Regions Banks Secures Balance Sheet Loans
Regions Bank announced a couple of balance sheet refinances for senior care clients. The first was closed for an 84-unit assisted living/memory care community in the suburbs of Honolulu, Hawaii, and we hope a site visit (or two) was required. Developed in 2016 by a large, senior living owner/operator based in southern California, the community was about 92% occupied at closing. It received a $29 million non-recourse balance sheet loan, which comes out to approximately $297,000 per unit, to repay an existing HUD loan and provide low leverage loan proceeds for an adjacent land parcel. It came with a floating rate and initial term of three years, plus an interest-only period... Read More »
Despite COVID-19, HUD Lean Records Strong 2020 Fiscal Year
This was not another ordinary fiscal year for HUD ended September 30, but the LEAN program still ended with nearly $4.4 billion in closings. That follows more than $3.7 billion in closings in the fiscal year 2019, which itself represented a slight increase over 2018’s volume. To reach such a high under the current circumstances, with in-person property inspections virtually impossible for months and HUD employees adjusting to working at home like so many of us, took great flexibility and a lot of hard work to get done. Greystone was head and shoulders atop the list this fiscal year, both in terms of transactions closed and in dollar volume. The firm closed 75 loans totaling more than... Read More »
M&T Realty Closes Slew of HUD Deals
The team at M&T Realty Capital Corporation has been busy lately with a number of HUD refinances and loan modifications. M&T entered the third quarter with a pipeline of over $225 million in potential financings covering multiple HUD products. Recently, the firm has closed eight of those transactions, totaling $126 million. The senior care facilities receiving the financings were spread out across the country in Maryland, Mississippi, New York, Pennsylvania, Utah, Washington, Connecticut and Virginia. The borrowers were able to take advantage of the low interest rate environment, securing fixed rates below 2.75%. Also, in one case, M&T had to close a HUD deal when a COVID-19... Read More »
New Jersey SNF Gets HUD Refinance
Cambridge Realty Capital Companies secured a HUD refinance for a 102-bed skilled nursing facility in Madison, New Jersey. Previously owned by Extended Care Clinical, the facility last sold in 2016 for $8.3 million, or $81,400 per bed, to a family owner/operator. Built in 1947 with 102 beds in two stories, the facility provides both short- and long-term care, with a subacute rehab center in a separate wing. Services range from orthopedic and trauma care to stroke, cardiac, tracheostomy and wound care. There are also on-site EKG’s, lab services and bladder scans. It is located across the street from Drew University and about three miles from Morristown Memorial Hospital. Cambridge... Read More »Schedule a demo
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