Omega Healthcare Investors Receives Large Term Loan
Omega Healthcare Investors received a new two-year, $400 million senior unsecured term loan to help replenish the $350 million of the company’s cash used to repay its August 1 bond maturity. Maturing on August 8, 2025, with two one-year extension options, the loan includes an accordion feature that permits Omega to expand its borrowing capacity to an aggregate of up to $500 million. In addition to the balance sheet cash provided by the term loan, the REIT still maintains its entire $1.45 billion revolving credit facility and over $700 million remaining under its ATM equity shelf program available to fund future investments and repay debt maturities, including $400 million in debt due in... Read More »
Greystone Goes Green with Latest HUD Financing
Utilizing HUD’s new green seniors housing program that can cut closing costs by 75 basis points and reduce the borrower’s interest rate by almost 50 basis points. Greystone provided a $16.8 million loan to refinance a 102-unit supportive living facility in Rolling Meadows, Illinois. The financing was originated by Adam Lipkin and Michael Zukerman of Greystone, with Brent Connell of Geneva Capital acting as correspondent on the transaction. Plum Creek at Rolling Meadows is a three-story facility on 1.46 acres, which was constructed in 1986 as a hotel and converted to supportive living in 2006. The supportive living program in Illinois is an alternative to skilled nursing care for low-income... Read More »
Refinancing Closed for American House St. Petersburg
First Citizens Bank’s Healthcare Finance team provided a loan to refinance American House St. Petersburg, a seniors housing community located in St. Petersburg, Florida. This 165-unit community is comprised of 66 independent living, 66 assisted living and 33 memory care units. Previously, Prevarian Senior Living bought a parcel near Tyrone Square Mall for $5.18 million. American House St. Petersburg was then later developed by Prevarian, Harrison Street and American House, one of the country’s largest owner/operators of senior living communities. The community is American House’s ninth senior living community in Florida and first in the Tampa Bay area. The community opened in 2021,... Read More »
Ziegler Prices Ohio Living Bonds
Ziegler announced that it priced Ohio Living’s Series 2023 bonds to be used to refund existing bank debt, terminate an interest swap agreement, fund a debt service reserve fund and fund approximately $3 million of capital expenditures across the organization’s portfolio. The not-for-profit owns and operates 12 communities throughout Ohio, making it the second largest not-for-profit provider in the state. The bonds consist of tax-exempt fixed interest rate serial and term bonds with an 18-year final maturity. They feature a three-year interest only period with annual principal amortization starting in 2026. Ohio Living decided to utilize fixed interest rate bonds to refund a portion of its... Read More »
Omega’s Q2:23 Results
Omega Healthcare Investors reported second quarter results on August 2 and announced a host of new investments totaling $270 million. In total, the company completed $129 million in real estate acquisitions, invested $124 million in real estate loans and other loans and investments and funded $17 million in capital renovation and construction-in-progress projects. Regarding Omega’s real estate acquisitions, the largest was Omega’s purchase of four skilled nursing facilities located in West Virginia for $114.8 million. The company leased the SNFs to an existing operator, and the facilities were added to that operator’s master lease with an initial annual cash yield of 9.5%, with 2.5% annual... Read More »Schedule a demo
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