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Just weeks after closing HUD’s largest ever SNF loan (an $80.7 million loan to refinance the existing conventional bank debt at a 520-bed skilled nursing facility in Manhattan, New York), Housing & Healthcare Finance was at it again, closing on a portfolio of 5 HUD loans totaling $68.5 million in January. The loans, which featured 30-year terms and fixed rates in the mid-3% range, were used to finance the acquisition of 5 skilled nursing facilities in New Jersey with a total of 703 beds in 345 units. Read More »
Pineview in Pocatello
A trio of assisted living communities in the Pocatello, Idaho area (in the southeastern part of the state) were refinanced with a $3.89 million HUD scattered site loan. Denver-based Pineview Capital Group arranged the financing, which featured a 35-year term and an interest rate below 4%. With two built in 2008 and one in 2006, the communities were running well, with an average occupancy above 90%, and good operating margins. Each featured 15 units and around 10,000 square feet, and while one community had a quarter of its census from Medicaid, one had just 5% and the third had no Medicaid. All are under “The Gables” brand. Read More »HUD’s record SNF deal
HUD saw its largest single-asset, skilled nursing facility loan ever, when Housing & Healthcare Finance (HHC Finance) closed an $80.7 million 232/223(f) loan to refinance the existing conventional bank debt at a 520-bed skilled nursing facility in Manhattan, New York. Built in 1927 with 16 floors, but converted to skilled nursing in 1985, the Upper West Side facility was purchased three years ago by a member of the CareRite Centers network of communities for $80 million, or $153,800 per bed, with a 13% cap rate. With a loan of such size, HHC Finance had to get approval from multiple levels at HUD including the Office of Risk Management and all the way up to The Deputy Secretary of HUD.... Read More »Finish with a bang
Shep Roylance of The JCH Group is sprinting to the finish line in 2015, announcing four closings with a fifth on its way. First, earlier this month, Mr. Roylance closed the sale of a 175-bed skilled nursing facility in Sylmar, California for $14.4 million, or $82,300 per bed, with a 12.9% cap rate. The property was originally bought by the seller, LifeHOUSE Healthcare Services, when it had 141 beds in 2007 for $9.3 million, or $66,000 per bed. The current buyer, Independence Healthcare Management, also purchased an additional three acres planned for future assisted living and memory care development. Next up, Mr. Roylance arranged a sale/leaseback of a 59-bed SNF in Fresno, California for... Read More »Schedule a demo
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