Ferguson gets some Love
A skilled nursing/assisted living facility in Ferguson, Missouri recently refinanced with the help of Washington D.C.-based lender, Love Funding. The facility is owned by Christian Woman’s Benevolent Associates, a not-for-profit founded in 1911 at first to care for impoverished mothers, then expanding the provide care for all those in need. The facility, which includes 150 skilled nursing beds in 78 units and 14 assisted living semiprivate units, is one of two facilities in the area that provides on-site dialysis services to its residents and serves mainly Medicaid patients. Between the two acuity levels, occupancy was approximately 89%. Robyn Cunningham and Adrian Hartman of Love secured... Read More »No rest for the weary
Capital Funding Group recently announced the closing of four transactions for three different skilled nursing facilities across the country. First up, Capital Funding provided an undisclosed amount of subordinated debt to finance the acquisition of a 175-bed SNF in Modesto, California. A group of private real estate investors was the buyer, which brought on an affiliate of Windsor Healthcare to operate. Next up, in a deal that may sound familiar to our readers, CFG financed Vita Healthcare Group’s acquisition of a 140-bed skilled nursing facility in Hatboro, Pennsylvania. There were three parts to the transaction. Capital Funding arranged a $13.36 bridge-to-HUD loan funded through a... Read More »KeyBank does double-duty
John Randolph and Charlie Shoop of KeyBank’s Healthcare Mortgage Group recently arranged $47.7 million of permanent financing, which included a $28.5 million HUD loan and a $9.2 million Fannie Mae loan, to refinance a portfolio of six assisted living communities. The HUD loan featured a low fixed rate for 35 years, while the Fannie Mae loan was originated and closed within 50 days. The portfolio includes 319 units and is entirely located in North Carolina. With the funds, the borrower, Ridge Care Inc., improves its cash flow flexibility and will be able to both make capital improvements and grow its portfolio. Back in March 2015, Ridge Care also received a $59.8 million credit facility... Read More »
Love and Supportive
A brand new supportive living facility is set to go up on a 2.5-acre lot in an urban neighborhood around six miles from downtown Chicago. All 120 studio and one-bedroom units will be backed by Illinois’s Supportive Living Program, which is an apartment-style alternative to skilled nursing care for low-income seniors and those with disabilities under Medicaid. The project is estimated to cost approximately $27 million, or $225,000 per unit. MR Properties, which was formed in 2000 as a joint venture between two experienced Chicago developers, Phil Mappa and Colin Regan, is developing the facility, after having previously built a 335-unit community and a 224-unit community, both for... Read More »Schedule a demo
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