Two SNFs Secure Bridge-To-HUD Debt
Capital Funding Group announced the execution of $16.25 million in bridge-to-HUD financing for the acquisition of two Utah skilled nursing facilities totaling 220 beds. The buyer is nationally recognized, and this marks its entrance into the state. Tommy Dillon originated the transaction. The financing follows CFG’s announcement of the closing of a $12 million bridge loan for a Florida skilled nursing facility comprising 109 beds. The buyer is converting it to a drug and alcohol rehabilitation facility. Read More »
Bravo Capital Closes Quick Financing
Taking flexibility to another level, Bravo Capital, a privately held lender with a national presence, closed a $13 million loan for Green Hill Senior Living and Rehabilitation just seven days from signing the term sheet to funding. The first mortgage was arranged through Bravo’s “most agile” vehicle, Bravo Mezz Fund, but terms were not disclosed. Located in West Orange, New Jersey, Green Hill consists of a 77-bed skilled nursing facility and a 40-bed assisted living/memory care community. Green Hill started as the Society for Relief of the Respectable Aged Women in Newark in 1866 before the organization moved to West Orange into the Green’s Hotel building in 1965. The campus was losing... Read More »
Carnegie Capital Finances Two SNF Acquisitions
JD Stettin of Carnegie Capital could not get enough of Texas this month, closing two loans for skilled nursing facilities in the state before attending the NIC Conference in Dallas. Both loans facilitated acquisitions of the facilities. In one, Stettin arranged the assumption of a HUD loan on a 120-bed SNF in west Texas, which carries a sub-3% rate and represented 75% of the purchase price. The same seller also divested a 150-bed SNF in west Texas, after its relationships with local admissions sources faded over the last year. That led to a substantial decrease in the Medicaid census and cash flow, and upon closing the acquisition, the facility’s EBITDAR was negative, excluding QIPP... Read More »
Colliers Closes Construction Loan in Michigan
Christopher Fenton and Catherine Eby of the seniors housing team at Colliers Mortgage, in conjunction with Nick Skarich and Kevin McMahon of Colliers Funding, closed a $21.6 million construction loan for the development of an independent/assisted living and skilled nursing campus in Muskegon, Michigan. The 105-unit community will feature a combination of studio, one-bedroom, and two-bedroom units. Amenities include a main dining room, bistro, lounge, and large community spaces. The term of the loan is 48 months, with one 12-month extension option. Read More »
Meridian Capital Group Kicks Off 2024
Starting off 2024 on a positive note, Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $375 million in transaction volume for 23 seniors housing and healthcare facilities in the first two months of the year. This activity follows more than $5 billion closed by the platform in 2023. The highlight was the closing of $260 million in debt from a commercial bank for the refinance of 12 skilled nursing facilities totaling 1,512 beds in the Northeast and $78.3 million in acquisition financing from a finance company and mezzanine lender for eight skilled nursing facilities comprising 705 beds in Minnesota. Meridian also arranged $13... Read More »Schedule a demo
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