ILLINOIS — Capital Funding LLC has provided bridge-to-HUD financing for the acquisition of six skilled nursing facilities located throughout Illinois. The portfolio totals 594 total beds. The borrower, amount of capital, and names and locations of the properties were not disclosed. Capital Funding also financed the operations of a seventh skilled nursing facility in the portfolio, operated by Crown Healthcare. The lender expects to ultimately refinance the debt through HUD’S 232/223(f) program. Craig Casagrande originated the transaction for Capital Funding. Capital Finance LLC also provided working capital in the amount …
Acquisitions
ReNew, Merrill Gardens Form Joint Venture to Operate Bulk of Former New Senior Portfolio
by Jeff Shaw
SEATTLE and TOLEDO, Ohio — Merrill Gardens, a Seattle-based owner-operator, has formed a joint venture with ReNew, a Toledo-based REIT. The two companies will co-own 26 of the 28 seniors housing properties that ReNew is acquiring from New Senior Investment Group.
EASLEY, S.C., RICHMOND HEIGHTS, Ohio, and NORTH CHANDLER, Ariz. — Frontline Management, in a joint effort with Onelife Investments, has acquired three continuing care retirement communities (CCRCs) totaling 782 units of independent living, assisted living, memory care and skilled nursing.