HHC Finance Wrapping Up 2018 With Two Northeast Transactions
Seniors housing and care M&A may be slowing towards the end of 2018, but the lenders are still closing plenty of transactions. One of them, Housing & Healthcare Finance (HHC Finance), closed two HUD loans totaling $31 million for a couple of East Coast skilled nursing facilities owned by experienced regional operators (and repeat HHC customers). The smaller loan (for $6 million) was closed for a 108-bed SNF in southern New Jersey and refinanced existing conventional debt. Although it received several improvements in recent years, the facility was built in the mid-1960s and was occupied in the high-80s. The other loan was closed for a large 238-bed skilled nursing facility in... Read More »
Greystone Centers In On New York Refinances
Working on behalf of skilled nursing operator Centers Health Care, Fred Levine of Greystone arranged over $100 million in HUD financing to refinance a couple of their New York SNFs. Located on opposite sides of the state, these facilities were each acquired a few years ago from not-for-profit owners. Built in 1974, the 475-bed facility in the Bronx was formerly owned by the Daughters of Jacob Nursing Home Company. After operating the facility since 2013 and significantly improving performance, Centers acquired it in 2016. Now that the facility is fully stabilized with a 96% occupancy rate, Greystone provided a $71.78 million loan, or $151,000 per bed, with a 35-year term, to both refinance... Read More »
KeyBank Keeps It Going
KeyBank Real Estate Capital has been on a roll lately, announcing financing after financing following their successful HUD fiscal year atop the rankings. Their latest closing saw Charlie Shoop and Peter Trazzera close a $31.5 million Freddie Mac loan on behalf of Chicago Pacific Founders to refinance the original balance sheet acquisition loan (also provided by KeyBank) on a 176-unit senior living community in Topsham, Maine. Spread out on 90 acres, the community provides independent living, assisted living and memory care services to its residents. Messrs. Shoop and Trazzera arranged the financing with a seven-year term, variable rate and an open prepayment option during the last two... Read More »
Love Funding Lends in Lexington
Ken Charbauski of Love Funding secured a HUD refinance for a 42-unit assisted living/memory care community in Lexington, North Carolina. This community, which features both private and shared units, is part of the state’s Medicaid home- and community-based services waiver program. Its family owner, Southland Real Estate, successfully refinanced its previous floating-rate debt with the $4.8 million, 35-year loan. Read More »Schedule a demo
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