Capital One goes to Princeton
Working with HUD, Joshua Rosen of Capital One originated a $5.9 million refinance for a 95-bed skilled nursing facility in Princeton, Indiana. Originally built in 1968, with an addition in 1974, the facility features 45 semi-private units and five private rooms, and was operated by a local hospital. It was certified by Medicare and Medicaid, which led Rosen to work with HUD on Medicaid’s Upper Payment Limit program. Available in only a few states, the program is a federal limit on fee-for-service reimbursement of Medicaid providers. This incentivizes the owner to have a local hospital serve as operator, thereby increasing Medicaid payments, which can be taken into consideration during the... Read More »Jacaranda Trace ready to grow
Cushman & Wakefield and Capital One teamed up together to recapitalize the luxury 492-unit Jacaranda Trace in Venice, Florida (near Sarasota). Located on 33 acres, the property features 436 independent living units, 20 assisted living units and 36 memory care units all built in stages between 1998 and 2015. The units are also split between entrance fee, rental and fee simple contracts. The owner, ROC Seniors Housing, in a joint venture with existing principals of Freedom Senior Management, plans to expand the property to include an additional 120 IL and AL apartments. The financing was arranged by Aaron Rosenzweig, Timothy Hosmer and Caryn Miller of Cushman & Wakefield’s Senior... Read More »Capital One to acquire GE Capital’s U.S. Healthcare Finance Unit
After hearing of other companies in the hunt to acquire GE Capital’s U.S. Healthcare Finance business (one of the Big Three REITs and a bank among them), Capital One announced that it signed a definitive agreement with GE Capital Corporation to acquire approximately $8.5 billion of healthcare-related loans and its Healthcare Financial Services business for a 6% premium to par value of all receivables as of June 30, 2015. The acquisition is expected to close in the fourth quarter of 2015, and Darren Alcus, President of GE Capital, Healthcare Financial Services, will become the President of Capital One’s healthcare finance business. Credit Suisse and Wells Fargo Securities acted as exclusive... Read More »Rollins-Nelson refinances with Capital One
Rollins-Nelson, an owner/operator of skilled nursing facilities, assisted living communities and acute-care hospitals in California, sought out Capital One Commercial Bank to refinance two of its facilities: a 342-bed SNF in Glendora and a 361-bed (262 of which are assisted living) facility in Long Beach. Shane Passarelli of Capital One led the way in providing both a $30 million senior secured term loan and a $4 million revolving line of credit, which will give Rollins-Nelson the flexibility to refinance existing debt and fund ongoing operations. The company will have access to additional liquidity during the term based on certain performance objectives. Read More »Schedule a demo
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