Greystone Closes HUD Loan for Long Island SNF
A large skilled nursing facility in Long Island, New York refinanced its existing bridge debt with a $71.3 million HUD loan provided by Greystone. Fred Levine originated the transaction, which came with a 30-year term, 30-year amortization, and a low, fixed interest rate. Originally built in 1974, the facility features 320 beds in Amityville. There is also an onsite 55-slot adult day care program. It was acquired by Northwell Health Inc. in 2012 as part of the company’s acquisition of Long Island Home (LIH), a not-for-profit entity that operated the SNF and an acute psychiatric hospital, South Oaks Hospital. However, Northwell’s strategic focus was on behavioral health, so it eventually... Read More »
Cambridge Realty Capital Refinances Illinois SLF
Three years after acquiring a supportive living community in Pontiac, Illinois, a regional owner is refinancing the property with the help of Cambridge Realty Capital Companies. Originally built in 2009, the 60-unit community is made up of 52 private studio and eight one-bedroom units. It is also located just minutes from OSF St. James Hospital. At the time of its December 2016 sale, it was about 82% occupied, with a 16% operating margin on approximately $1.73 million of revenues. The purchase price came to $7.5 million, or $125,000 per unit. Now, Cambridge has secured a $7.6 million HUD loan, with a fully amortizing 35-year term, to refinance it. Read More »
Berkadia Closes Three Financings for SNF Clients
Berkadia announced a series of loan closings last month totaling $57.2 million. There were four HUD financings, including three loans totaling $26.2 million closed for a portfolio of three skilled nursing facilities in Washington. Jay Healy arranged the financing for a Washington-based owner/operator, which used the proceeds to pay off short-term debt, fund improvements to the properties and reduce its debt service payments. Located in Brewster, Kennewick and Spokane, these facilities were on average 89.3% occupied with a strong quality mix. Mr. Healy was then joined by Bianca Anduko to secure a $16 million HUD loan for a 146-bed skilled nursing facility in western Maryland. The... Read More »
Dwight Capital’s Active Fourth Quarter
Dwight Capital reported a very active fourth quarter, with more than $116 million of HUD and bridge loans closed for senior living and skilled nursing clients. One of the largest transactions saw Adam Sasouness and Adam Offman finance a $16.5 million bridge loan for a 375-bed skilled nursing facility in Oklahoma City, Oklahoma that features both short- and long-term rehabilitation, a secure memory care unit and a recently renovated dialysis unit. Mr. Offman also originated a pair of bridge loans in Rhode Island, including $16.4 million for a 167-bed assisted living/memory care/skilled nursing facility in Greenville and an $8.16 million loan for a 100-bed SNF in Pascoag. Another highlight... Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
