MONTICELLOAM Finances Large SNF Portfolio Acquisition
MONTICELLOAM, LLC (Monticello) made a splash at the start of 2021, announcing that it provided $368.0 million of first lien debt and $99.0 million of mezzanine financing to support the $507.0 million acquisition of a skilled nursing portfolio in the Southeast. Not a bad way to start the year. Two other skilled nursing facilities received acquisition financing courtesy of Monticello, which provided $20.0 million in first lien debt. Also included in the financing was one unencumbered skilled nursing facility. Located in Kansas and Ohio, the three properties total 251 beds and average nearly fifty years in age. An experienced owner/operator with a current... Read More »
Three More HUD Deals From PGIM Real Estate
PGIM Real Estate announced $36.7 million in HUD financings in the last six weeks of the year. Christopher Fenton and Catherine Eby first originated a $3.9 million loan for a 49-unit assisted living community in Ohio that was built in 1988 and renovated in 1994. Next, Mr. Fenton and Mrs. Eby were joined by Corley Audorff and Josh Williams to secure an $18.2 million loan for a six-year-old assisted living community in Minnesota. Finally, Mr. Audorff and Mr. Williams arranged a $14.7 million interest rate reduction loan for a 126-unit skilled nursing/assisted living facility in Colorado, which was built in 2012. These three refinances saved PGIM’s clients a combined $426,000 in... Read More »
HHC Finance Closes Three HUD Deals And Large Acquisition Financing
Housing & Healthcare Finance (HHC Finance) arranged a trio of HUD loans this month, including a $14.5 million loan for a 120-bed skilled nursing facility in New York, a $14 million loan for a 170-bed SNF in Tennessee and a $6.5 million loan for another 120-bed SNF in New York. Each loan closed with a rate in the lower 2s and refinanced more expensive conventional debt. Turning to HHC Finance’s Capital Advisory Group, led by Isaac Haas and Neil Gamss, the team had an active end to the year with $550 million in deals arranged in December alone. Most notably, Messrs. Haas and Gamss helped arrange acquisition financing for a skilled nursing portfolio in the... Read More »
Cushman & Wakefield Reports Strong End To Year
Cushman & Wakefield Senior Housing Capital Markets ended 2020 with a couple of sales (and a handful of both acquisition and construction financings too). First, on behalf of Healthcare Trust, Inc. (NASDAQ: HTIA), the team sold a 120-bed SNF in the Tampa, Florida market, representing the first of three Florida divestments totaling $118 million for HTIA. Cushman & Wakefield followed that up with a land sale in Cherry Creek, Colorado, an affluent submarket of Denver, for the development of a 137-unit independent/assisted living community. Titan Development sold the fully entitled site to a joint venture between Ryan Companies, Cadence... Read More »
Live Oak Bank’s Construction Lending Spree
There’s no doubt that construction lending has slowed, and the loans that do close are much more conservative and now almost always require some sort of recourse. Nevertheless, Live Oak Bank closed three construction financings in December alone, capping off a successful year for the bank’s senior care lending platform. First was an $8.5 million loan for a to-be-built senior living community in Reidsville, North Carolina. ALG Senior had controlled a Certificate of Need to operate assisted living in the county for many years and eventually purchased a 12.5-acre site. The community will feature 58 units and 75 beds of both independent living and assisted living, and... Read More »
Monarch Advisors Finances New Oregon Senior Living Project
Just before the end of the year, Alec Blanc of Monarch Advisors closed a construction loan for a to-be-built assisted living community in Redmond, Oregon. Developed by nearby Bend, Oregon-based Juniper Canyon Living, the project will feature 108 units of all private pay. It will be operated under the Oregon Specific Needs program, which provides assisted living care to seniors with mental illness. The project is already underway and will be completed in phases, the first by the middle of this year and continuing through to the middle of 2022. Juniper Canyon Living has a number of similar projects in the works over the next few years. Monarch sourced the senior debt,... Read More »
CBRE Refinances Eugene, Oregon Community
CBRE closed out 2020 with a cash-out refinance of a 217-unit senior living community in Eugene, Oregon, with Aron Will, Austin Sacco and Tim Root working on the deal. A joint venture between The Springs Living and Harrison Street was the borrower, having developed the property in 2017 with construction financing also secured by CBRE. The property experienced strong lease-up and stabilized within 13 months of opening. It is currently 96% occupied across the 110 independent living units (including 31 cottages), 75 assisted living units and 32 memory care units. Not too bad for a pandemic. The five-year, non-recourse loan was provided by a national bank and came... Read More »
Harborview Handles Three Financings And A Sale
The team at Harborview Capital Partners closed several transactions for senior care facilities before the end of the year. First, David Nussbaum and Eli Kutner advised on the sale and arranged acquisition/construction financing for a hotel in Fishkill, New York to be converted to a 200-bed assisted living community. The $10.7 million loan came with a three-year, interest-only term and five-year perm option with a rate of LIBOR+325. Next, Mr. Nussbaum originated a $23.9 million loan to refinance a 193-bed assisted living community in Brooklyn, New York. The non-recourse loan came with a 30-year amortization and 10-year term. Finally, Ephraim Kutner and Jonathan Kutner... Read More »
Ziegler Secures Two More CCRC Bond Financings
Ziegler’s impressive run of activity continued with a couple of financings closed in the normally quiet week between Christmas and New Year’s Day. The larger transaction saw $136.77 million of public bonds and bank capital closed for People of Faith, Inc., d/b/a Royal Oaks Life Care Community. Originally established in Sun City, Arizona in 1981, the CCRC consists of 258 independent living apartments, 102 IL garden homes, 59 assisted living units, 56 memory care units, and a 60-bed high acuity assisted living care center, which replaced the former skilled nursing facility on the 50-acre campus. Ownership has a 20-year master plan to expand the property... Read More »
Blueprint Announces Two SNF Deals
Two Blueprint Healthcare Real Estate Advisors teams helped a couple of institutional owners divest or find new tenants for their senior care assets. Michael Segal and Gideon Orion first represented a REIT in the re-leasing of its 143-bed skilled nursing facility in San Antonio, Texas. Built in 1967 about 15 minutes north of downtown, the facility maintained a four-star rating from CMS, the highest in the area. Despite three regional hospitals within 10 miles of the facility and its enrollment in the state’s QIPP managed Medicaid program, the SNF struggled with census. Part of a larger portfolio owned by the REIT and operated under a master lease structure with the... Read More »Schedule a demo
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