• Chicagoland Portfolio Finds New Owner

    A value-add senior care portfolio in Chicagoland traded with the help of Blueprint’s Ryan Kelly, Connor Doherty, Alex Florea, Lauren Nagle and Brooks Blackmon. The team worked on behalf of a national developer/investor, which had engaged Blueprint to create an exit strategy for more than a dozen geographically disparate, older-vintage communities... Read More »
  • Publicly Traded REIT Divests in Illinois

    Berkadia was engaged in the divestment of an assisted living and memory care community in Barrington, Illinois. The Berkadia Seniors Housing Team, led by Mike Garbers, Cody Tremper, Dave Fasano and Ross Sanders, closed the transaction on behalf of a publicly traded REIT. The buyer was a regional owner/operator. But no other details were... Read More »
  • CFG Secures $13.55 Million in HUD Loans

    Capital Funding Group closed two HUD loans totaling $13.55 million to support the refinancing of two skilled nursing facilities. Both facilities are in Illinois, and together they comprise 173 beds. No other details surrounding the financing were disclosed. This announcement follows CFG’s closing of $16.25 million in bridge-to-HUD financing on... Read More »
  • CBRE Secures Bridge Financing For Two Communities

    CBRE secured bridge financing for two seniors housing communities in western Pennsylvania. Aron Will and Tim Root arranged a non-recourse loan with a sub-300 spread through a regional bank. The borrower was CPF Living Communities.  Built in 2017, The Residence at Bethel Park is in Bethel Park with 130 independent living units. The Residence at... Read More »
  • G Capital Markets Closes Cash-Out Recap

    G Capital Markets, a capital advisory firm based in Carmel, California, recently closed on the recapitalization of a 29-unit/59-bed assisted living community in Livermore, California. Built in 2021 by a regional owner/operator, the property leased up in 2022 and has shown consistent strong performance since then, with cash flow margins well over... 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 »