Lancaster Pollard Arranges Two Financings
Lancaster Pollard keeps the closings coming, arranging two transactions for senior care facilities in Georgia and California and showing some variety in the process. First, Conner Girdley led the way on a construction financing for a to-be-built community with 131 units of assisted living and memory care in Cobb County, Georgia. The borrower, Brickmont Assisted Living, obtained $24.5 million in tax-exempt bond financing though the Section 142(d) program, which provides financing to assisted living communities that set aside at least 20% of their units for residents whose income is 50% or less of the area median gross income. The Cobb County Board of Commissioners unanimously approved the... Read More »
Harborview Capital Partners Arranges HUD Refinances
Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, recently announced a few HUD transactions. First, on behalf of a repeat client, Ephraim Kutner and Jonathan Kutner arranged a $7 million HUD loan for a 96-bed skilled nursing facility in Lake County, Illinois. The non-recourse loan came with a 35-year amortization schedule. Then, Harborview took advantage of the low-interest rate environment to refinance several previously placed HUD loans for their clients. The Harborview team achieved substantial rate reductions on loans exceeding $53 million for skilled nursing facilities totaling more than 450 beds in Illinois and New Jersey. That reduced annual... Read More »
Berkadia Brings on the Financings
Berkadia announced an impressive array of financings it closed in the past three months, ranging from HUD mortgages, to Fannie Mae/Freddie Mac deals and a couple of bridge loans, all totaling nearly $160 million in volume. The largest deal was a $107.6 million Fannie Mae master credit facility closed for a portfolio of eight senior living communities in South Carolina, Mississippi and Louisiana. Ed Williams and Rafael Nobo (serenaded with Happy Birthday last July on a flight from Chattanooga) secured the 10-year, fixed rate financing, with an interest-only period, on behalf of the portfolio’s Louisiana-based developer, owner and operator to refinance the properties, consolidate debt into... Read More »HJ Sims Heads to Hawaii for Latest Financing
Two skilled nursing facilities in Hawaii refinanced their debt and lowered their interest rate by about 60% in a transaction led by HJ Sims. The facilities, both located in Honolulu, consisted of 92 beds and 75 beds, respectively. Before this refinancing, they were collateralized with a single, high-interest rate bridge loan that had both a short term and expensive extension provisions. Sims Mortgage Funding (SMF) underwrote a $14.08 million loan through HUD to take out as much of the bridge debt as possible, resulting in a loan at about 80% of the estimated market value. The loan came with a 35-year term and a 2.05x debt service coverage ratio. In addition, to round out the capital stack,... Read More »Schedule a demo
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