PGIM Arranges Two HUD Refinances
PGIM’s Seniors Housing and Healthcare Group arranged refinances for two seniors housing communities in the Southeast, the third and fourth properties refinanced for the same client during the pandemic. Christopher Fenton, Catherine Eby, Adrian Hartman, and Robyn Cunningham originated the loans. The first, totaling $7.93 million, went to a 112-bed skilled nursing facility in Bastrop, Louisiana. Rather than a loan modification, Mr. Hartman and Ms. Cunningham secured a loan to maximize annual cash flow through term extension and a rate savings of 0.8% when considering the lowered MIP. In the other deal, Mr. Fenton and Mrs. Eby provided a $15.94 million loan for a... Read More »
PGIM Refinances Virginia Seniors Housing Community
PGIM Real Estate’s Seniors Housing and Healthcare Group refinanced a 57-unit seniors housing community in Lynchburg, Virginia with a new HUD loan, providing the owner with substantial annual loan payment savings. That makes for a happy client. Family-owned and operated Runk & Pratt was the borrower, closing its second transaction with PGIM in the last 10 months. The community was built in the 1980s and boasted 95% occupancy. It previously had a HUD mortgage holding an interest rate of 4.25%. However, Christopher Fenton and Catherine Eby arranged a new $13.2 million loan that both extended the borrower’s loan maturity and lowered the interest rate to 3.03%. That results in annual debt... Read More »
PGIM Arranges Array of HUD Financings
PGIM’s Seniors Housing and Healthcare Group was busy on the HUD front this month, closing three loans totaling more than $33 million for three senior care facilities. Christopher Fenton, Corley Audorff, Catherine Eby and Josh Williams originated the loans and all worked on the largest transaction, which was a $21.9 million loan for a 238-unit assisted living/skilled nursing campus in Connecticut. Utilizing HUD’s 232/223(a)(7) program, the not-for-profit owner was able to lower its current interest rate by 81 basis points, and the loan term was extended to 35 years. Then, Messrs. Audorff and Williams funded a $10.9 million loan for a 141-unit senior care... Read More »
HealthPeak Sells 10 Aegis Living Communities
HealthPeak Properties continues its exit from the seniors housing business, both its sale/leaseback portfolio as well as its RIDEA assets. In a large transaction, HealthPeak has sold 10 assisted living and memory care communities to its tenant, Aegis Living, which partnered with Blue Moon Capital Partners in the deal. The purchase price for the real estate (to HealthPeak) was $350 million, but the total price for the entire transaction was closer to $440 million, or about $626,700 per unit. Not too bad during a pandemic. The 10 properties are located in California (6), Washington (3) and Nevada (1). Average occupancy in the third quarter... Read More »Schedule a demo
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