Senior Living Investment Brokerage Rises This Fall
As September turned to October, Senior Living Investment Brokerage announced an impressive run of transactions. First, Jason Punzel, Brad Goodsell and Vince Viverito sold two memory care communities in California for $17 million, or $347,000 per unit, with a 9.5% cap rate. With that high price, you might assume the facilities had just opened or were fully occupied, or both. Instead, the communities were built in the mid-1980s (one was renovated in 2001) and were occupied in the mid-80s. They were small too, totaling just 49 units across the two locations (in Menlo Park and Sunnyvale). The operating margin was a solid 32% on nearly $5 million of revenues, and rents were high (close to... Read More »
Berkadia Bonanza
Berkadia closed over $200 million in loans this month, in both its Proprietary Bridge Lending and Commercial Mortgage platforms. Beginning with its agency transactions, Berkadia’s Jay Healy secured HUD loans totaling over $36 million for two skilled nursing facilities clients. The larger loan, at $29.5 million, was arranged on behalf of a repeat client of Berkadia to retire bridge debt used to acquire three skilled nursing facilities in Colorado, Kansas and Nevada. Acquired in 2017, the facilities total 110 beds and average 94% occupancy. The smaller $6.7 million loan refinanced a 47-bed, 11-year old SNF in New Mexico owned and operated by two other repeat clients of Berkadia. Then, Rafael... Read More »
Lancaster Pollard Refinances Large Pennsylvania Skilled Nursing Facility
Nearly 10 years after acquiring a large skilled nursing facility in Coal Township, Pennsylvania, Complete Healthcare Resources successfully refinanced the property with the help of Tony Ruberg of Lancaster Pollard. The facility, which features 271 total beds and 115 total units, including eight independent living units, was substantially renovated and added a dementia care wing since the 2009 acquisition. With the $16.8 million HUD loan, Complete Healthcare reduces its overall debt service, improves cash flow and provides funds for future improvements. Read More »
HHC Finance Finishing HUD Year Strong
The HUD fiscal year is about to end, and Housing & Healthcare Finance (HHC Finance) is finishing with a flourish, closing a $19 million refinance for a 90-bed skilled nursing facility located in central Pennsylvania. The facility was built in 2014 with state-of the-art components, making it the most modern SNF in the general area. The 35-year, fixed rate HUD loan took out the original construction financing. Read More »Schedule a demo
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