HHC Finance Hard At Work
HHC Finance headed to the greater Los Angeles area to close its latest transaction, a $6 million HUD refinance of a 99-bed/38-unit skilled nursing facility. The loan features a fixed interest rate below 3.5% and a 30-year term, and it comes on the heels of a $32 million refinance, arranged by HHC Finance, of two senior care facilities located outside of New Orleans. Owned by the Archdiocese of New Orleans, the two properties have a total of 437 beds and 318 units of skilled nursing, assisted living and memory care services. Recently, a 30-unit post-acute rehab center was added, and the construction loan to fund it was taken out by the refinance. More renovations are planned to both... Read More »Greystone Refinances Queens Skilled Nursing Facility
A couple of years after Greystone financed the acquisition of a 302-bed skilled nursing facility in Queens, New York, the lender came full circle in refinancing it with a $59.8 million, or a whopping $198,000 per bed, HUD loan. Fred Levine of Greystone originated both the original bridge loan and the permanent financing on behalf of the borrower, Kennedy Management, a healthcare company owned and operated by the Fuchs family. Since the 2015 acquisition, the owners renovated and rebranded the facility, which now boasts many luxury features such as a dedicated concierge, resident lounges, bedside iPads and valet parking. The facility also offers a 40-bed ventilator unit and a 12-chair... Read More »
Bank It, With KeyBank
John Randolph and Laura Conway of KeyBank Real Estate Capital’s Healthcare Group closed a couple of transactions, both involving HUD refinances. Trilogy Health Services was the borrower in both of the transactions. It first refinanced its 132-bed healthcare campus in Noblesville, Indiana with a $9.6 million loan. The facility was built in 2010 and features 49 skilled nursing, 33 assisted living and 29 memory care units. Trilogy also received a $5.7 million loan to refinance its Lafayette, Indiana skilled nursing facility. With 71 beds, it was originally built in 1969 but recently renovated in 2010. Both loans (which have 35-year amortization schedules) will also fund some repairs at the... Read More »Erik Howard’s Transaction Trio
Baltimore-based Capital Funding Group recently closed three HUD transactions totaling nearly $25 million for a repeat borrower. Erik Howard, Managing Director of Real Estate Finance, facilitated the loans, which included a $9.06 million mortgage for a Colorado skilled nursing facility, a $9.96 million loan for a Washington facility and $5.75 in financing for another Washington SNF. All three loans refinanced existing term loans from conventional lenders, and Mr. Howard executed a no-lockout, five-year prepayment penalty structure that gave the borrower, a national operator of SNFs and assisted living communities, greater flexibility in the medium term. Read More »Schedule a demo
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