Forbright Bank Finances Senior Care Acquisition
Forbright Bank, a nationwide full-service bank, closed $26.5 million in financing for the acquisition of a Maryland skilled nursing and assisted living campus by a regional operator. The deal marked the seventh successful transaction between Forbright Bank and the borrower. The senior mortgage will finance the acquisition and renovation of the facility, including the addition of a new skilled nursing wing. Forbright also provided a $2.5 million line of credit to support the facility’s working capital needs. When fully stabilized, the bank intends to provide the borrower with a permanent HUD mortgage. The facility features both skilled nursing and assisted living beds and is located in a... Read More »
Newmark Finances Two Seniors Housing Communities
Newmark closed a couple of financings at the end of August. One funded an acquisition that the Newmark team had handled in March 2023. The Preston of the Park Cities, which was previously owned by Silverstone Senior Living, sold to an undisclosed buyer, for an undisclosed price. Built in 2018, this community has 134 units of assisted living and memory care. Silverstone developed it, initially bringing in Harbor Retirement Associates to operate before switching to Watermark Retirement Communities in 2019. Occupancy never reached full stabilization before the pandemic and stood at just 75% at the time of closing. The Newmark team had some history at this property, as Ryan Maconachy, Chad... Read More »
Ziegler Closes $118.33 Million Financing
Investment banking firm Ziegler just closed a $118.33 million bond financing for Emerald Heights, a not-for-profit CCRC in Redmond, Washington, with 333 independent living units (including apartments and cottages), 40 assisted living beds, 16 memory care units and 61 skilled nursing beds set on 38 acres. Emerald Heights was established in 1979. The proceeds will be used to finance the construction and equipping of 54 new assisted living units and a sky bridge connecting these units to the main IL building, as well as to fund the construction of 42 new IL units. The remainder of the proceeds will go toward paying off existing debt and certain costs of the bond issuance. The tax-exempt... Read More »
Three Acquisition Loans from CIBC
Lending in the senior care space may have slowed in 2023, but CIBC Bank USA announced a slew of new loans it provided to skilled nursing facilities across the country in the last couple of months. The largest went to an Indiana-based owner/operator to acquire four skilled nursing facilities in the southern part of the state. Totaling 450 beds, the facilities were managed by a local operator and had an effective age between 10 and 15 years. Historical EBITDAR margins were close to 15% and were around that level at the time of the deal. The buyer received a $32 million loan plus a $4 million revolving credit facility for the acquisition. Next, a Nebraska owner/operator bought a 120-bed... Read More »
CFG Refinances Previous Bridge Loan with HUD Debt
Capital Funding Group closed a $7.2 million HUD loan to take out an existing bridge loan on a 75-bed skilled nursing facility in Ohio. CFG had also executed the bridge debt. The deal was closed on August 17, 2023, on behalf of a nationally recognized borrower. Capital Funding Group Managing Director, Real Estate Finance Tim Eberhardt originated the transaction. The financing follows the company’s recent announcement of its total financing for the first half of 2023, which exceeded $411 million across 27 deals nationwide. Read More »Schedule a demo
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