The Lodge at Mallard’s Landing Secures Refinancing
Northmarq handled a $35 million refinance of a senior care campus in Gig Harbor, Washington. Built in two phases from 2010 to 2015, The Lodge at Mallard’s Landing features 147 private pay independent living, assisted living and memory care units. The three-story main building comprises 98 IL/AL units and 24 IL cottages. The separate, two-story memory care building has 25 units. Occupancy hovered over 95%. The Lodge has been managed for over 10 years by Tacoma-based Senior Services of America. The six-year loan had a fixed rate at just under 6% and was arranged by Northmarq through its relationship with a correspondent life insurance company. It features an earn-out component allowing the... Read More »
Bascom’s First Seniors Housing Acquisition of 2024
The Bascom Group, a private equity firm specializing in value-add multifamily, commercial and non-performing loans, real estate-related investments and operating companies, acquired a seniors housing community in Boulder City, Nevada, to expand its portfolio. This marks its fifth acquisition of 2024, but first in seniors housing, following the purchase of three multifamily communities and one student housing community. Brad Goodsell, Vince Viverito, Jason Punzel and Brad Clousing of Senior Living Investment Brokerage handled the transaction. Built in 1999, Homestead at Boulder City is an assisted living community with 72 units on 6.39 acres that comprises 55,305 square feet. The... Read More »
Forbright Bank Closes Three Bridge Loans
Forbright Bank’s Healthcare Lending team closed three new bridge loans in the first quarter of 2024 to help finance the acquisition of two assisted living communities and two skilled nursing facilities in the Southeast and Midwest. In total, the properties comprised around 500 beds and ranged in age from a few years to 15 years old. Renovations are also planned across the locations. In these transactions, Forbright closed more than $50 million of bridge and bridge-to-HUD financing for several well established owner/operators. Read More »
Berkadia Secures $48 Million in HUD Refinancings
Berkadia announced the closing of $49.4 million in 232/223f HUD refinancings across five transactions in four states. The loans carried an average loan-to-cost of 75% and an average term of 33 years. Four of the loans refinanced bridge loans closed from Berkadia’s proprietary balance sheet. Steven Muth and Rafael Nobo originated a $15.95 million 232/223f HUD loan on a 73-unit seniors housing community in Northern Virginia for a Mid-Atlantic-based owner/operator. The community featured primarily assisted living and memory care services, with some independent living units. Occupancy was 94% at the time of closing. The 35-year fixed rate loan represented 77% LTC and retired a Berkadia bridge... Read More »
VIUM Capital Raises Its HUD Activity
Fresh off celebrating its four-year anniversary on April 1, VIUM Capital announced its first quarter transaction activity, which included 14 debt financings closed for 31 total properties. In total, the firm arranged $337 million in total financing during the quarter. Located across nine states from North Carolina to Oregon, 16 of the properties were seniors housing communities, two were rental CCRCs and 13 were skilled nursing facilities. VIUM closed nine HUD 232/223f refinancings, taking out VIUM bridge debt in all but one of the transactions. That marked the first quarter that VIUM’s HUD closings exceeded their bridge loan closings, and we know there are many more bridge loans... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
