California Owner/Operator Refinances
Regions Bank Healthcare Real Estate Group recently closed a $9.5 million non-recourse balance sheet loan to refinance an 81-unit assisted living/memory care community in the Irvine, California MSA. The community is owned by a private Southern California-based owner/operator and was approximately 84% occupied at closing. The loan amount comes to approximately $113,100 per unit. There is a floating rate, an initial term of three years with an interest only period, and a one-year extension option. The loan is designed to be replaced with agency debt, based on property performance, and the amount may be increased during the term. Loan proceeds were used to repay a Fannie Mae loan,... Read More »
CFG Announces Record-Breaking Closings in 2021
Capital Funding Group (CFG) broke a company record for deal volume in 2021, and more than doubling its 2020 financing total, having financed more than $3.8 billion and executed 155 deals across the United States. This includes 85 HUD loans in excess of $720 million. The most prominent deal involved a $650 million bridge loan, representing the largest single financing deal the company has executed in 10 years. CFG closed several other bridge loans, including the refinancing of a 3,140-bed skilled nursing portfolio spanning Colorado, California and Wyoming. Over in New York, CFG also closed an $89 million bridge loan for the refinancing of a 239-bed facility in Queens. There were also... Read More »
60 Seconds with Ben Swett: CMS’ Vaccine Mandate Heading to Supreme Court
The Supreme Court hears oral arguments this week on the CMS rule mandating that staff working for Medicare or Medicaid certified providers be fully vaccinated against COVID-19, with narrow exceptions for religious and medical reasons. The rule was enjoined by a court order in 25 states, but CMS announced at the end of December that it would start enforcing the new rule in the states where it could. However, our question is does anyone know how serious CMS is in implementing this rule? In today’s political environment there is a ton of bluster with little accomplishments. We have seen the government and its agencies make bold declarations and new rules, sometimes with a wink to their... Read More »December 2021 Webinar – Skilled Nursing M&A: Two Years After The COVID Outbreak, Who’s Still Buying and at What Prices?
About the Webinar: There is no question that nursing facilities were the hardest hit during the pandemic, both in the media and with a significant drop in census. Yet, providers and investors continued to buy, albeit usually at lower average prices. The sector’s reputation took a huge hit, and the talk about home health and other models grew to replace the standard nursing facility model with semi-private rooms. But most of those models are more costly, and the funds simply are not there in the state and federal budgets. The skilled nursing sector has long been the low-cost producer in senior care, and with rising acuity levels, assisted living usually can’t replace it. And home health... Read More »Roy E. Christensen, Industry Pioneer, 1934-2021
We learned at the end of last week that skilled nursing facility pioneer Roy Christensen passed away at the age of 87 after a short illness. Most recently, he was the Chairman of The Ensign Group, but his history in the skilled nursing industry goes back nearly 60 years. In 1963, he founded Beverly Enterprises, which grew to be the largest nursing home company in the country, with more than 1,000 facilities across the country. At the time, the company had a two-rate structure: $7.35 per day and $9.10 per day. That was certainly another era. He left Beverly in the mid-1970s and started teaching full time at Brigham Young University. He returned to the... Read More »Schedule a demo
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