CIBC Bank’s Recent Activity
CIBC Bank USA closed an impressive array of transactions in the last several months, totaling more than $800 million in credit facilities across the country. The largest transaction was an $85 million (with earn-outs) debt package for a senior care portfolio in the Northeast. The debt included a senior term loan and a mezzanine loan to refinance the portfolio and cover corporate needs. Adam Panos, Patrick Garden, Charlie Sheridan and Tom Sheeren worked on the deal for CIBC. Laura Habich and Sam Dendrinos originated a couple of large cash-out refinances for skilled nursing clients. A $27.3 million loan went to a stand-alone SNF, and a $70.7 million loan refinanced a portfolio of four... Read More »
Family-Owned Company Refinances Washington Community
Lument closed a $21.5 million HUD loan to refinance Village Green of Federal Way, a seniors housing community in Federal Way, Washington. The building features 136 licensed assisted living units and 34 independent living cottages. The sponsor, Village Green, is a family-owned company. Lument helped navigate the pending loan maturity through HUD’s Express Lane. The FHA loan has a fixed interest rate and 35-year term. Casey Moore led the transaction. Read More »
Not-for-Profit Secures Financing for Debt and Development
HJ Sims closed a $105 million tax-exempt bank placement for Shepherd of the Valley Lutheran Retirement Services, Inc., the proceeds of which were used to refinance all outstanding bank debt of the organization and provide new money for a start-up campus in Salem, Ohio. The new Salem campus will comprise 36 market-rate independent living villas, 52 middle-market independent living apartments and 36 assisted living apartments. The financing was accomplished with three series of debt, including two long-term series and one being repaid with initial community fees, across three banking partners, who were all new to Shepherd of the Valley. Lynn Daly, Sean Golden and Justice Onyeugo helped... Read More »
Cross River Bank Closes Large Acquisition Loan
Cross River Bank recently closed a large acquisition loan for a portfolio of seven skilled nursing facilities and one assisted living community in Georgia, Tennessee and Missouri. Raina Yoo was the Loan Officer on the transaction. The portfolio features a total of 1,339 licensed beds, and occupancy stood at 88%, overall. Read More »NewPoint Originates Acquisition Financing
NewPoint Real Estate Capital originated $53 million in bridge financing to facilitate Cougar Capital Management’s acquisition of a large portfolio of independent living communities in upstate New York. The 24-month, non-recourse floating-rate loan provided by a debt fund was originated by NewPoint’s Cal Masterson and Kevin Laidlaw. These five communities total 701 units. They were built between 2000 and 2008 and comprise 15 acres in the Rochester MSA. Cougar Capital Management announced that it paid $51 million for the assets, or $72,800 per unit. Property management will be transferred to Willow Ridge Senior Living, which announced that it co-invested in the portfolio, which includes... Read More »Schedule a demo
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