CFG Arranges Mezzanine Loan
Capital Funding Group closed mezzanine financing for a nationally recognized owner of a 120-bed skilled nursing facility in Florida. The $3.32 million loan supported a dividend recapitalization for the borrower. Capital Funding Group Vice President Andrew Jones originated the transaction for the company. The financing follows CFG’s recent closing of a $13.84 million mezzanine loan, which supported the refinancing of 11 skilled nursing facilities and one assisted living community in the Northwest. Read More »
NY Assisted Living Community Refinances Construction Debt
Live Oak Bank closed a $29 million loan in September for Waltham, Massachusetts-based Benchmark Senior Living to refinance a 101-unit assisted living/memory care community in Smithtown, New York. With 130 licensed beds and 88,500 square feet, the three-story community is called Whisper Woods of Smithtown. Its development cost was estimated at $25 million, or $248,000 per unit. The financing replaced the original construction debt for the community, which was built by Benchmark and was stabilized at the time of closing. Read More »
VIUM Capital’s Q3:23 Transaction Haul
VIUM Capital did not let the difficult capital markets stop them from closing a healthy amount of financing volume in the third quarter. The firm closed nine separate transactions totaling $175 million, consisting of acquisition loans, recapitalizations and refinancings for senior care properties across seven states. VIUM also received 14 HUD 232/223f commitments during the quarter, which positions it well for a strong HUD FY 2024. Starting with the acquisition loans, the team financed the purchase of two skilled nursing facilities with 243 beds in Louisiana from two different sellers. A balance sheet loan covers $13.926 million of initial funding for the acquisition and a $4.5 million... Read More »
CBRE Arranges Freddie Mac Loan Assumption
CBRE recently executed its second financing for the same five-community seniors housing portfolio in Oregon, arranging the assumption of a $55.6 million fixed-rate Freddie Mac loan with an interest rate close to 3.5%. In 2016, CBRE had arranged acquisition financing on behalf of the portfolio’s current seller, but with the debt nearing maturity, the decision to divest was made. Through Freddie Mac’s Optigo lending platform, Aron Will, Adam Mincberg and Michael Cregan of CBRE managed the assumption for the buyer, Arcus Healthcare Partners. Arcus plans on making significant capital improvements across the portfolio. The in-place operator, Frontier Senior Living, has managed these communities... Read More »
Phorcys Partners with SilverPoint on Acquisition
Phorcys Capital Partners made its second acquisition in a month with the purchase of Inspired Living Lewisville in Lewisville, Texas (Dallas MSA). The alternative asset manager made the acquisition in partnership with SilverPoint Senior Living, an operator with six locations in Texas and Oklahoma, including another assisted living/memory care community in the town of Lewisville. Opened in 2018, the community consists of 106 AL and 43 MC units, with 135,000 square feet in three stories. There are also numerous amenities, including a poker room, pool hall, fireplace lounge, piano balcony, tiki bar, fishing pier, dog park and putting greens. It was developed by Florida-based Validus Senior... Read More »Schedule a demo
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