Capital One Provides Financing To PruittHealth
Since the start of July, Capital One has closed a flurry of deals for seniors housing and care borrowers, and has crisscrossed the country doing so. The bank has so far provided a $27.2 million HUD refinance for three skilled nursing facilities in Tennessee, a $12 million HUD loan for a Portland, Oregon-area SNF, $77.7 million in financing for a portfolio of nine Pacifica Companies-owned seniors housing communities, and a $41.1 million first mortgage, plus a $5 million senior credit facility, on behalf of Oregon-based Prestige Care to both acquire four senior care properties and refinance three others in the Pacific Northwest. The activity continued for Capital One, when it recently helped... Read More »Capital One Closes Two-Part Financing For Prestige Care
Presitge Care killed two birds with one stone in its latest transaction with Capital One. The Oregon-based owner/operator of senior care facilities in the Pacific Northwest received a $41.1 million first mortgage from Capital One to both finance the acquisition of four seniors housing and skilled nursing facilities (which was announced last August) and refinance three of its existing facilities. Capital One also provided a $5 million senior credit facility for general corporate purposes and working capital needs. Located in Wenatchee, East Wenatchee and Ellensburg, Washington, and Nampa, Idaho, the acquired communities, which were previously owned by industry veteran Carl Campbell, were in... Read More »
Capital One Helps Refinance Pacifica Companies’ Portfolio
In one of the largest financings of the July, Capital One provided a $77.7 million loan to Pacifica Companies to refinance nine seniors housing communities in Arizona, California, Florida, Oregon and Utah. The loan consists of $67.7 million in initial funding plus an earn-out feature, which is contingent on specific conditions. That gives Pacifica the opportunity to recapture additional equity as newly renovated units lease up. Read More »Capital One Heads To HUD
The future for a 40-year old skilled nursing facility is not rosy, as we have discussed recently, and with every passing year, it becomes bleaker. These facilities face new competition in the form of short-term rehab and transitional care facilities, which feature nearly all private rooms and take a majority of the Medicare patients. And with lengths of stay decreasing, reimbursement tightening and wages increasing, an older SNF has fewer options to remain profitable while still providing quality care. There are potential solutions, however, which the experienced owner/operators of a skilled nursing facility in Gresham, Oregon (Portland MSA) are putting into practice. The 128-bed facility... Read More »Schedule a demo
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