CFG Secures Bridge-to-HUD Loan for Five North Carolina SNFs
Capital Funding Group closed a $36.2 million bridge-to-HUD loan to support the refinancing of five skilled nursing facilities in North Carolina that total 522 beds. CFG refinanced an existing loan to include two additional underleveraged facilities on behalf of a nationally recognized borrower. Tommy Dillon originated the transaction. This financing follow’s CFG’s closing of a bridge-to-HUD loan totaling $20 million, on behalf of a nationally recognized borrower. The loan supported the refinancing of a 125-bed skilled nursing facility in Maryland. Read More »
Berkadia Appoints New SVP of Capital Markets
Berkadia hired Lisa Burgess, appointing her as SVP, Capital Markets – Seniors Housing and Healthcare. Burgess will be responsible for managing the balance sheet bridge financing process as well as the identification and management of third-party lending relationships to augment seniors housing and care dedicated bridge financing. Before joining Berkadia, she has had a 25-year career in healthcare finance, where her experience includes M&A, financing and portfolio management work for Epoch Senior Living, Benchmark Senior Living, Post Acute Partners, Wingate Healthcare and Care One. Burgess received her undergraduate degree from the University of Pennsylvania, graduating Magna Cum Laude... Read More »
PE Partnership Divests to a Publicly Traded REIT
Senior Living Investment Brokerage was brought on by a partnership in its divestment of an assisted living/memory care community in Freehold, New Jersey. The partnership was between Stephanie Anderson and Steve Walling, known as SilverStone HCRE, and a private equity group located in the west. During their ownership, NOI increased significantly, enabling them to sell the community at a significant profit. Purpose-built in 2001, Mattison Crossing at Manalapan Avenue comprises 160 units with 199 beds, and its performance was stabilized during the marketing period. The selected buyer was a publicly traded REIT with an established footprint in central New Jersey that was looking to expand its... Read More »
M&M Negotiates Lease, Purchase Option and Key Money
Nick Stahler and Austin Diamond of the Knapp-Stahler Group at Marcus & Millichap facilitated a lease-with-purchase-option transaction for a dually certified, 120-bed skilled nursing facility in the Dallas-Fort Worth area. The pair was also able to negotiate $500,000 of key money from the incoming operator for the landlord, a rarity in Texas deals. That was possible because at 10 years of age, the facility was performing well and represented decent lease coverage on day one. The SNF was 74% occupied and operated at a strong 12% margin with a 4% management fee. Stahler and Diamond obtained several offers culminating in a full asking lease rate, purchase option that starts in year... Read More »
Cain Brothers Secures Refinancing for New York Asset
Cain Brothers advised FilBen Group on a $30.67 million HUD refinancing for Wallkill Realty Partners (dba Braemar at Wallkill), an assisted living community in New York. The proceeds on the loan will be used to refinance The Orange County Funding Corporation Assisted Living Residence Revenue Bonds, Series 2012, providing a long-term, fixed-rate low cost of capital to the borrower. As a result of the refinancing, the tax-exempt public fixed-rate Series 2012 bonds were redeemed at par. In addition, the refinancing will remove any ongoing financial covenants and public disclosure requirements related to the Series 2012 bonds (for example, debt service coverage ratio and days cash on hand).... Read More »
60 Seconds with Swett: The Current Lending Environment for Senior Care Properties Q&A
The higher cost and scarcity of capital has made getting just about any deal done that much more difficult, from an M&A transaction to a refinancing to a new construction project. We know that we don’t need to tell most of you that. But we also know that right now is a great time to buy, that it may be the time to commence construction, and that those with maturing debt are sometimes faced with a difficult decision: refinance or exit. So, we have convened a panel of financing experts to lay out the lending landscape and provide answers to those seniors housing and care owners on how to get deals done today, from which sources, and at what terms. But also, what financing options make... Read More »
Sonida Senior Living On The Move
It has taken a while, and a lot had to be done to strengthen the balance sheet over the past two years, but Sonida Senior Living is now on a path of growth, and recent announcements have shown it. On May 9, the company closed on its first acquisition of the year with the purchase of a 100-unit assisted living and memory care community in Macedonia, Ohio. Built in 2015, the community has still not recovered from the challenges of the pandemic and changes in operators. The purchase price was $10.7 million, or $107,000 per unit, which seems quite cheap relative to what it would cost to replace, not to mention the original construction cost. They also bought it at a 43% discount to the... Read More »
Maryland SNF Portfolio Secures Refinancing
First Citizens Bank’s Healthcare Finance business served as lead arranger for a $260 million loan to refinance a portfolio of 12 skilled nursing facilities in Maryland that comprise over 1,500 beds. The borrower, a new client, is a Midwest-based healthcare real estate investment and management company. It invests in a variety of post-acute facilities with investments in over 24 states. At $173,000 per bed of debt, the portfolio must be performing quite well. No other details were disclosed. Read More »
REIT Divests Eight Connecticut SNFs
Evans Senior Investments arranged one of the larger deals of the month with the sale of a Connecticut skilled nursing portfolio comprising eight skilled nursing facilities in the Hartford MSA. The transaction, executed on behalf of a West Coast-based REIT, later revealed to be Summit Healthcare REIT, amounted to $60.0 million, or $54,000 per bed, for the real estate only. The existing operator, iCare Health Network, was chosen as the buyer. The facilities include Touchpoints at Manchester (Manchester), Westside Care Center (Manchester), Trinity Hill Care Center (Hartford), Chelsea Place Care Center (Hartford), Silver Springs Care Center (Meriden), Touchpoints at Bloomfield (Bloomfield),... Read More »
Two Standalone Memory Care Communities Trade Hands in Illinois
Senior Living Investment Brokerage facilitated the sale of two standalone memory care communities in Quincy and Centralia, Illinois. The seller was a regional developer/owner/operator while the buyer was an Illinois-based owner/operator with an existing presence in the state. It has experience with the Supportive Living Program and intends to focus on increasing occupancy to be the premiere affordable option in the market. The communities were constructed in 2019 and 2017, respectively, and are in excellent condition. The Quincy community consists of 56 units and is one of less than 20 communities in the state licensed as Supportive Living – Dementia Care Setting. It benefited from a... Read More »Schedule a demo
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