Meridian Capital Group’s Active Spring
Meridian Capital Group has hit a rich vein of activity, closing more than $300 million in transaction volume in the last month. The deals were arranged for 26 skilled nursing and assisted living properties across six states, bringing the seniors housing and healthcare team’s year-to-date total to more than $1 billion in financing. There were a couple of acquisition loans, starting with $44 million arranged for the purchase of two skilled nursing facilities and 272 beds in Maryland. For the same borrower, Meridian also closed a $31 million loan and an $8.25 million A/R line to acquire three additional skilled nursing facilities and 266 beds. One finance company provided both loans, and the... Read More »
CBRE Secures Acquisition Financing For HJ Sims/Voralto Living Purchase
The CBRE National Senior Housing team arranged acquisition financing for a North Texas assisted living/memory care community. A joint venture between HJ Sims and Voralto Living was the buyer, obtaining a four-year, floating-rate loan with 24 months of interest only from a national bank. Featuring 60 units, the community was a newer vintage and will join Voralto’s six other communities in Texas, and one in Georgia. Aron Will, Austin Sacco and Adam Mincberg handled the transaction for CBRE. It’s been a busy year already for CBRE’s Senior Housing Debt and Structured Finance team, which has closed over $515 million in debt and equity originations across 15 separate transactions. In the months... Read More »
Helios Healthcare Advisors Heads to Houston For HUD Deal
Helios Healthcare Advisors successfully closed a HUD refinance of a 124-bed skilled nursing facility in the Houston, Texas metro area. Recently built in 2015, the facility was placed on the SFF list soon after opening. As soon as the developer/landlord brought in a new operator, things turned around, and the facility was quickly stabilized, cash flowing and occupancy in the 90s. It graduated from the SFF list, but as of closing the facility still maintained a one-star rating from CMS, which we imagine will soon rise. Working with HUD, Bill Janis and Mario Wilson of Helios structured an $8.5 million loan with a 35-year term and fixed interest rate below 3%. That makes for a happy borrower,... Read More »
Love Funding Takes Out Bridge Loan
Eric Forguson of Love Funding helped the owner of a senior care campus in Arnold, Missouri (St. Louis MSA) take out bridge debt on the property and replace it with a $12.9 million HUD refinance. Built in phases over the last 30 years, most recently adding a 52-unit assisted living building in 2019, the community features a mix of independent living, assisted living, memory care and skilled nursing services, with 202 units/beds total. Its operations were strong, and it produced stabilized cash flow over a three-year period. Mr. Forguson had originally secured a short-term bridge loan in April from Love Funding’s parent company, Midland States Bank. More than half of the loan’s proceeds... Read More »
CBRE Returns to Harleysville for Supplemental Freddie Mac Financing
Fresh off their closing of a portfolio financing for three California senior living communities owned by Carlton Senior Living, the CBRE team of Aron Will, Austin Sacco and Tim Root has closed another transaction, this time across the country in Harleysville, Pennsylvania. Mr. Will was already familiar with this property, having funded its 2016 acquisition with a $39.9 million Freddie Mac financing on behalf of the buyer, Green Courte Partners (GCP). Built in two phases in 2006 (151 units) and 2014 (125 units), the independent living community filled up quickly and has performed well since then. It was originally operated by Heritage Senior Living, then by GCP’s wholly owned... Read More »
Lancaster Pollard Finances SNF Construction in California
Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital, just closed on a HUD construction loan for a to-be-built skilled nursing facility in Oceanside, California. Featuring 120 beds in 62 units, the project is already underway by a partnership between RangeComm Development and Providence Group, along with the contractor ARCO Construction. It will specialize in short-term rehabilitation, and we imagine by the time the project opens, elective surgeries will be somewhat back to normal and drive much of this facility’s census. Despite delays and challenges related to COVID-19, Brett Murphy of Lancaster Pollard was able to lead the way on a $25 million HUD loan ($208,000... Read More »
Recent Senior Care M&A Deals, Week Ending May 15, 2020
Amid the COVID-19 crisis, deals are still getting announced in the seniors housing and care market. Here are some recent transactions. Long-Term Care AcquirerTargetPrice Regional owner/operatorThe Stilley House$12.125 million Pacifica Senior LivingAtria Meridian$12.35 million Royal Senior CareHarbor at Harmony CrossingN/A Twin Light CapitalHudson... Read More »
Twin Light Capital Acquires in Florida
After completing its first acquisition in Minnesota, a 13-property assisted living portfolio, Twin Light Capital headed south and recently closed on a smaller community in Florida. But as they say, it is all about location. Twin Light, a private equity investment management firm that focuses on seniors housing and care, purchased Hudson Manor Assisted Living in the Davis Islands neighborhood of Tampa, Florida. The island (it used to be two islands that some landfill turned into one) has a population of just 6,000, but Hudson Manor gets about 50% of its residents from the island and 50% from south Tampa. It is a relatively posh area (Tom Brady just bought a house there as he joins the... Read More »
Blueprint Finds Buyers For LTC Properties’ Preferred Care Sale
Blueprint Healthcare Real Estate Advisors has announced its involvement in the first two phases of LTC Properties’ sale of its Preferred Care portfolio, with three more to go. In the end, the whole portfolio, including approximately 2,500 beds across five states, provided a combined $78 million in net proceeds for LTC. And there were multiple buyers involved in the deal. The first closing was for a 160-bed skilled nursing facility in Mesa, Arizona. Located near regional medical centers such as Banner Baywood and Banner Gateway, the facility was also recently expanded and renovated. Its new owner has an existing footprint in the market, which should help improve census, especially now. The... Read More »
CIBC Closes Cash-Out Refinance of California SNF
CIBC is not slowing down, having just announced its second and third senior care transactions in the last two weeks. At the end of April, we first heard of the bank’s refinance of a Phoenix, Arizona area memory care community. This week, CIBC closed another refinance, this time for a 70-bed skilled nursing facility in the San Francisco Bay area. The $5.6 million cash-out loan was provided to a local owner/operator who has managed the property for a number of years. The property itself has an effective age of 20 years. Census was in the high-80s, and the EBITDAR margin was about 10%. The loan came with a five-year term. Matthew Tyler and Neal Netzel handled... Read More »Schedule a demo
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