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 »
Dwight Capital Closes Bridge Loan
Dwight Capital closed a $29.5 million bridge loan for a portfolio of five skilled nursing and assisted living properties in Minnesota, Ohio and Wisconsin: Eden Vista of Stow, Evansville Manor, Edenbrook Fond du Lac, Edenbrook of Rochester and Edenbrook of Edina. Together, the facilities consist of 441 beds across 25 acres. The purpose of the loan was to refinance three of the facilities and acquire the other two. Dwight has financed over 20 properties for this repeat client. Managing Director of Healthcare Finance Adam Offman originated this transaction. Read More »
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 »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
