Back to Sims
A couple of years after purchasing two Rhode Island skilled nursing facilities, Athena Health Care Systems has gone to HUD to refinance the two properties, with the help of HJ Sims. Totaling 280 beds, the skilled nursing facilities combined for an occupancy in the mid-90s. This was not the first time Sims had gotten involved with these facilities. In fact, when Athena acquired them in 2013 and 2014, Sims issued both conventional bank financing and preferred equity to fund the deal. But, the bank debt was scheduled to mature in 2020 and 2021, respectively, and Athena chose to refinance through HUD to take advantage of the current low interest rate environment. So, Sims Mortgage Funding... Read More »Bridge with Love
A new 62-bed assisted living/memory care community is being developed in Ogden, Utah with the help of a $6.63 million bridge construction loan arranged by James Vanar of Love Funding. The loan, which was provided by Love’s parent company Midland States Bank, is expected to be taken out in three years by a HUD refinance. It also allows the developer, Utah-based Giza Development, to start the project sooner and begin accepting residents. Since introducing the bridge loan program in May 2015, Love has already financed over $65 million in bridge loans, not including $300 million of loans in its pipeline. Read More »
A couple more closings for Cambridge
A month after refinancing two skilled nursing facilities in the Chicago area owned and operated by Alden Management Services, Cambridge Realty Capital Companies did it again, but for two other facilities. The first, a 217-bed facility in Hoffman Estates, Illinois, received a $9.155 million HUD loan with a 29-3/4-year term. A 207-bed facility in Bloomingdale, Illinois was the second, and received an $8.35 million HUD loan with the same 29-3/4-year term. Cambridge Realty Capital Ltd. underwrote both transactions. Read More »
MidCap acquires HUD lender Pineview
With HUD transaction volume expected to rise in the senior care industry, following the recent debt-seasoning requirement (among other) changes, it’s no wonder MidCap Financial wants to establish a presence there in acquiring Pineview Capital Group, an experienced Denver-based HUD lender. With the benefit of its balance sheet, MidCap already boasts an array of services, including life sciences loans, first mortgage financing and mezzanine debt, ranging in size from $5 million to $100 million. This is also an opportunity to expand Pineview’s lending capabilities to a larger client base. The goal of the transaction is for both teams to become the single point of contact for borrowers through... Read More »Schedule a demo
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