CIBC Closes Transactions for Two Portfolios

CIBC Closes Transactions for Two Portfolios

by | Nov 5, 2021 5:07 pm | Financings

CIBC Bank closed transactions for two portfolios, comprising a total of seven seniors housing and care communities. CIBC first closed a $73.4 million acquisition loan for a four-property portfolio in eastern Pennsylvania, including a total of 675 skilled nursing beds and 100 senior living units. The facilities, which have an effective age of 30 years, were acquired by an experienced local operator.  Historical occupancy for the home has been approximately 70%, and without stimulus, historical EBITDAR had been negative. In addition to the five-year mortgage loan, a $6.0 million revolving line of credit was provided for working capital. Matthew Tyler and Daniela Miranda handled the... Read More »

Health Care REIT looking North, again

by | Jun 19, 2015 8:47 am | Acquisitions

In its existing RIDEA joint venture with Revera, Inc., Health Care REIT purchased Regal Lifestyle Communities, a Toronto-based operator of 23 independent living communities with more than 3,600 units. The joint venture, with HCN owning 75% and Revera 25%, will pay CAD$12.00 per share (a 27.1% premium), or approximately US$623 million ($173,100 per unit), for the portfolio, assuming CAD$359 million (US$ 291.9 million) of debt with a weighted average interest rate of 3.8% and an average maturity of four years. The initial cash yield is expected to be 6.1%, with HCN investing US$248.8 million in the transaction. The communities, located in Ontario (13), Quebec (7) and one each in British... Read More »