• 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 »
Greystone Centers In On New York Refinances

Greystone Centers In On New York Refinances

Working on behalf of skilled nursing operator Centers Health Care, Fred Levine of Greystone arranged over $100 million in HUD financing to refinance a couple of their New York SNFs. Located on opposite sides of the state, these facilities were each acquired a few years ago from not-for-profit owners. Built in 1974, the 475-bed facility in the Bronx was formerly owned by the Daughters of Jacob Nursing Home Company. After operating the facility since 2013 and significantly improving performance, Centers acquired it in 2016. Now that the facility is fully stabilized with a 96% occupancy rate, Greystone provided a $71.78 million loan, or $151,000 per bed, with a 35-year term, to both refinance... Read More »
A Popular deal

A Popular deal

Popular Community Bank, a subsidiary of Popular, Inc., closed a three-for-one financing for a Staten Island skilled nursing facility. The 372-bed facility includes a fully occupied 72-bed neuro-behavioral unit that is one of two in downstate New York. The operator, Centers Healthcare, acquired the then-300-bed facility in 2012 for $34 million, or $113,333 per bed, from St. Vincent Medical Center when the hospital was going through financial difficulties. Centers plans to add another 72 beds to its neuro-behavioral unit, for which Popular secured a $9 million leasehold improvement line of credit. In addition, the bank provided a $32 million mortgage to replace the facility’s existing... Read More »