CIBC Bank USA Closes Cash-Out Refinance
CIBC Bank USA provided a financing package for an improving skilled nursing facility in Kansas. The package included a cash-out refinance that comprised $9 million at closing and a $3 million earn-out based on sustained financial performance over subsequent periods. CIBC also closed a $1.5 million capital expenditure, non-revolving line of credit and a $500,000 working capital revolving line of credit. Historical performance trended positively over the last year as the facility improved census and operating leverage. The operator will also remain in place. Going forward, occupancy is expected to be in the mid-80% range, with continued improvement in operating margins. CIBC’s Daniel Forrer... Read More »
Ziegler Helps Finance Wisconsin Acquisition
Fresh off his sale of a stabilized seniors housing community in Fort Wayne, Indiana, Ziegler’s Nick Glaisner was joined by Dalton Esmond to arrange acquisition financing for a 72-unit assisted living/memory care community located in Footville, Wisconsin. St. Elizabeth Manor was built in 2009 on 7.07 acres. Occupancy was around 82%. The seller was a group of local real estate owners seeking to retire from the industry. They were represented by Jason Punzel, Ryan Saul and Brad Clousing of Senior Living Investment Brokerage. Ziegler helped Opal Senior Living source acquisition financing from a small, regional, Chicago-based bank. Opal partnered with a Florida-based equity group on the... Read More »
JLL Finances Active Adult Development
The United Group of Companies is building a new active adult community in Worcester, Massachusetts, thanks to bank financing arranged by JLL Capital Markets. The Arbella at Bramble Hill will include 123 units across three elevator-serviced buildings, with one- and two-bedroom units and an 8,500-square-foot clubhouse. UW Senior, LLC, an affiliate of United Group of Companies, borrowed $35 million in construction financing from Washington Trust. The property is owned by Premier Property Group LLC of Dracut, which bought it in 2018 for $820,000. Read More »
Berkadia Closes Four HUD Loans
Berkadia Seniors Housing & Healthcare recently announced the closing of four loans totaling $56.6 million in volume through HUD’s 232/223f program, all of which achieved the program’s maximum loan term of 35 years. First, Ed Williams closed a $14.5 million loan secured by a 139-bed skilled nursing facility in South Florida for a repeat Florida-based client. The loan refinanced a bridge loan that Williams placed in 2019 and a subsequent cash-out, borrow-up originated by the senior lender in August of 2022. Berkadia closed the HUD refinance 13-months from the borrow-up by qualifying the project under HUD’s reduced seasoning guidelines. The community appraised for $164,000 per bed and was... Read More »
Meridian’s November Transaction Volume
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $176 million in transaction volume in November 2023. The team recently arranged $48.7 million in financing from a commercial bank along with a $5 million A/R line for the acquisition of two skilled nursing facilities with 300 beds in New Jersey. They also arranged $12.1 million from a commercial bank to refinance a 45-bed assisted living community in New Jersey, and $10.5 million in financing from a commercial bank along with a $500,000 A/R line to refinance an 85-bed skilled nursing facility in Kansas. On the investment sales side, Meridian recently sold four Connecticut... Read More »Schedule a demo
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