Breathing Room Gets Bigger for Sonida Senior Living
Three months ago, Sonida Senior Living announced a comprehensive loan forbearance agreement with Fannie Mae covering 37 mortgaged communities. Part two occurred last week, which was the signing of loan modifications for these loans. It appears that the terms from three months ago remained in place. All maturities under the 37 loans have been extended to December 2026 or later. Principal payments have been deferred for three years or waived until maturity, resulting in $33 million in deferred payments. A near-term interest rate reduction for all 37 loans will result in $6.1 million in cash interest rate savings from June 2023 to May 2024. As part of the agreement, Sonida paid down $5... Read More »
NY Assisted Living Community Refinances Construction Debt
Live Oak Bank closed a $29 million loan in September for Waltham, Massachusetts-based Benchmark Senior Living to refinance a 101-unit assisted living/memory care community in Smithtown, New York. With 130 licensed beds and 88,500 square feet, the three-story community is called Whisper Woods of Smithtown. Its development cost was estimated at $25 million, or $248,000 per unit. The financing replaced the original construction debt for the community, which was built by Benchmark and was stabilized at the time of closing. Read More »
VIUM Capital’s Q3:23 Transaction Haul
VIUM Capital did not let the difficult capital markets stop them from closing a healthy amount of financing volume in the third quarter. The firm closed nine separate transactions totaling $175 million, consisting of acquisition loans, recapitalizations and refinancings for senior care properties across seven states. VIUM also received 14 HUD 232/223f commitments during the quarter, which positions it well for a strong HUD FY 2024. Starting with the acquisition loans, the team financed the purchase of two skilled nursing facilities with 243 beds in Louisiana from two different sellers. A balance sheet loan covers $13.926 million of initial funding for the acquisition and a $4.5 million... Read More »
SNF Goes from Private to a Not-For-Profit
Blueprint Healthcare Real Estate Advisors was tasked with facilitating the sale of a skilled nursing facility on behalf of a New York-based real estate investment firm. The transaction was handled by Ryan Kelly, Steve Thomes, Connor Doherty and Andrew Sfreddo, and it involved a bifurcated process between Blueprint’s Seniors Housing & Care group and Blueprint’s Behavioral Healthcare group. Known as South Dennis Health Care, the facility encompasses 128 beds and is situated in Dennis, Massachusetts. Both skilled nursing investors and alternative use investors were targeted as potential buyers, with Housing Assistance Corporation Cape Cod, a not-for-profit, emerging as the winning... Read More »
CBRE Arranges Freddie Mac Loan Assumption
CBRE recently executed its second financing for the same five-community seniors housing portfolio in Oregon, arranging the assumption of a $55.6 million fixed-rate Freddie Mac loan with an interest rate close to 3.5%. In 2016, CBRE had arranged acquisition financing on behalf of the portfolio’s current seller, but with the debt nearing maturity, the decision to divest was made. Through Freddie Mac’s Optigo lending platform, Aron Will, Adam Mincberg and Michael Cregan of CBRE managed the assumption for the buyer, Arcus Healthcare Partners. Arcus plans on making significant capital improvements across the portfolio. The in-place operator, Frontier Senior Living, has managed these communities... Read More »
Phorcys Partners with SilverPoint on Acquisition
Phorcys Capital Partners made its second acquisition in a month with the purchase of Inspired Living Lewisville in Lewisville, Texas (Dallas MSA). The alternative asset manager made the acquisition in partnership with SilverPoint Senior Living, an operator with six locations in Texas and Oklahoma, including another assisted living/memory care community in the town of Lewisville. Opened in 2018, the community consists of 106 AL and 43 MC units, with 135,000 square feet in three stories. There are also numerous amenities, including a poker room, pool hall, fireplace lounge, piano balcony, tiki bar, fishing pier, dog park and putting greens. It was developed by Florida-based Validus Senior... Read More »
Colliers Secures Construction Loan For Michigan Senior Care Campus
Christopher Fenton, Catherine Eby, Nick Skarich and Kevin McMahon of Colliers Mortgage closed a $19.4 million construction loan for the development of an independent/assisted living and skilled nursing campus in Hudsonville, Michigan. Expected to open in spring 2024, the 107-unit community will feature a combination of studio, one-bedroom and two-bedroom units. Amenities will include a bistro, lounge and large community spaces. The loan comes with a 48-month term with one 12-month extension option. Read More »
BWE Adds Seniors Housing Investment Sales Group
There’s a new seniors housing and care investment sales group in town. BWE Investment Sales, LLC (BWEIS), the investment sales organization that works closely with BWE, a national commercial and multifamily mortgage banking company, announced today the launched its new seniors housing platform, dubbed BWEIS Seniors. It will be headed by Charles Bissell, most recently a Managing Director with JLL’s Capital Markets Group and a veteran seniors housing leader with over 30 years of experience in the industry. The BWEIS Seniors team will partner with the BWE seniors housing debt and structured finance team to offer a full suite of capital markets solutions to their best-in-class clients across... Read More »
Monarch Advisors Releases Two More Closings
Alec Blanc of Monarch Advisors arranged a new loan to fund a partnership buyout for an Indiana CCRC with a total of 197 skilled nursing beds and independent living units. The borrowers, two of four partners, engaged Monarch to source $17.0 million of senior debt for the transaction. Monarch was successful at securing a bridge-to-HUD commitment from a national bank lender. The two-year interest-only loan, priced at SOFR plus 2.85%, fully funded the repurchase of the membership interests of the exiting partners, with the remaining partners rolling over their equity. In addition to the repurchase, proceeds will be used to fund up to $1.3 million of capital expenditures plus closing costs.... Read More »
SLIB Creates Active Bidding Environment for Indiana Campus
Ryan Saul of Senior Living Investment Brokerage generated an active, and aggressive bidding environment for a senior care campus in Mulberry, Indiana. The property, which includes 159 skilled nursing beds and 38 independent living units, was built between 1976 and 1997. Occupancy was 80% across the SNF beds, and the IL units were full. The operating margin was very strong, at 22% on more than $14.5 million in revenues. There is also 82+ acres of adjacent farmland and an adjacent vacant building that was included in the sale. A private partnership of four individuals, with two of them looking to retire, was the seller. Ultimately, the other two partners bought out the retiring ones, which... Read More »Schedule a demo
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