JLL Capital Markets Finances Minnesota Acquisition
JLL Capital Markets arranged acquisition financing for three seniors housing communities in the greater Minneapolis-St. Paul MSA. The borrower, represented by JLL, was an affiliate of The Inland Real Estate Group of Companies. The Waters Senior Living will continue to manage the communities for Inland, and this transaction expands their relationship to four communities together. The portfolio comprises The Waters of Edina, The Waters of Plymouth and The Waters on 50th. Built in the past 10 years and demonstrating strong operations, they consist of 321 units total, with 223 dedicated to independent living/assisted living and 98 to memory care. The JLL Senior Housing Capital Markets team was... Read More »
Meridian Capital Group Reports End-of-Year Activity
To close its 2023, Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed nearly $250 million in transaction volume for 20 senior housing and healthcare facilities in five states over the last month. Most notably, the team closed a bank syndicate loan totaling $155 million to refinance 15 facilities comprised of 1,935 skilled nursing beds and 46 assisted living units in Michigan and Ohio. Five banks participated in the syndicate. Meridian also arranged $41 million in financing from a commercial bank along with a $5 million A/R line to refinance a 120-bed skilled nursing facility in New Jersey. They closed $23.9 million in financing... Read More »
CIBC Finances a Virginia SNF Portfolio
As the sole lender, CIBC Bank USA provided a Virginia owner/operator with a $67.0 million mortgage facility on a portfolio of nursing homes. The portfolio has been operated by the buyer since 2021 and the financing was related to a purchase option. The skilled nursing facilities, which comprise 480 beds, have an effective age of 20 years. Historical occupancy for the facilities has been approximately 85%, and the EBITDAR margin was approximately 15%. A $4.0 million line of credit was also provided. The financing was handled by Matthew Tyler and Neal Netzel of CIBC. Read More »
G Capital Markets Secures HUD Refinancing
G Capital Markets arranged the permanent refinancing of a skilled nursing facility with an assisted living component in Plum City, Wisconsin. The facility was originally built in 1987 and was renovated in 2005, with an AL expansion built in 2014. In total the project operates 65 beds in 41 private and semi-private units, with 70% SNF beds and 30% AL. The facility has performed strongly with occupancy consistently over 80% and a high debt service coverage of 2.5x. A 232/223(f) HUD takeout loan was funded to pay off the balance of a term loan portfolio credit facility previously structured by G Capital founder Grant Goodman. The buyer is an owner/operator based in Nevada that manages and... Read More »
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 »Schedule a demo
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