PGIM Simplifies Capital Stack at NOLA Facility
Refinancing a complicated capital stack, PGIM Real Estate Finance secured a $10.7 million HUD loan for a 112-bed skilled nursing facility in New Orleans, Louisiana. The facility was built by the not-for-profit St. Margaret’s Foundation in 2013 on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. Its $33 million construction was initially funded using New Market Tax Credits, Historic Tax Credits, OCD Loan Funds, FEMA grant money, a bank loan and sponsor equity. PGIM simplified things and significantly reduced the amount of debt with the HUD loan. Located within five miles of seven acute-care hospitals, the facility features 100 units in... Read More »
X-Caliber Closes Four Financings
The team at X-Caliber Capital has been putting in the hours lately, with three bridge loans and a HUD refinance to show for the hard work. First, the firm closed a $40 million bridge loan, with a three-year term, for an undisclosed borrower to acquire a 10-facility, 700-bed skilled nursing/assisted living portfolio in Illinois. Next, X-Caliber arranged $32 million in four-year financing to support the acquisition of seven assisted living/independent living communities in four states, with over 650 units across the portfolio. The third bridge loan totaled $1.6 million and came with a three-year term. That was also arranged for an acquisition, this time for a 39-unit assisted living... Read More »
PM Advisors Refinances Oregon AL Community
KC Peterson of PM Advisors successfully closed a HUD refinance of a 30-unit/36-bed assisted living community in Sutherlin, Oregon. Built in 1996 and in good condition, the community was owned and operated by an established group in the state. They had originally financed the community with bonds that contained an affordability period for 20% of the resident population through 2032. Those units could be occupied by Medicaid residents as well as private pay residents who had spent down their wealth. In addition, ownership had two additional layers of IOI promissory notes on the property. However, the bonds came with a high interest rate of 7.375%, leaving the owners to look for a refinancing... Read More »
Cambridge Closes Slew of HUD Financings
Cambridge Realty Capital Companies has been quite prolific this month in the HUD market. Just last week, the firm closed two loans totaling $24 million for two senior care campuses in Ohio. Then, in Merced, California, Cambridge provided a $16.3 million HUD loan to refinance a 72-bed transitional care facility. The property offers units with private restrooms, nutrition services, therapy, and physical therapy services, a physical therapy center, two restaurant-style dining venues, courtyard dining facilities plus an on-site beauty salon. The California limited partnership borrower received a fully amortizing 35-year loan. Finally, Cambridge headed across the country to refinance a 104-bed... Read More »Schedule a demo
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