Monticello Finances Skilled Nursing and Adult Day Care Acquisition
An experienced skilled nursing owner, whose principals have over 40 years of experience in the health care industry, obtained financing to acquire a skilled nursing facility and two adult day care facilities in New York. One of Monticello Asset Management’s investment vehicles originated $45.3 million in first lien debt financing for Nesconset Property NY LLC in anticipation of a HUD take-out down the road. The 242-bed SNF was built in 1984 and includes two respite beds, along with physical, occupational and speech therapies. The adult day care assets were built in 1993 and 1994 and combine for 165 chairs tied to the skilled nursing license. They operate one session per day, Monday through... Read More »
Meridian Capital Group Closes $77 Million In Financings
Meridian Capital Group showed off its range in closing financings for three clients, including two acquisition loans and a HUD refinance. Ari Adlerstein and Ari Dobkin first worked on behalf of a regional operator to arrange a $16.3 million HUD loan that refinanced a 120-bed skilled nursing facility in Ocean View, New Jersey. Then, for another regional operator, the pair secured a $12.8 million acquisition loan for the borrower to purchase a portfolio of three skilled nursing facilities in Massachusetts that total 286 beds. A balance sheet lender provided the five-year loan, which featured a floating interest rate over the 30-day LIBOR. And finally, a balance sheet lender again provided a... Read More »
Berkadia Brings In Old Borrowers And New
In addition to closing transactions for two repeat borrowers, Berkadia also worked with a new client to help them obtain financing. Rafael Nobo secured a $15 million Freddie Mac loan on behalf of this new client to refinance its seniors housing community in Mississippi. The loan was structured with a 10-year term and five years of interest only, hopefully kicking off a long-term relationship. Christopher Fenton then worked with a repeat borrower to refinance its 81-unit private pay assisted living community in Ohio. Mr. Fenton arranged a floating-rate $10.2 million Freddie Mac loan, with a seven-year term and two years of interest only. Finally, moving from Freddie Mac, Jay Healy arranged... Read More »
Ziegler Zeroes In On Savings
The owner of two assisted living communities wasn’t in the mood to settle for second-best when it worked with Ziegler to refinance its existing permanent financing and receive a lower interest rate. The two communities are located in Redding, California, and include a stand-alone assisted living community with 60 units and an 85-unit assisted living/memory care community. Together, they had approximately $14.1 million in outstanding HUD debt originally financing by another HUD lender in 2014. However, the interest rate was in the mid-4s, which the borrower believed they could improve upon. Ziegler stepped in to arrange $14.7 million if HUD financing, locking in a lower interest rate and... Read More »Schedule a demo
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