• Carnegie Capital Announces Latest Closings

    JD Stettin of Carnegie Capital has certainly had his hands full recently, having closed a couple of refinances in the Pacific Northwest, no easy task in the early days of COVID-19, we’re sure.   Mr. Stettin first sourced and structured a cash-out refinance of a 60-unit memory care community near Eugene, Oregon. Featuring a roughly 50-50 mix of... Read More »
  • PGIM Refinances Tennessee Senior Living Community

    PGIM Real Estate announced its latest transaction, with Executive Director Chris Fenton leading the way. It involved a $10.6 million HUD refinance of a senior living community in Ashland City, Tennessee. Built in 2015 with 100 beds in 80 units, the community provides assisted living and memory care services in a four-story building.   Thunderhawk... Read More »
  • Greystone Arranges HUD Construction Debt

    Working through HUD, Lisa Fischman of Greystone facilitated construction financing for an assisted living community to expand its Buffalo, New York-area campus. Originally built in 2003 with 110 beds in 84 units, the community is located on a 20-acre campus. Onsite amenities including a theater, physician’s office and beauty salon certainly... Read More »
  • Genesis HealthCare’s Shares Double in Value

    Leading up to Genesis HealthCare’s first quarter earnings release and conference call, the company’s share price took off. The rise started on May 22 when it jumped by 22% on high volume, but then it added another 35% on volume that was 10 times the average. In the course of four days, the price more than doubled, from $0.63 per share to $1.37... Read More »
  • Looking for Answers in the Lending Market: A Q&A with Alec Blanc of Monarch Advisors

    To get a sense of what is going on in the capital markets in this immediate post-COVID-19 world, we turned to Alec Blanc of Monarch Advisors for his own thoughts.   How has the lending environment changed from the beginning of the second quarter to now?  Overall, there is less debt capital available than there was prior to the COVID-19 crisis. ... Read More »
HHC Finance Impresses & Lerner Will Chair Englewood Health Boards

HHC Finance Impresses & Lerner Will Chair Englewood Health Boards

Housing & Healthcare Finance impressed in the last week of April, closing $117 million in HUD loan modifications for nine skilled nursing facilities in Illinois, Massachusetts and Pennsylvania. That is one area in the financing world that seems to have not slowed down as a result of COVID-19. That still took HHC Finance to react quickly to improving capital market conditions to lower their clients’ loan rates with almost no out-of-pocket expenses for them. The facilities receiving the rate modifications totaled 1,238 beds.  The good news kept on coming for HHC Finance, as Richard Lerner, Co-Owner and Executive Vice Chairman at the firm, was appointed Board Chairman at Englewood Health... Read More »
Housing & Healthcare Finance Handles HUD Refinance

Housing & Healthcare Finance Handles HUD Refinance

The team at Housing & Healthcare Finance has closed a couple of HUD financings totaling $57 million. There was a $34.1 million loan for a portfolio of five skilled nursing facilities located throughout Minnesota. The experienced borrower was able to replace conventional debt on the portfolio with a substantially higher interest rate. They came with 30- and 35-year terms. The loan amount came in at about $120,000 per bed/unit.  Built from 1958 to 2008, averaging 38 years old, the portfolio totals 464 total beds. Two of the facilities also feature assisted living units. Occupancies ranged from the low-80s to the high-90s.   Finally, HHC Finance closed a $22.8 million rate modification... Read More »
The HUD Doors Are Still Open

The HUD Doors Are Still Open

One thing to come out of the coronavirus crisis (among many things) has been record-low interest rates, with the 10-year Treasury yield falling as low as 0.318% on March 9 and the federal funds rate being cut to 0-0.25%. It has been in the federal government’s interest to maintain liquidity in the market, as much as possible, so how has that policy affected HUD lending in the senior care industry? We asked Michael Gehl of Housing & Healthcare Finance a few questions, and here are his answers:  1) First question is, is HUD still doing business?  Yes, HUD is still doing business, as you can imagine a number of people are working from home, which does create its challenges not... Read More »
HHC Finance’s Bridge Lending Program Takes Off

HHC Finance’s Bridge Lending Program Takes Off

Housing and Healthcare Finance’s (HHC Finance) Capital Advisory Group closed an impressive number of bridge loans lately, totaling $185 million across 12 transactions in the last several months. The team, led by Isaac Haas and Neil Gamss, spread out across the country to get the deals done in North Carolina, California, Ohio, Pennsylvania, Maryland, Florida, New York and Alabama. The largest transaction involved a two-skilled nursing facility portfolio in California receiving a $50 million loan. HHC Finance’s Elan Magence joined Messrs. Haas and Gamss to arrange the transaction. On top of that busy period of bridge lending, HHC Finance closed an $11 million HUD refinance of a 100-bed... Read More »
Austin-Area Assisted Living Gets HUD Financing

Austin-Area Assisted Living Gets HUD Financing

An experienced ownership group went through Housing and Healthcare Finance (HHC Finance) to refinance its conventional debt on its 32-unit assisted living/memory care community in Kyle, Texas. Located about 15 miles south of Austin, the community was built in 2014 (around when development was especially heating up in certain markets in Texas) and currently operates at occupancy in the mid-90s. It had in-place, higher rate and shorter term conventional and subordinated debt but was able to replace it with a $4.86 million HUD loan, arranged by HHC Finance.  Read More »