge loan, which has a competitive floating rate, two years of interest-only payments, a structured earnout, flexible... Read More »
Third Quarter Investor Call
The Third Quarter Investor Call, sponsored by NewPoint Real Estate Capital and moderated by Ben Swett, Managing Editor of The SeniorCare Investor, featured a panel of lending experts who offered their capital markets advice to borrowers in several different scenarios: M&A deals, refinancing troubled assets, the costs of construction lending today, and more. The panel included Nick Gesue, CEO of NewPoint, Zach Britton, Director – Originations of Locust Point Capital and Matthew Whitlock, Head of Senior Housing Investments of Berkshire Residential Investments. Read More »
Dwight Capital’s Recent Activity
In September, Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, closed $279.7 million in real estate financings. Notable transactions included three separate HUD loans; a skilled nursing facility in New York, and a skilled nursing portfolio in New Hampshire. Dwight closed a $61 million HUD 232/223(f) refinance loan for a 250-bed skilled nursing facility in New York. The facility recently underwent comprehensive renovations, including updates to resident rooms, corridors, therapy areas, kitchens and public spaces. The transaction was handled by Adam Offman. Offman also originated a $39 million HUD 232/223(f) refinance loan for a SNF and a senior living community in... Read More »Schedule a demo
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