Berkadia Gets Busy
The team at Berkadia has been busy lately, closing seven HUD, Fannie Mae and bridge loans for a number of clients across the country. Managing Director Heidi Brunet handled five of those for two separate borrowers. First, two years after it opened, an 87-unit assisted living/memory care community in South Carolina is refinancing its construction debt with an $18.5 million, 10-year, fixed-rate Fannie Mae loan. Lease-up has evidently gone well, as occupancy stands at 93%. The same borrower also received from Ms. Brunet a $5.3 million, 10-year, fixed-rate supplemental loan through Freddie Mac to fund an expansion project at a high-end Virginia CCRC. The property was originally built in 2011... Read More »MidCap Financial’s Latest HUD Financing
Brett Patrick, Managing Director at MidCap Financial Housing Capital, recently arranged $7.95 million in 35-year HUD financing on behalf of a skilled nursing facility in Sun City West, Arizona (Phoenix MSA). The loan took out existing bank debt on the facility, which was built in 1985. There are 137 beds in the one-story building, which breaks down to 68 semi-private units and one private unit. Occupancy stood at 84% (over the current national average of 81%, according to NICMAP), with a 60% Medicaid census. Read More »Lancaster Pollard Lands Financing For Nonprofit Clients
Lancaster Pollard showed its strength in agency funding, closing over $40 million in financing to help a couple of not-for-profit clients expand their services. First, in Osceola, Wisconsin, Brad Competty led the way in closing a $7.1 million HUD refinance on behalf of Christian Community Homes, a senior care provider in western Wisconsin (Minneapolis-St. Paul MSA). Originally built in 1981 as a skilled nursing facility, CCH expanded its Hudson, WI campus over the years to include senior apartments (opened in 1986), assisted living (1993) and memory care (2009). More recently, in 2011, the organization expanded on a new campus in Osceola with a 40-bed skilled nursing facility and a 20-bed... Read More »
Two Transactions From HJ Sims
HJ Sims recently helped a CCRC in Ponte Vedra Beach, Florida (Jacksonville MSA) refinance its existing bond debt, generating significant savings for the well operating property. Developed in the mid-1980s, this community features 227 independent living units, 38 private assisted living units and 60 skilled nursing beds. Occupancy has historically been high and consistently over 95% for the independent living units, which recently received a renovation. The community’s Series 2007 bonds were not eligible for an advance refunding, because they had repaid the 1993 bonds that were used to advance refund the original 1987 issuance. However, HJ Sims worked with the community’s commercial bank... Read More »Schedule a demo
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