• October Kicks Off with Multiple Financings

    VIUM Capital announced a slew of closings at the start of October, ranging from HUD refinances to acquisition loans. The largest was a $72 million bride loan that refinanced four skilled nursing facilities in Pennsylvania totaling 525 beds. Proceeds will be used to take out senior debt and senior mezzanine debt. The facility will be structured as... Read More »
  • Newmark Negotiates Several Large Financings

    Sarah Anderson of Newmark has closed some notable financing transactions in the last couple of months, in addition to arranging acquisition financing for numerous deals handled by the Newmark investment sales team. One of the closings was for Vivante at Turtle Creek, a to-be-built seniors housing community on the prestigious Turtle Creek... Read More »
  • Funding Arranged for Skilled Nursing Clients

    MONTICELLOAM, LLC, a specialized multifamily and seniors housing bridge lending platform, announced a couple of financings for skilled nursing clients in New England and North Carolina. First, for eight skilled nursing facilities in Massachusetts and Rhode Island, the firm closed a $70 million senior bridge loan with a 24-month initial term. It... Read More »
  • Newly Constructed Community Secures Financing

    BWE arranged refinancing for Clarendale Arcadia, a newly constructed senior living community in the Arcadia neighborhood of Phoenix, Arizona. The financing was arranged on behalf of a repeat client joint venture between Harrison Street Asset Management, LCS, and Ryan Companies US, Inc., with LCS serving as the operator. Ryan Stoll, National... Read More »
  • Brookdale Shares Hit Seven-Year High

    Brookdale Senior Living has posted occupancy increases for several consecutive months. The operator has lagged behind the industry for a decade now, so it is about time.  Weighted average occupancy has increased each month since January, beginning at 79.2% and reaching 82.5% in September. The third quarter’s average of 81.8% is up 290 basis... Read More »
White Oak Healthcare Finance Buys $700 Million In Senior Care Loans

White Oak Healthcare Finance Buys $700 Million In Senior Care Loans

White Oak Healthcare Finance is aggressively growing its presence in the senior care lender market and purchased a portfolio of 12 skilled nursing and seniors housing loans from Capital One and its participant banks. Financial terms were not disclosed, but the loans totaled approximately $700 million and helped Capital One reduce its skilled nursing exposure. So, it was a win-win for both parties. Capital One also provided debt financing for White Oak to fund the transaction. This isn’t White Oak’s first big wave in the senior care lending market. Last month, the company served as administrative agent and lead lender on the funding of a $190 million senior credit facility of 17 skilled... Read More »
High-Quality SNF Refinances With Capital One

High-Quality SNF Refinances With Capital One

Joshua Rosen of Capital One followed up on his HUD refinance of a supportive living facility in Chicagoland last week with another permanent financing in the Old Northwest, this time for a 124-bed skilled nursing facility in Romeo, Michigan (Detroit MSA). Built in 2014, this facility is not your traditional SNF. It features a high proportion of private suites (although all rooms come with a full bathroom), large, modern therapy spaces catering to Medicare and Managed Care residents, plenty of common areas and a bistro. It was developed by a repeat Capital One client. To refinance existing bank debt as well as partnership debt, Capital One provided a $17.1 million HUD loan, with a 35-year... Read More »
Capital One Refinances Illinois Supportive Living Facility

Capital One Refinances Illinois Supportive Living Facility

Joshua Rosen of Capital One successfully refinanced a large supportive living facility in Des Plaines, Illinois (Chicago MSA). Originally built in 1967 as an independent/supportive living facility, its owners decided to upgrade the independent living portion to assisted living in 2015. They then built a 71-bed skilled nursing wing in 2018, adding to the existing 162 AL and 150 supportive living units. The refinance wasn’t straightforward, as part of the property was in a floodway. But Mr. Rosen identified an opportunity to legally change the survey plat to carve out a floodway, enabling the refinance to continue. The borrower, a repeat Capital One customer, received a $28.4 million HUD... Read More »
Capital One Refinances Massachusetts Skilled Nursing Portfolio

Capital One Refinances Massachusetts Skilled Nursing Portfolio

Just 18 months after they were purchased, three skilled nursing facilities in Massachusetts refinanced through HUD, with the help of Joshua Rosen of Capital One. The 2016 transaction involved these three facilities in Chelsea (195 beds), Fall River (152 beds) and Brockton (169 beds). There was a fourth facility involved in the sale that is not being refinanced in this transaction. Two principals who are experienced owner/operators of SNFs mainly in the Midwest ended up as the buyers, financing that deal with bank debt. Now, through Capital One, they received three fixed-rate loans, each with a 35-year term, totaling $47.2 million through HUD to refinance the portfolio. Read More »
Capital One Closes Holiday Transaction

Capital One Closes Holiday Transaction

Holiday Retirement recapitalized two of its seniors housing communities with a single $65 million adjustable-rate loan provided by Capital One. One community, with 241 independent living units, plus a separate wing with 12 assisted living units that is managed by Superior Home Care, is located in Cincinnati, Ohio. The other, with 159 IL and AL units was built in 1989. The loan amount comes to about $157,700 per unit. With this transaction (one of many between Holiday and Capital One over the years), Holiday will be able to add other assets to the loan in the future. Read More »