Berkadia Arranged Two Bridge Loans
Berkadia announced two financings for a total of eight senior care properties. The first transaction saw the firm close a $15.25 million bridge loan for the acquisition of seven skilled nursing facilities located throughout the Midwest. Comprised of 426 operating beds, the portfolio was acquired by a first-time client of Berkadia’s. They obtained a two-year, interest-only term, and the non-recourse loan came in at 87% loan-to-cost that included $2.52 million for capital improvements. Senior Directors Ed Williams and Bianca Andujo arranged the transaction and ultimately plan to finance the loan through HUD. The other transaction was a $5.0 million refinance of a 36-unit assisted living... Read More »
From the Front Lines at NIC
As the hordes descended on San Diego for the Spring NIC conference, we soon learned that hotel rooms suddenly became available at the last minute. Why? Cancelations and no shows, perhaps 10% to 15%, as fears of the coronavirus spread. Larger conferences in the next several weeks have been canceled. For those of us braving the unknown, it was business as usual, elbow bumps instead of handshakes, and no problem finding meeting space in the networking lounge. Obviously, the biggest topic of conversation was the coronavirus, the potential impact on the economy in general, and specifically whether it would be a huge problem for the senior living sector. The worry was that if there were more... Read More »
Regions Bank Announces Flurry of Financings
The Regions Bank Healthcare Real Estate Team and Regions Capital Markets had quite the Q4, closing more than $121.4 million in balance sheet and agency loans. First, to HUD, Jack Boudler of Regions secured a $4.57 million loan to fund the addition and renovation of a small skilled nursing facility in the Midwest. The facility currently features 60 beds, with 25 private and 35 semi-private rooms. The addition will include 24 more private rooms, a new 2,143-square foot therapy area with a dedicated exterior door, an employee breakroom and administrative spaces. Regions also closed a Fannie Mae financing, with Amber Crosby and Russ Phillips leading the way on two cross-collateralized loans... Read More »
Greystone Closes Pennsylvania Portfolio Refinance
Greystone provided HUD financing to a portfolio of five skilled nursing facilities in the eastern part of Pennsylvania. The 622-bed portfolio, located in Easton, Millville, Orangeville and Stevens, was acquired by Maybrook Holdings in 2017 for an undisclosed price. Whatever changes were made or renovations were completed must have worked out, as Maybrook sought out a permanent debt solution. Fred Levine originated the deal, which consisted of $62.98 million in non-recourse, self-amortizing HUD loans that also came with low, fixed rates. Read More »Schedule a demo
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