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 »
Sabra Health Care REIT Exits Montana SNF Market
Sabra Health Care REIT announced the divestment of two skilled nursing facilities in Montana, finalizing its complete exit from the state. The two facilities, located in Great Falls (278 beds) and Deer Lodge (60 beds), were operated and leased by Genesis HealthCare, the only two for the large provider in the state. As a result of the sale, the total annual rental obligation from Genesis decreased by about $1.1 million. According the Sabra’s press release, the purchase price came to $14.4 million, or $42,600 per bed, which included the assumption of $14.2 million in HUD debt encumbering the facilities. The team of Christopher Hyldahl, Gideon Orion, Michael Segal and Ben Firestone from... Read More »
Two Industry Veterans Launch New Finance Firm
Seniors housing industry veterans Kass Matt and Steve Kennedy, formerly of Lancaster Pollard, have launched a new finance venture, VIUM Capital. It probably wasn’t the timing they were picturing, but a new lender in the senior care world can only help right now. The company is an independent financial service firm that will be exclusively focused on providing capital to the seniors housing and healthcare sectors, offering HUD/GNMA financing, bridge loans, Fannie Mae/Freddie Mac loans (as a corresponding lender) and advisory services. The business is up and running across all product lines, and their bank partner will support VIUM’s bridge loan offering. Municipal advisory services for... Read More »
Dwight Capital Closes Two HUD Refinances
At the end of March, Dwight Capital announced a HUD refinance of a senior care campus in Andover, Kansas. Built in 2004 and 2010, respectively, the assisted living and skilled nursing buildings feature 164 total beds on 7.2 acres. Clint Miller of Dwight Capital originated a $14 million loan with a 35-year term and amortization to refinance the facility. Earlier in the month, Dwight Capital’s Kevin Lifshitz also got a HUD financing closed in West Jordan, Utah (Salt Lake City MSA). The target was a Beehive Homes community built in 1996 and 2007 on over 1.5 acres. It currently consists of 50 beds in 50 units and is located less than a mile from Jordan Valley Medical Center. The license... Read More »