KeyBank Does It Again
KeyBank Real Estate Capital arranged HUD financing for an eight-property skilled nursing portfolio with 1,063 beds in Texas. The loan amount was $90.8 million, or about $85,400 per bed. KeyBank was the lead in a syndicate of lenders that provided a $315 million bridge loan to a joint venture between Capital Senior Ventures and BlueMountain Capital Management to buy a portfolio of 30 facilities. This latest financing was used to pay off the remaining balance of that bridge loan. John Randolph led the KeyBank team on the financing, which included Grant Saunders and Peter Trazzera from Key’s Healthcare Group. Read More »
Ziegler Closes Big HUD Deal
Most people think of the HUD 232 program as a financing tool used by for-profit entities. But not-for-profits can take advantage of the low rates as well. A case in point was the recent $94.3 million HUD loan arranged by Bill Mulligan and Ashley Wilkens of Ziegler for a senior living campus in North Central Florida. With more than 639 units, the loan came in around $147,500 per unit and had an interest rate just under 3.5%. The large campus has 511 unlicensed independent living/board and care units, plus 128 units licensed for assisted living and memory care. The Ziegler team was able to convince HUD that the large IL portion met the HUD parameters because although they were “independent... Read More »
Fast HUD Financing From Lancaster Pollard
Aaron Becker of Lancaster Pollard led the way in arranging an $11.9 million HUD refinance of a 54-bed skilled nursing facility in Pittsfield, Massachusetts. Owned and operated by long-standing Pittsfield-area not-for-profit organization, Berkshire Retirement Home, Inc., the facility was built in 2014 to replace Berkshire’s original SNF. Conventional bank financing, with a floating interest rate, funded the construction, but ownership decided to refinance through HUD. Lancaster Pollard worked to obtain a firm commitment from HUD less than two weeks after formal submission, allowing the borrower to lock in the interest rate in December, before rates increased. We’re sure more than a few late... Read More »
Meridian Capital Group Is On A Roll
Following up on a nearly-$200 million month in January, Meridian Capital Group backed that up with another $80 million in closings in February, showing off their national reach too. The team of Ari Adlerstein and Ari Dobkin arranged all four financings, starting in Clovis, New Mexico, where the pair arranged an $11 million 35-year HUD loan to refinance an independent living/assisted living community. Located in rural New Mexico near the Texas border, the community also offers memory care and respite stay services. Then, Messrs. Adlerstein and Dobkin arranged nearly $10 million in financing for a 224-bed senior living community in Bedford, Ohio (Cleveland MSA). The $9.75 million... Read More »Schedule a demo
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