Carnegie Capital Arranges Acquisition Loan For Texas SNF
Carnegie Capital’s joint venture with Evans Senior Investments has produced an acquisition financing for a 258-bed skilled nursing portfolio in north-central Texas. Each facility is between 50 and 55 years old, under 25,000 square feet and averages an occupancy rate of 51%. The entire portfolio is enrolled in the QIPP program. Carnegie secured $6.55 million for three facilities, which had a $7.7 million price tag, or $30,000 per bed. The financing has a two-and-a-half-year term with an interest-only rate in the 7s. Evans Senior Investments did not broker the sale but did have the relationship with the sponsor. Read More »
Carnegie Capital Closes Acquisition Financing
JD Stettin of Carnegie Capital has announced another acquisition financing, this time for two skilled nursing facilities in north central Texas. Combining for 206 licensed beds and 54,000 square feet, the facilities were built in the mid-1970s. Occupancy could be improved, but that is not surprising given the past year. A national private fund emerged as the buyer, partnering with regional and local operators to manage the facilities. They paid $8.5 million, or $41,300 per bed. Mr. Stettin secured a hybrid bank/private loan at 80% loan-to-cost (so, $6.8 million), which came with a three-year, interest-only term and a rate in the mid-4s. Read More »
Carnegie Capital Finances Oklahoma SNF Portfolio Acquisition
A skilled nursing portfolio sold in Oklahoma thanks in part to acquisition financing secured by JD Stettin of Carnegie Capital. Totaling 430 beds, these facilities are located in southern Oklahoma in Marshall, Bryan and Love counties. They were operating well, but there is some upside in operations and census. The existing operator executed a purchase option to take over the portfolio at a price of $13.5 million, or $31,400 per bed. Mr. Stettin secured both a first mortgage and mezzanine financing, with a blended rate of 7.3%, to fund the deal. The senior debt came with an interest rate of 5.75% over LIBOR with a 1.00% floor, while the mezzanine debt had a rate of 15.00% over... Read More »
Carnegie Capital Closes Loan With Congressional Bank
JD Stettin of Carnegie Capital secured a bank refinance for a Pennsylvania seniors housing community. Congressional Bank provided the $16.5 million loan, which came with a three-year term and 30 months of interest only. This was the second financing Mr. Stettin has closed for the sponsor, a major national healthcare development fund. A top-tier national operator managed the building, which opened within the last several years with 65 assisted living and 30 memory care units. The loan refinanced the property during its continued lease-up, which was extended due to the pandemic. This capped a busy month for Carnegie Capital during which it announced its new joint venture with Evans Senior... Read More »Schedule a demo
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