Helios Arranges Sale in Massachusetts
A family-run organization is getting out of the skilled nursing business (along with many other mom & pops across the country) and sold its 63-bed facility in northwest Massachusetts. Built in the mid-1960s, the facility was also operated by the seller but recently experienced a census decline from the mid-80s to the high-60s. That is because the Massachusetts Department of Public Health recently proposed and implemented a removal of all three- and four-bed wards at SNFs in the state. The industry has been moving past wards for a while now, but some operators of older, mostly Medicaid facilities rely on them to fill beds and cover their overhead costs. With Medicaid reimbursement rates... Read More »Northbridge Refinances Massachusetts Community
Greystone has provided a $24.8 million Freddie Mac Optigo loan to refinance Laurentide at Mashpee Commons in Mashpee, Massachusetts, minutes from the Cape Cod shoreline. The Freddie Mac fixed-rate, non-recourse financing carries a 10-year term and a 30-year amortization. Managing director Shailini Nehra handled the transaction on behalf of owner Northbridge Companies. Ten percent of the units at the 2018-built, 70-unit senior housing community have been designated affordable by the Cape Cod Housing Authority. With independent living, assisted living and memory care services, the senior housing community features studio, one- and two–bedroom residential units. Amenities include a full... Read More »Ray Stone Adds To California Portfolio
CBRE National Senior Housing’s Aron Will, Austin Sacco and Adam Mincberg partnered with CBRE Sacramento’s Kevin Randles to arrange acquisition financing for Arbor Senior Living on behalf of Ray Stone, Inc. (RSI). The two-story, 76,000 square foot Lodi, California community was opened in 1986 and is sited on a three acre lot, comprising 96 independent living units. It has been a high-performing asset in the past and has consistently produced meaningful cash-flow and maintained high occupancy levels. CBRE originated a $8.4 million fixed-rate loan through its Freddie Mac OPTIGO lending program. Post-closing, Sacramento-based RSI will operate the community. They also operate several other... Read More »
Tryko Partners Makes Moves in Maryland
Real estate investment firm Tryko Partners added to its portfolio in Maryland with the acquisition of Brighton Gardens of Tuckerman Lane in Rockville and Sunrise of Carroll in Westminster. The purchase price was not disclosed, but Tryko has a significant capital improvement project planned for both properties. Both properties will also be rebranded and renamed. Built in 1998, Brighton Gardens of Tuckerman Lane is a 140-bed assisted living/skilled nursing facility – with the two components renamed The Terraces at Tuckerman Lane and Tuckerman Rehabilitation & Healthcare Center, respectively. Tryko plans to add a secure memory care unit. Opened in 1999, Sunrise of Carroll features... Read More »
Ziegler Arranges Bond Financings For Two CCRCs
Ziegler has announced a couple of bond financings for senior care clients. First, the firm arranged $58.4 million in bonds for Capital Manor, a not-for-profit CCRC in Salem, Oregon. Operated by Life Care Services since 2010, Capital Manor features 302 independent living units and 83 assisted living beds with an additional 34 memory care beds. Its new financing will refund bonds from 2012 and fund a renovation project that will include a new façade and refreshed common areas. The bonds were issued through the Hospital Facility Authority of the City of Salem, Oregon with a yield of 3.030% and a yield to maturity of 3.415% and are callable in 7 years at 103, declining to par in year 10... Read More »
Knighthead Funds Active Adult Construction
Knighthead Funding, LLC has provided The Northwind Group with a $34.5 million first mortgage construction loan for the development of an active adult community in Selden, New York. The loan was underwritten to a roughly 69% “as-complete” value, and the property is fully permitted, planned and approved. Situated on 13.84 acres, the complex will comprise 124 two-bedroom, two-bath units, including 36 affordable homes in 15 two-story residential buildings. Considering the supply/demand imbalance and the limited prospects for new construction in the area, Knighthead’s capital will help Northwood bring needed quality senior housing to a market with high barriers to entry. This is the... Read More »
Monarch Funds New Ohio Development
We haven’t seen much construction lending these days, with construction costs and interest rates rising, but Alec Blanc of Monarch Advisors secured an $18.9 million loan to fund a 105-unit/116-bed senior care project in Bowling Green, Ohio. The community is being developed by Trilogy Opportunity Fund I, an affiliate of Louisville, Kentucky-based Trilogy Health Services, at a cost of $23.625 million, or $225,000 per unit. Construction costs went up during the process, but the bank modified the loan to main an 80% loan-to-cost. There are 50 skilled nursing beds, 34 assisted living/memory care units and 25 independent living units. Monarch secured a senior loan commitment from a... Read More »
The Portopiccolo Group Acquires Michigan SNF Portfolio
Northland Networks, a debt placement agent that finances senior living projects through a large network of community banks, arranged acquisition financing for a portfolio of three skilled nursing facilities in southeast Michigan with 250 beds. The loan represents a 65% loan-to-“as is” value. The attractive terms of the loan are indicative of community banks’ swelling cash deposits amid COVID-19 stimulus. Participating in senior living loans is an attractive option for many of these banks who have had minimal exposure to this asset class in the past, as such loans offer strong yields and diversification benefits. The Portopiccolo Group, a family-owned investment management firm, acquired... Read More »
Blueprint Arranges Another Ohio Deal
A few weeks after arranging the sale of 17 skilled nursing facilities in Ohio, the Blueprint Healthcare Real Estate Advisors team of Connor Doherty and Ryan Kelly sold a SNF in the Dayton, Ohio MSA. Called Good Shepherd Village, the facility was built in the 1960s and thoroughly renovated in the 1990s. Operations were sold, but ownership decided to exit the industry while taking advantage of the seller’s market in skilled nursing. For context, the numerous buyers chasing relatively few facilities on the market led the average price per bed to rise to a near-record of $98,000 per bed in 2021, according to our recently published 27th Edition of The Senior Care Acquisition Report. That price... Read More »
VIUM Provides Capital For Midwestern SNFs
VIUM Capital has been busy lately, recently arranging two refinances and one acquisition loan. First, the company arranged a refinance for a skilled nursing facility with a $9.5 million HUD loan, providing non-recourse, low-interest, long-term debt. Back in 2020, the company closed a bridge loan for the portfolio acquisition of this property and four other skilled nursing facilities in Indiana, and the remaining facilities are set to follow into HUD shortly. VIUM also refinanced a portfolio of four skilled nursing and assisted living properties in northeast Ohio. The new HUD loan totaling $55.75 million refinances 1st, 2nd, and 3rd FHA mortgages through the a7 program exclusively for... Read More »Schedule a demo
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