Berkadia Serves Up Agency Financings
Berkadia’s Seniors Housing and Healthcare team, led by Chris Honn, has been working at a furious pace since the end of last year, closing $288 million in financings in the past two months. First up on the agency side, Berkadia arranged a $36.7 million Freddie Mac loan, with a 10-year fixed-rate term, for a recently stabilized 131-unit independent living community in Birmingham, Michigan. Through Fannie Mae, the team also closed a $98 million, seven-year loan (with a fixed rate) on behalf of the owners of a 605-unit entrance-fee CCRC in Florida who were looking to cash out their equity. For a portfolio of five skilled nursing facilities, and 222 beds, in Arizona, Colorado and Utah, Berkadia... Read More »
Lancaster Pollard’s Transaction Triple
The team at Lancaster Pollard posted a trifecta of Fannie Mae/HUD transactions across the middle of the country. The largest of the three, an $11 million Fannie Mae loan with a 10-year fixed-rate term, was arranged for an assisted living/memory care community in Omaha, Nebraska. The community had existing Fannie Mae debt, at a higher interest rate, but was in need of repairs and renovations. Quintin Harris arranged the transaction, which provided $3 million in new money for the renovation project. Then Kyle Hemminger closed a Fannie Mae loan for a three-year old, 48-bed memory care community in the Houston area that is owned by a Texas-based operator. That was the second Fannie Mae closing... Read More »
Capital One Closes HUD Refinance of Large Illinois SNF
One of the largest skilled nursing facilities in Illinois just received a $16.8 million 35-year HUD refinance, courtesy of Joshua Rosen of Capital One. Located in the town of Joliet (about 40 miles outside of Chicago), the facility serves both Medicaid and Medicare patients in either private or semi-private rooms. In addition to long-term care, it also offers respite care and sub-acute/short-term rehab care (to Medicare patients), encompassing physical/occupational/speech therapy, wound care management, cardiac rehab, trach care and post-stroke management. The facility was built in 1975, but improvements have been made since then. The owning principals, which have operated it since 1998,... Read More »
New Future for HUD Lender
Housing & Healthcare Finance (HHC) is bringing on a new face to oversee its expansion efforts in the healthcare lending world, though this new addition is no stranger to healthcare finance. Keith Reuben, an industry veteran having been part of senior management at CapitalSource Inc. from 2001 to 2009, and then Executive Vice President of the Commercial and Specialty Finance Business at Capital One Bank from 2011 to 2015, has joined HHC as its CEO. The lender clearly has its niche in providing HUD financing to senior care properties, closing 28 transactions for a total of $355.9 million in FY2016, including the agency’s largest loan of the year: an $80.7 million loan to refinance a... Read More »Schedule a demo
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