CFG Arranges Senior and Mezz Debt
A portfolio of senior care facilities in the Pacific Northwest received a debt package consisting of a mezzanine and senior loan. Capital Funding Group first helped the client place senior debt which totaled $78.46 million. Then, CFG closed a $13.84 million mezzanine loan, which supported the refinancing of eleven skilled nursing facilities and one assisted living community. The total financing package amounted to $93.31 million. The facilities are located in Washington, Idaho, and Oregon, and consist of over 1,554 beds. The financing was closed on behalf of a nationally recognized borrower. Capital Funding Group Managing Director, Real Estate Finance Tim Eberhardt and Senior Associate Ava... Read More »
JLL Secures Financing for CA Community
JLL Capital Markets announced that it secured $43.24 million in financing for an 86-unit assisted living/memory care community, Varenita of Westlake, on behalf of Westlake Senior Living Center. Alanna Ellis and Ace Sudah of JLL handled this transaction, which amounts to $502,000 per unit for the debt. Varenita of Westlake is a Class-A community in Thousand Oaks, California, with 58 assisted living and 28 memory care units and amenities such as a spa, salon, movie theater and a fitness center with physical and occupational therapy. It spans 77,096 square feet with predominantly one-bedroom units as well as some studios and two-bedroom units. Read More »
Lument Refinances SanStone Senior Care Portfolio
Lument closed several financings for SanStone Health & Rehabilitation, which operates 18 skilled nursing/rehab facilities across North Carolina. The debt was secured on three properties that SanStone had acquired in 2020, thanks to bridge financing also arranged by Lument. Those three facilities were Wilkes Health & Rehabilitation, a 97-unit, 130-bed skilled nursing facility in North Wilkesboro, Hickory Falls Health & Rehabilitation, a 70-unit, 120-bed SNF in Granite Falls, and Wilkes Assisted Living, a 102-unit assisted living community in Wilkesboro. The original acquisition debt also included funds for repairs and the opportunity to recapitalize once performance and value... Read More »
Two HUD Loans and a Bridge Financing from Berkadia
A couple of five-star skilled nursing facilities in western states refinanced through HUD with the help of Berkadia Seniors Housing & Healthcare. First, Jay Healy closed an $8.3 million loan to refinance an existing Berkadia/Live Oak Bank bridge loan secured by a 60-bed SNF in Idaho. The 80% LTV, 35-year loan retired the bridge debt used by the Idaho-based owner/operator to acquire the real estate in February 2023. Built in 2017, the facility had occupancy above 90% at the time of closing, with a Medicare census surpassing 20%. In a similar deal, Berkadia closed a $16.7 million loan to refinance another existing Berkadia/Live Oak Bank loan on a 38-bed SNF in Nevada. Its Utah-based... Read More »
CFG Returns to Refinance California SNF
Capital Funding Group (CFG) closed a $43.39 million HUD loan to refinance an existing bridge loan that had also been executed by CFG. The initial loan, closed in June 2021, allowed the nationally recognized borrower to acquire a 140-bed skilled nursing facility in Bakersfield, California, and then the refinancing allowed the borrower to have a successful take out. Built in 2018, the facility was 95% occupied as of March 2023. Capital Funding Group Director, Long-Term Care Patrick McGovern originated the transaction for the company. The financing follows CFG’s recent closing of a $15.49 million HUD loan, which supported the refinancing of an existing bridge loan, also executed by... Read More »Schedule a demo
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