SunTrust Secures HUD Loan For Lynchburg Senior Living Community
Family-owned senior living operator Runk & Pratt secured a $13.2 million HUD loan to refinance its assisted living community in Lynchburg, Virginia. Thanks to a connection to the owners through David Wilt, market president of SunTrust Corporate & Commercial Banking in Roanoke, Virginia, Joshua Hausfeld of SunTrust CRE Seniors Housing & Healthcare Finance originated the loan, which came with a 35-year term and 35-year amortization schedule. The community was originally built 40 years ago but converted to assisted living in 1996 and now features 57 units and 81 beds, including some for memory care. It also underwent extensive renovations in 1998, 2003 and 2016, and has... Read More »
Oregon Operator Refinances Bond Debt
The long-term owner of an assisted living/memory care community in Oregon went to MidCap Financial to help recapture equity for its other development projects and to fund property improvements. Caring Places, an operator of 11 communities in Washington and Oregon, secured a $4.65 million floating-rate loan, with a three-year term, to refinance bond debt on its 66-unit community in Forest Grove (Portland MSA). Featuring 44 assisted living and 22 memory care units, the property was originally developed by Caring Places in 1991. That long-term vision will continue, as Caring Places looks to eventually refinance this first mortgage through HUD. Read More »
Blueprint’s Summer Bonanza
If you blinked, then you may have missed Blueprint Healthcare Real Estate Advisors’ five transaction announcements in just over 24 hours during the dog days of August, bringing the firm’s 2018 closings to 43, so far. That is just 10 off of their entire 2017 total. Chris Hyldahl, Ben Firestone, Gideon Orion and Michael Segal closed three transactions as a team, including the largest of the bunch, when they arranged the sale of nine skilled nursing facilities and 981 licensed beds to a private equity investor for over $81 million, or approximately $83,000 per bed. Formerly owned by a publicly-traded REIT and managed by a third-party operator, the facilities are the first part of a staggered... Read More »
Lancaster Pollard Closes $400 Million Bridge Financing
There’s no such thing as a summer lull for Lancaster Pollard, which recently announced the closing of $400 million in bridge financing for 27 skilled nursing facilities located throughout California. The borrower was a large skilled nursing operator based in California, Plum Healthcare, that previously had a corporate term loan credit facility on the portfolio. Grant Goodman, Jason Dopoulos, Joe Munhall and Elliot Kaple led the way for Lancaster Pollard, which served as syndication agent on the transaction, while Credit Suisse served as the lender. Upon the transaction’s closing, Lancaster Pollard immediately began work on refinancing through HUD. Meanwhile, Rob McAdams of Lancaster... Read More »Schedule a demo
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