CIBC Helps with Portopiccolo Refinance
The Portopiccolo Group secured a refinance on 15 of its skilled nursing facilities from a diverse group of lenders, including CIBC Bank USA, which, along with other co-lenders, provided a $220 million senior secured credit facility. Located in Virginia, the facilities total 1,675 skilled nursing beds and 34 assisted living units. They have been operated by a third-party tenant for several years and boasted strong historical operations. Occupancy has been approximately 85%, with an EBITDAR margin around 25%. That is strong. In addition to the senior debt, CIBC provided a $13.0 million revolving line of credit to support the ongoing operations of the third-party tenant. The financing... Read More »
BWE Secures Financing For Class A Seniors Housing Community
BWE secured $46.0 million in permanent financing for a Class-A seniors housing community in Cypress, California. Built in 2022, Westmont of Cypress comprises 129 independent living, assisted living and memory care units. That results in about $356,500 per unit of debt. It experienced good lease-up, with occupancy above 95%. Ryan Stoll and Taylor Mokris originated the non-recourse loan on behalf of the borrower from a life insurance company, establishing a new lending relationship between the two in the process. The loan came with a competitive fixed rate and flexible prepayment. Read More »
Owner/Operator Chooses Refinance over Sale
We have written numerous times of property owners not being tempted into the M&A market lately, due to values being below their expectations for their properties. One of those owners, a local operator in Michigan, decided to refinance its 150-unit independent living community after sale offers came in lower than they desired. Built by the same operator 15 years ago about 15 miles outside of Ann Arbor, the three-story community had experienced a census drop of over 20% since the start of the pandemic. That probably did not help its sale prospects. So, JD Stettin of Carnegie Capital arranged a refinance totaling $9 million from a syndicate of local credit unions. The loan came with a... Read More »
CBRE Refinances Harrison Street/Belmont Village Properties
On behalf of Harrison Street and Belmont Village Senior Living, CBRE arranged a refinancing for two Class-A, well-located and irreplaceable senior housing communities: Belmont Village Senior Living Albany and Belmont Village Senior Living Calabasas. Aron Will, Vice Chairman of CBRE National Senior Housing, and Matt Kuronen, Vice President of CBRE National Senior Housing, arranged the financing through a syndication between national and regional banks. Belmont Village Albany is minutes from the center of UC Berkeley and was built in affiliation with the university as part of a 6.2-acre mixed-use development on university land that incorporates retail and grocery, wetlands... Read More »
Ziegler Announces Funding For Two Seniors Housing Assets
Ziegler announced the closing of a private placement of subordinate senior living revenue bonds (the Series 2023 bonds) on behalf of Convivial Life, Inc., a Florida not-for-profit organization. Jacaranda Trace, owned by Convivial Life, is part of a multi-phase master developed campus originally built in 1998 consisting of 436 independent living, 19 assisted living and 36 memory care units on approximately 33 acres in Venice, Florida. In June 2022, the borrower used a portion of the proceeds of the issuance of Series 2022 bonds in the total amount of $96,870,000 to acquire the majority of the community. The acquisition also included eight undeveloped villa lots and an approximately 2.2-acre... Read More »Schedule a demo
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