Berkadia’s HUD Bonanza
Berkadia’s Seniors Housing & Healthcare Group has been hard at work with HUD deals so far this summer, with over $50 million in closings in June and July. The transactions were all closed for skilled nursing clients in three states across the country. Jay Healy and Bianca Andujo first secured a $22.24 million loan to take out existing debt at a 157-bed skilled nursing facility in Worchester County, Maryland. About 25% of the facility’s census was made up of Medicare patients at the time of the financing. The 35-year loan came out to 80% loan-to-value, which puts the facility’s value at about $177,000 per bed. That is high even by Maryland standards, which typically surpasses most... Read More »
HHC Finance’s Busy HUD Month
Summer vacation didn’t start at Housing & Healthcare Finance (HHC Finance), we suppose, as the firm closed seven HUD loans totaling $119 million in the month of June. The largest deal was a $61 million refinance of a 360-bed skilled nursing facility in New York. Built in the early-1970s but recently renovated, the facility was occupied in the mid-90s. HHC Finance followed that up with a $22 million HUD refinance of a 120-bed skilled nursing facility in Florida that was built in 2015 and occupied in the high-80s. Both loans were closed with interest rates in the mid-2s. That makes for some happy long-term clients. HHC Finance rounded out its June activity with five HUD loan... Read More »
HHC Finance Posts Strong Financing Activity in May
The team at Housing & Healthcare Finance (HHC Finance) reported a strong May, closed a couple of HUD loans and a number of rate modifications for senior care clients across the country. The two HUD loans totaled $31 million. A 108-unit assisted living community in Minnesota obtained the first. Built in 1996, it boasted an occupancy rate in the mid-90s. HHC Finance arranged the second HUD loan for a 191-bed skilled nursing facility in California. Built in 1991, it was also occupied in the mid-90s. Both refinances took out higher rate bank debt. HHC Finance didn’t stop there, taking advantage of near-record-low interest rates by closing five loan... Read More »
Helios Healthcare Advisors Heads to Houston For HUD Deal
Helios Healthcare Advisors successfully closed a HUD refinance of a 124-bed skilled nursing facility in the Houston, Texas metro area. Recently built in 2015, the facility was placed on the SFF list soon after opening. As soon as the developer/landlord brought in a new operator, things turned around, and the facility was quickly stabilized, cash flowing and occupancy in the 90s. It graduated from the SFF list, but as of closing the facility still maintained a one-star rating from CMS, which we imagine will soon rise. Working with HUD, Bill Janis and Mario Wilson of Helios structured an $8.5 million loan with a 35-year term and fixed interest rate below 3%. That makes for a happy borrower,... Read More »Schedule a demo
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