HHC Finance Closes Three More HUD Refinances
Housing & Healthcare Finance (HHC Finance) is continuing to take advantage of historically low interest rates by arranging HUD refinances for its clients. The company’s most recent activity saw it secure three loans totaling more than $33 million for three senior care facilities. There was a 100-bed skilled nursing facility in Delaware and two assisted living communities totaling close to 200 units in New Jersey (100 units) and New York (95 units). The refinances replaced existing HUD loans and extended the clients’ terms. HHC Finance also closed another $37 million in loan modifications for its (happy) clients. Read More »
Capital Funding Group Closes Q1 In Style
Capital Funding Group’s new off-balance sheet credit venture, CFG Credit Partners, has done it again, arranging another nine-figure bridge loan to support the acquisition of a skilled nursing portfolio. This transaction totaled $285 million. Using the funding, a nationally recognized borrower (which has worked with CFG before) was able to acquire 16 skilled nursing facilities in the Mid-Atlantic region. Erik Howard and Tim Eberhardt originated the transaction for Capital Funding Group, and Capital Funding, LLC, a subsidiary of CFG Bank, participated in the transaction. This deal appears very similar to CFG Credit Partners’ $317.5 million bridge-to-HUD financing for Eagle Arc Partners’... Read More »
Lument Refinances Upstate New York Assisted Living Community
Lument has sprung into spring, following up its arranging of bridge debt for a recently built senior living community in Florida with another refinance of an assisted living community in upstate New York. This transaction, however, involved HUD and featured an $8.3 million loan with a 35-year term. Miles Kingstone led the transaction, which reimbursed the borrower for previous capital expenditures and also took out a bridge loan that Lument originally helped secure in 2017 for the family owner/operator to purchase the property. Formerly a skilled nursing facility, the building was vacant until Joseph Murabito of Morningstar Care... Read More »
Greystone Funds Ohio SNF Acquisition
To fund the acquisition of a skilled nursing facility in Youngstown, Ohio, Fred Levine of Greystone arranged bridge financing for the new owner. Built in 1964, the facility features 99 beds and has been owned and operated by Guardian Healthcare. However, going forward, Bal Harbour Management will take over day-to-day management. The bridge loan comes out to $3.98 million, or around $40,200 per bed. Assuming a typical 70% loan-to-value, that puts the purchase price around $57,400 per bed, which is right around the average for facilities built more than 40 years ago of $56,100 per bed, according to the 26th Edition of The Senior Care Acquisition... Read More »Schedule a demo
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