CIBC Refinances High-Quality SNF
A high-quality skilled nursing facility in Virginia refinanced its debt with the help of CIBC Bank USA. The facility, which has an effective age of nine years, posted strong operating results, with occupancy around 88% and an EBITDAR margin historically at 28%. Strong, indeed. CIBC provided the facility’s Virginia-based owner/operator with $35.0 million in senior secured credit facilities in the form of a $33.0 million commercial mortgage term loan and a $2.0 million working capital line of credit. The credit facilities were used to refinance existing debt on the SNF. Matthew Tyler and Neal Netzel of CIBC Bank USA handled the financing. Read More »
Acquisition Financing Secured for SNF Portfolio
Capital Funding Group closed $17.27 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities in Massachusetts. In total, the portfolio comprises 322 beds. Closing occurred on June 28, less than 60 days from receipt of the signed term sheet. Craig Casagrande and Catherine Mansel handled the transaction on behalf of a nationally recognized borrower. This financing follows CFG’s closing of a $23.6 million bridge-to-HUD loan that supported the refinancing of an existing bridge loan executed by CFG. The transaction supported a 169-bed SNF in Delaware. Read More »
Shell Point Retirement Community Secures Expansion Financing
Ziegler announced the closing of the Series 2024A/B bonds on behalf of Shell Point Retirement Community. The not-for-profit organization Christian and Missionary Alliance Foundations is doing business as Shell Point Retirement Community. Shell Point currently comprises 1,334 independent living units, 356 assisted living units and 180 skilled nursing beds in Fort Myers, Florida, on 700 acres. Shell Point will use the proceeds of the Series 2024A/B bonds to construct 58 independent living units to be known as Vista Cay. The Vista Cay residences will be 14 stories tall on 11.6 acres. Vista Cay will further expand the choice in residences across the existing community, broaden the... Read More »
Family Office Acquires Florida Seniors Housing Portfolio
Berkadia facilitated the sale of a four-property assisted living and memory care portfolio along Florida’s West Coast. Brooks Minford closed the transaction on behalf of two separate sellers. The buyer of all four properties, a Central Florida-based family office looking to expand its existing footprint, finalized the closings on July 23. The total purchase price was $42.55 million, or $127,400 per unit. In the first transaction, a Florida-based seniors housing and multifamily developer sold an early 2000s-build community comprising 59 assisted living and 20 memory care units. Occupancy was hovering around 85%, and it was stabilized at the time of the sale. The seller was divesting because... Read More »
Carlton Senior Living Secures Two Freddie Mac Loans
Lument secured two separate Freddie Mac loans for Carlton Senior Living, one of Northern California’s largest seniors housing providers with 11 independent living, assisted living and memory care communities in operation. The loans total $38.8 million and were secured across two separate California properties: $13.5 million to refinance a 123-unit seniors housing community in Fremont and $25.3 million to refinance a 126-unit seniors housing community in San Jose. Both loans feature a fixed interest rate, a 10-year term and 30-year amortization. Additionally, the loan for the San Jose property provides funds for renovations. Nick Hamilton and Casey Moore handled both... Read More »Schedule a demo
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