G Capital Markets Secures HUD Refinancing
G Capital Markets arranged the permanent refinancing of a skilled nursing facility with an assisted living component in Plum City, Wisconsin. The facility was originally built in 1987 and was renovated in 2005, with an AL expansion built in 2014. In total the project operates 65 beds in 41 private and semi-private units, with 70% SNF beds and 30% AL. The facility has performed strongly with occupancy consistently over 80% and a high debt service coverage of 2.5x. A 232/223(f) HUD takeout loan was funded to pay off the balance of a term loan portfolio credit facility previously structured by G Capital founder Grant Goodman. The buyer is an owner/operator based in Nevada that manages and... Read More »
CIBC Bank USA Closes Cash-Out Refinance
CIBC Bank USA provided a financing package for an improving skilled nursing facility in Kansas. The package included a cash-out refinance that comprised $9 million at closing and a $3 million earn-out based on sustained financial performance over subsequent periods. CIBC also closed a $1.5 million capital expenditure, non-revolving line of credit and a $500,000 working capital revolving line of credit. Historical performance trended positively over the last year as the facility improved census and operating leverage. The operator will also remain in place. Going forward, occupancy is expected to be in the mid-80% range, with continued improvement in operating margins. CIBC’s Daniel Forrer... Read More »
Ziegler Helps Finance Wisconsin Acquisition
Fresh off his sale of a stabilized seniors housing community in Fort Wayne, Indiana, Ziegler’s Nick Glaisner was joined by Dalton Esmond to arrange acquisition financing for a 72-unit assisted living/memory care community located in Footville, Wisconsin. St. Elizabeth Manor was built in 2009 on 7.07 acres. Occupancy was around 82%. The seller was a group of local real estate owners seeking to retire from the industry. They were represented by Jason Punzel, Ryan Saul and Brad Clousing of Senior Living Investment Brokerage. Ziegler helped Opal Senior Living source acquisition financing from a small, regional, Chicago-based bank. Opal partnered with a Florida-based equity group on the... Read More »
JLL Finances Active Adult Development
The United Group of Companies is building a new active adult community in Worcester, Massachusetts, thanks to bank financing arranged by JLL Capital Markets. The Arbella at Bramble Hill will include 123 units across three elevator-serviced buildings, with one- and two-bedroom units and an 8,500-square-foot clubhouse. UW Senior, LLC, an affiliate of United Group of Companies, borrowed $35 million in construction financing from Washington Trust. The property is owned by Premier Property Group LLC of Dracut, which bought it in 2018 for $820,000. Read More »
Berkadia Closes Four HUD Loans
Berkadia Seniors Housing & Healthcare recently announced the closing of four loans totaling $56.6 million in volume through HUD’s 232/223f program, all of which achieved the program’s maximum loan term of 35 years. First, Ed Williams closed a $14.5 million loan secured by a 139-bed skilled nursing facility in South Florida for a repeat Florida-based client. The loan refinanced a bridge loan that Williams placed in 2019 and a subsequent cash-out, borrow-up originated by the senior lender in August of 2022. Berkadia closed the HUD refinance 13-months from the borrow-up by qualifying the project under HUD’s reduced seasoning guidelines. The community appraised for $164,000 per bed and was... Read More »Schedule a demo
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