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 »
JLL Refinances Construction Debt on Minnesota Community
JLL Capital Markets arranged financing for Elk River Senior Living, a community built in 2018 comprising 108 units of independent living, assisted living and memory care in Elk River, Minnesota. The refinancing, facilitated through HUD, amounts to $18.7 million, or $173,000 per unit. Jeff Lepley and Alex Sheaffer worked to secure the financing. This financing consolidated five different debt obligations that were associated with the construction of the project. Hearth Development built the community and was the borrower. Marquis Senior Communities operates it. Read More »
Georgia IL/AL Community Changes Hands and Receives Financing
CBRE Capital Markets completed the sale and financing of an independent living and assisted living community in the Atlanta, Georgia MSA. The community, Arbor Terrace Peachtree City, comprises 146 units in Peachtree City and includes a host of amenities. The buyer was GEM Realty Capital, a Chicago-based real estate investment company with over $6 billion in assets under management. John Sweeny, Aron Will and Garrett Sacco represented the seller. Will and Michael Cregan also arranged an acquisition loan via CBRE’s Freddie Mac Optigo lending platform. Read More »Schedule a demo
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