CIBC Finances Wisconsin SNF Portfolio Deal
CIBC Bank USA provided an $85 million acquisition financing term loan and a $2 million working capital revolving line of credit for a portfolio of skilled nursing facilities in Wisconsin. The size of the portfolio was not disclosed, but historical performance trended positively over the last year, as the facilities improved census and operating leverage. Going forward, occupancy and operating margins are expected to further improve. Dan Forrer handled the transaction on behalf of CIBC. Read More »
AOG’s Foray into The Active Adult Sphere
A few years ago, we were preparing for an influx of multifamily developers and investors to flood into the seniors housing space, particularly in active adult, which was seen as an attractive add-on to their traditional multifamily portfolios with favorable demographic trends, higher (and more consistent) rents, good occupancy rates and longer lengths of stay. Active adult may have also acted as a gateway to other seniors housing sectors like independent living and assisted living for these investors. Then, interest rates rose above average active adult cap rate between 4% and 5%, and development became more difficult, not to mention expensive. But as we (and others) have noted, the... Read More »
Greystone Secures Arizona HUD Refinance
Greystone provided a $29.4 million HUD loan to refinance a skilled nursing facility in Tucson, Arizona. The permanent loan carries a 35-year term and amortization. Sandstone of Tucson Rehab Centre in Pima County comprises 240 beds in 127 units, with 43 private and 84 semi-private rooms. Eric Rosenstock handled the transaction on behalf of Sapphire of Tucson Properties. Read More »
Berkadia and Poppy Bank Close Portfolio Financings
Berkadia announced it worked with Poppy Bank to close 12 different loans totaling over $329.7 million of bridge debt in April, May and June. The 12 properties include a portfolio of six, a three-pack and three individual properties. Together, the assets comprise 1,597 units. Chris Cain and Steve Ervin secured the financing. Read More »
CFG Originates HUD Financing Package
Capital Funding Group announced the closing of a $42 million HUD financing package on behalf of a nationally recognized borrower. The package included three loans supporting the refinance of existing bridge loans for three skilled nursing facilities: a $9.8 million HUD loan to support an 80-bed facility in Idaho, a $21.6 million HUD loan to support a 101-bed facility in Washington and a $10.6 million HUD loan to support a 108-bed facility in Washington. Tim Eberhardt and Ava Julio handled this transaction. This financing follows CFG’s recent announcement of the closing of a bridge-to-HUD loan totaling $9.75 million on behalf of a nationally recognized borrower. The loan supported the... Read More »Schedule a demo
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