Two cheers for Cambridge
Cambridge Realty Capital Companies closed nearly $25 million in HUD refinancings for two senior care properties in the Chicago area. Both were Alden Management Services facilities, two of 46 owned by the senior care provider mainly around Chicago and a couple in Wisconsin. A 121-bed assisted living community in Aurora received a $13.58 million loan with a 35-year term. In Chicago, a 300-bed skilled nursing facility refinanced with an $11.3 million loan, also for 35 years. Cambridge Realty Capital Ltd. underwrote both transactions. Read More »
Pillar delivers
A 96-unit assisted living community in Glen Cove, New York undergoing an expansion to add a dedicated memory care wing also refinanced with HUD at the same time. The community, built in 1992 and owned by the not-for-profit National Healthplex, Inc., sought to repay existing municipal bonds, as well as to fund the conversion/rehabilitation project. Josh Hausfeld of Pillar originated a $32.5 million HUD loan, with a 40-year term. The financing was more complicated than usual, with a ground lease on the project land, a payment in-lieu of taxes (PILOT) agreement, and the existing tax-exempt bonds issued by Glen Cove Industrial Development Agency. Following the expansion, the community will... Read More »HUD grows
HUD just made things a little easier for owners of seniors housing and care properties to refinance through the HUD LEAN program. There were a couple of notable changes to the program. First, when facilitating a partner-buyout on a property and the borrower takes out a bridge loan to finance it, they can refinance that loan immediately with HUD, with certain caveats, including timelines for buyback provisions. The second notable change is a new system for determining debt seasoning. If a HUD loan is less than or equal to 60% loan-to-value (LTV), then there is no debt seasoning requirement. Between 60% LTV and 70%, there is no seasoning required as long as at least 50%of the existing bridge... Read More »Big Sky gets big refi
In one of the company’s largest transactions closed in recent years, Denver-based Pineview Capital Group secured a $12.35 million HUD loan to refinance a 153-unit senior living community in Butte, Montana. The community was built in 1999 on a 13-acre property, with 102 assisted living units, 31 independent living units and 20 memory care units. There is also a 19% Medicaid census. Brett Patrick and Brian Therkildsen led the way for Pineview on this transaction. Read More »Schedule a demo
Gain access to the best healthcare and long-term care investment intelligence, data, and analysis.
