CFG Closes HUD Deal in Arizona
Capital Funding Group closed a $10.3 million HUD refinance of an existing bridge loan, also executed by CFG, for a nationally recognized borrower. The refinancing supported a 94-bed skilled nursing facility in Arizona. Tommy Dillion of CFG originated the transaction. This financing follows the company’s recent announcement of a $3.32 million bridge-to-HUD mezzanine loan which supported a dividend recapitalization for a well-known sponsor of a 120-bed skilled nursing facility in Florida. Read More »
Cambridge Realty Capital Closes HUD Loan
Cambridge Realty Capital provided a $29.2 million first mortgage loan to refinance a seniors housing community in Sarasota, Florida. Cambridge utilized the HUD Section 232/223(f) program and Cambridge’s early rate lock program to secure this fully amortized 35-year loan for the owner, a Florida limited liability company. The community was Aravilla Sarasota, formerly known as Autumn of Sarasota, which was renovated/rebranded in 2018 and has 120 units. No other details were disclosed. Read More »
Montgomery Selling in Memphis
On the eve of the NIC Conference in Chicago, Andrew Montgomery of Montgomery Intermediary Group facilitated the sale of an assisted living community in Memphis, Tennessee. Built in 1997 with 85 units, the community was bought out of bankruptcy in 2010 by the current owner/seller. It was operational as an assisted living community until October 2022, when ownership decided to shut it down after some tenant difficulties. The property sold vacant, and we would guess given the vintage and the lack of census, the per-unit price could not have surpassed $50,000 per unit. A private investor bought the asset, utilizing an existing lending relationship to obtain bridge debt for the deal. The buyer... Read More »
CFG Arranges Mezzanine Loan
Capital Funding Group closed mezzanine financing for a nationally recognized owner of a 120-bed skilled nursing facility in Florida. The $3.32 million loan supported a dividend recapitalization for the borrower. Capital Funding Group Vice President Andrew Jones originated the transaction for the company. The financing follows CFG’s recent closing of a $13.84 million mezzanine loan, which supported the refinancing of 11 skilled nursing facilities and one assisted living community in the Northwest. Read More »
NY Assisted Living Community Refinances Construction Debt
Live Oak Bank closed a $29 million loan in September for Waltham, Massachusetts-based Benchmark Senior Living to refinance a 101-unit assisted living/memory care community in Smithtown, New York. With 130 licensed beds and 88,500 square feet, the three-story community is called Whisper Woods of Smithtown. Its development cost was estimated at $25 million, or $248,000 per unit. The financing replaced the original construction debt for the community, which was built by Benchmark and was stabilized at the time of closing. Read More »Schedule a demo
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