MidCap Financial’s On A Mission
MidCap Financial is back in the news, having provided a $17.5 million bridge-to-HUD loan to an assisted living/memory care community in Reno, Nevada. The three-year, floating-rate loan will take out construction debt and recapture equity in the property, which was developed in 2016 with 116 total units. Lease-up was quick, reaching 88% occupancy within a year of opening. Mission Senior Living, based in nearby Carson City, owns and operates the community, along with four others in Oregon, Nevada and Arizona, and a couple more in the development pipeline. Read More »
Pillar Powers Through Two HUD Financings
The team of Pillar Financial, a division of SunTrust Bank, has been active lately, closing more than $20.7 million in financings for two Rust Belt seniors housing communities. Don Husi, based in Pillar’s Nashville office, first originated a $13.59 million HUD loan, with a 30-year term, to refinance a scattered-site that includes 143 beds spread across one large skilled nursing facility and two small assisted living communities in Menasha and Appleton, Wisconsin. The properties offer their residents a continuum of care, if need be. Then, in Moosic, Pennsylvania, Mr. Husi originated a $7.18 million HUD refinance for a 35-unit/58-bed memory care community. The 35-year loan took out an... Read More »
Gryphon Senior Living Group Gets HUD Refinance
Three years after acquiring a 40-unit Georgia assisted living community in receivership, Gryphon Senior Living Group is refinancing it through HUD. Built in 2000 as a licensed personal care facility in the town of Union City, an Atlanta suburb, this community features nine units of memory care and 31 assisted living units, with 50 total beds. It was operating near breakeven with 77% occupancy in 2014 and was in receivership at the time of closing. GlassRatner was the court-appointed receiver on behalf of a special lender in South Carolina, and Oak Senior Living was managing the property throughout the process. Chicago-based owner/operator Gryphon Senior Living Group then emerged as the... Read More »Capital One Closes A Big One
Capital One flexed its banking muscles when it provided just over $551 million in financing to Kayne Anderson Real Estate Advisors (KAREA) for its purchase of Sentio Healthcare Properties. Announced back in May, the high-profile acquisition included all 34 of Sentio’s seniors housing and medical office properties, and was valued around $825 million. To fund the deal, Capital One provided KAREA a $251 million bridge loan and a $300 million Freddie Mac seniors housing revolving credit facility. We imagine a lot of time was spent on this large, complex transaction. Well done. Another Capital One deal came across the wires, albeit a little smaller than the KAREA deal. Joshua Rosen originated a... Read More »Schedule a demo
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