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 »
Walker & Dunlop Secures HUD Acquisition Loan
Walker & Dunlop (W&D) arranged HUD acquisition loans for three Caring Alternatives assisted living communities located in the greater Milwaukee area. Kevin Giusti and Daniel Barone led the W&D finance team that secured the $16 million acquisition loan on behalf of the sponsor, an experienced developer, and HUD. Dubbed the Caring Alternatives Portfolio, the communities are located in affluent markets in Oak Creek and Muskego. There were 13 two-bedroom and 62 one-bedroom units, all with private bathrooms. The communities were relatively new construction, having been built in 2009, 2011 and 2018. Operations were strong, with 100% occupancy at closing, with a 91% private pay... Read More »
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 »Schedule a demo
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