Berkadia’s HUD Bonanza
Berkadia announced another tranche of closings with more than $92.7 million in financing for nine seniors housing communities in four states. Steve Muth and Ed Williams first helped finance the acquisition of a 78-unit assisted living community in Great Falls, Montana, with a $12.6 million loan provided to a Northwest-based owner/operator. The non-recourse loan featured a 12-month, interest-only term. The community had sustained a stable occupancy rate over the past year, and Berkadia plans to submit a HUD application shortly after the closing. The borrower had previously collaborated with Berkadia on a similar-sized deal in late 2023. Back to HUD, Williams also obtained a $16.4 million... Read More »
Senior Care Borrower Delays Agency Takeout
A Charleston, South Carolina-based owner/operator refinanced its seniors housing community in Morgantown, West Virginia, with the help of Live Oak Bank and Berkadia Commercial Mortgage. The bank closed a $39 million A/B uni-tranche loan, with Berkadia’s Seniors Housing & Healthcare Group funding the subordinate debt. The loan provides a bridge to agency debt and features a three-year term, 24 months of interest-only payments and no exit fee. Loan proceeds were used to retire existing bank debt along with partnership debt associated with the borrower’s 2021 purchase of the 175-unit, independent living, assisted living and memory care community. The community was stable... Read More »
Winterpast & Broadview Refinance in Georgia
CBRE arranged a refinancing of Vitality Living Frederica in Georgia on behalf of a joint venture between Winterpast Capital Partners and Broadview Real Estate Partners. Aron Will and Tim Root arranged the $14.8 million, three-year floating rate loan with 24 months of interest only through a regional bank. The community is between Savannah, Georgia, and Jacksonville, Florida, on St. Simons Island, the largest barrier island in the Golden Isles. It features 60 assisted living and 24 memory care units. Vitality Living, WCP’s affiliated operating partner, will continue to manage the community. Read More »
Ziegler Closes Two Transactions
Ziegler announced the closing of the Trinity Terrace $72.55 million Series 2024 bonds through the Tarrant County Cultural Education Facilities Finance Corporation. The transaction was structured without a mortgage or real estate pledged as security to bondholders. The Cumberland Rest, Inc. d/b/a Trinity Terrace is a not-for-profit corporation incorporated under the laws of the State of Texas in 1902 for the purpose of providing housing for aged and indigent Christian women. Trinity owns/operates a CCRC in Fort Worth, Texas, known as Trinity Terrace. The community, which sits on 5.457 acres, was originally opened in February 1983. It features 316 independent living apartments, 12 assisted... Read More »
Financing Obtained for SNF Portfolio Acquisition
First Citizens Bank announced that its Healthcare Finance business served as lead arranger of $115 million in financing for the acquisition of eight skilled nursing facilities in Illinois that comprise over 1,500 beds. The borrower is a Midwest-based healthcare real estate investment and management company that invests in a variety of post-acute facilities, with investments in over 24 states. Read More »Schedule a demo
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