CIBC Bank USA Refinances California Portfolio
CIBC Bank USA recently closed a $76 million transaction for a California-based operator to refinance acquisition debt on three formerly distressed properties in the Golden State. Those properties include two skilled nursing facilities and one assisted living community. The deal included a $60 million term loan and a $16 million working capital facility. The term loan will also help support the company’s overall balance sheet, while the working capital will be used across the 13 properties and more than 1,000 beds in the operator’s portfolio. Read More »
CIBC Closes Cash-Out Financing In Illinois
Working on behalf of a local owner/operator, CIBC Bank USA has closed a cash-out refinance of a portfolio of three skilled nursing facilities in Illinois. Totaling $11 million, the loan comes with a five-year term. Neal Netzel and Mathew Tyler handled the transaction for CIBC. These facilities, which have an effective age of 30 years, total 260 beds. They have been historically well occupied around 85%, which is a solid figure for the sector in the last several years. Also, EBITDAR margins have been strong in the mid-teens. Most operators would happily take that. With those good operations, we imagine the owner was able to extract some equity from the... Read More »
CIBC Bank USA Refinances Two Tennessee SNFs
Two skilled nursing facilities in Tennessee recently refinanced their debt with the help of CIBC Bank USA. Totaling 340 licensed beds with an effective age of 20 years, the facilities have been run by a local operator for a number of years. Under that management, effective occupancy has been in the 70% range, with EBITDAR margins in the high-teens, which is quite good for SNFs these days. With that lower occupancy, we’re guessing there was a healthy Medicare and/or private pay patient census. Ownership obtained a five-year, $20 million loan on the real estate, also giving them some cash out. CIBC Bank USA also helped secured a $1.0 million capital expenditures facility for... Read More »
SLIB Sells Two More ALPs in New York
Senior Living Investment Brokerage’s Dave Balow has been crisscrossing the state of New York lately, selling an upstate ALP (Assisted Living Program) facility last week and represented the seller of two ALP facilities just this week on Long Island. CIBC Bank USA also provided $6.75 million in acquisition financing to support the purchase. CIBC’s Fritz Kieckhefer arranged the debt. Located in Holbrook and Center Moriches, the two properties combine for 85 beds in 46 units. The private seller had owned them for over 40 years and was able to produce consistently strong cash flow over the years. In fact, it operated at a roughly 40% margin on more than $2.56 million... Read More »Schedule a demo
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