Helios Arranges Bridge Loan
A Texas-based seniors housing operator initiated the first phase of a portfolio recapitalization with a bridge loan closed by Helios Healthcare Advisors. The borrower owns 12 assets, but this transaction refinanced two assisted living/memory care communities in the San Antonio area. They consist of 80 beds in 76 units. With the existing debt maturing and one location working towards stabilization, Helios ran a competitive process that led to multiple term sheets and ended with structuring an 18-month, interest-only bridge loan with limited recourse. Coupling the two assets allowed the borrower to shift leverage from an over-levered asset that needed more time to reach stabilization, to one... Read More »
Phorcys Capital Partners Grows Georgia Holdings
Ziegler served as exclusive financial advisor to raise $20.5 million in financing on behalf of Phorcys Capital Partners to acquire The Glen at Lake Oconee Village, a senior housing community in Greensboro, Georgia. PCP was previously the supermajority creditor on the municipal bonds issued to finance the construction of the project. The company purchased the community for $26.45 million, or $232,000 per unit. The community was built in 2017 with 28 independent living, 68 assisted living and 18 memory care units. It is situated on Lake Oconee, between Atlanta and Augusta, Georgia. The facility will continue to be operated by SRI Management. The community was in receivership, but... Read More »
Grandbridge Secures Large Agency Refinance
Grandbridge Real Estate Capital’s Seniors Housing and Diversified Healthcare Finance Group arranged $426.8 million in agency financing for a large seniors housing portfolio owned by a publicly traded, healthcare REIT. In its latest earnings report, Ventas also disclosed that it entered into a $427 million 10-year mortgage loan, which (after Ventas completes its contemplated purchase of a 7.5% tranche of the original principal balance of the loan) will result in a $395 million net mortgage loan at an all-in expected weighted average cash rate of 5.5%. The portfolio was secured by 19 seniors housing properties located across 10 states and was financed by an agency lender. The... Read More »
Walker & Dunlop Provides Memory Care Refinancing
Kevin Giusti and Daniel Barone of Walker & Dunlop arranged a $15.2 million loan for the refinancing of a memory care community in Beaverton, Oregon. The community was Waterhouse Ridge Memory Care, which comprises 68 memory care beds in 52 units and over 36,000 square feet. The community specializes in caring for Alzheimer’s and dementia patients and is currently 88% occupied. Loan proceeds were utilized to refinance existing debt and provide cash to the borrower, Onelift Senior Living, which developed, owns and operates the community. After two years, the loan will be refinanced under the HUD’s 232 Program. Read More »
Meridian Ends Summer with $465 Million in Volume
Meridian Capital Group’s Senior Housing and Healthcare Platform, led by Ari Adlerstein and Josh Simpson, closed $465 million in transaction volume in August to round out the summer of 2023. The largest deal saw the team arrange acquisition financing from a REIT and finance company for 28 facilities comprising 2,629 skilled nursing beds and 88 assisted living units in Nevada, Washington, Wyoming, Oregon, Montana, and South Dakota. They also closed several additional acquisition loans, including $30 million in financing from a commercial bank for five facilities consisting of 470 skilled nursing beds and 92 assisted living units in Indiana; $6.2 million in financing from a commercial... Read More »Schedule a demo
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