Capital One’s Tucson Transaction
A large healthcare campus in Tucson, Arizona recently refinanced through HUD, with the help of Joshua Rosen at Capital One. After originally opening in 1964, the campus has since expanded in 1977 and 1990 to currently feature 24 independent living, 19 assisted living and 270 skilled nursing beds (across 132 units). Its experienced owner/operator had also invested in a newly redesigned therapy center and is currently installing LED lighting to reduce energy consumption. Wanting to replace their bank debt, recoup their capital expenditures and retire partner debt, the owners received a $20.8 million HUD loan, provided by Capital One. Read More »
Capital One Bridges to Agency Financing
Capital One pulled double duty for its client, Healthcare Trust (HTI), arranging more than $145 million in total financing. First, back in December, the firm served as administrative agent and sole lender for an $82 million senior secured credit facility, which provided bridge-to-agency financing for a 23-property seniors housing portfolio located in six states (primarily Michigan and Iowa) in just five weeks. Fast forward to this month, when Capital One added seven of those properties to HTI’s existing Fannie Mae credit facility. The transaction increased the total facility by $64.2 million, to $216.6 million. Read More »
Capital One In Oak Brook
A skilled nursing facility in Oak Brook, Illinois (Chicago MSA) that has undergone several changes in recent years refinanced its debt with Capital One. Built in stages from 1971 to 1989, with a therapy gym constructed in 2007, the facility is currently owned by a private owner/operator with other properties in the state. A number of semi-private units were recently converted to privates in order to attract Medicare and private pay patients, and as a result, the facility currently operates at 114 beds, despite being licensed for 156 beds. To refinance its debt, as well as fund project-related costs, capital expenditures and working capital related to lease-up and stabilization, the owner... Read More »
Capital One Releases Survey Results
Capital One released its annual survey results from more than 150 senior executives about the 12-month outlook for various issues in seniors housing and skilled nursing. Despite record-high acquisition prices, 37% of the respondents believe acquisitions of existing facilities represent the biggest opportunity, with 30% believing repositioning existing properties represents the best opportunity. In addition, 89% believe the level of M&A activity will remain the same or increase in the next 12 months, split almost equally between the two. Regarding challenges in the next 12 months, 33% cited labor cost pressures and 32% cited supply/demand imbalances. Fewer than 10% were concerned about... Read More »Schedule a demo
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