Seniors housing owners struggling with low occupancy and maturing debt have found themselves in a state of financing limbo. Preferred lenders that cater to the industry, including FHA/HUD, Fannie Mae and Freddie Mac, won’t consider providing a mortgage to properties…
For more than a year, seniors housing operators have battled rising vacancy, pressure on net operating income and uncertainty about the future as potential residents steered clear from property tours and lease commitments. Those difficulties have created a tough financing…
CHELSEA, Mass. — M&T Realty Capital has provided a $17.6 million FHA-insured loan for the refinancing of a 120-unit skilled nursing facility located in Chelsea, a northeastern suburb of Boston. The loan was completed under HUD’s 232 program, which provides…
FARMINGTON, Conn., CHELSEA, Mass. and OREGON — The M&T Realty Capital Corp. (MTRCC) Seniors Housing Team has provided three financing transactions for seniors housing communities totaling $36 million. In the first transaction, M&T provided a $7.1 million FHA-insured loan for…
Concerns about real estate distress have primarily focused on retail and hospitality properties, both of which have most visibly borne the brunt of COVID-19 state and local lockdowns. Yet, arguably, seniors housing has suffered just as severe a blow, say…
ST. CHARLES, Ill. — M&T Realty Capital Corp. has provided a $15.1 million Fannie Mae loan for the refinance of an 80-unit active adult community in St. Charles. The transaction was worked in conjunction with Ziegler, a specialty investment bank…
SEATTLE — M&T Realty Capital Corp. has provided a $3.1 million, FHA-insured loan for the refinance of a 47-unit skilled nursing facility in Seattle. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) 223(a)(7) program.…
STERLING, Va. — M&T Realty Capital Corp. has provided a $17.1 million Fannie Mae acquisition loan for Cascades Village, a 150-unit affordable seniors housing community in Sterling. Matthew Hodson of M&T originated the 10-year loan on behalf of the borrower,…
SPOKANE, Wash. —M&T Realty Capital Corp. has funded a $13.8 million FHA-insured loan to refinance of a 212-unit assisted living property located in Spokane. The asset was originally built in 1940, with additions in the late 1940s and early 1980s,…
DULLES, Va. — M&T Realty Capital Corp. has provided a $23 million FHA-insured loan to refinance of a 166-bed skilled nursing facility in Dulles, a subsurb of Washington, D.C. At an 80 percent loan-to-value ratio, the 35-year, 2.65 percent fixed-rate…
ENUMCLAW, Wash. — M&T Realty Capital Corp. has provided a $16.8 million Freddie Mac loan for High Point Village, a seniors housing community in Enumclaw, approximately 35 miles southeast of Seattle. The community features 108 units of independent living, assisted…
VIRGINIA BEACH — M&T Realty Capital Corp. has closed a $38.4 million Fannie Mae loan to refinance a 179-unit seniors housing property in Virginia Beach. The 10-year, 3.63 percent, fixed-rate loan is structured with three years of interest-only payments, followed…
ANNAPOLIS, Md. — M&T Realty Capital Corp. has closed a $63 million Freddie Mac loan to refinance a 165-unit seniors housing property in Annapolis. The loan features a 70 percent loan-to-value ratio, 10-year term, fixed rate, five years of interest-only…
INDIANAPOLIS — M&T Realty Capital Corp. has provided a $26.4 million bridge loan for the acquisition of an 811-unit independent living property in Indianapolis. The financing features 80 percent loan-to-value ratio, a two-year term, a fixed rate of 4.7 percent…
If they haven’t already, it may be time for investors to reject the notion that seniors housing is a niche asset class. To meet surging demand for the properties brought on by the aging baby boomer population, sophisticated owners have…
TALLAHASSEE, Fla. — M&T Realty Capital Corp. has closed a $43 million Fannie Mae Near-Stabilization loan to refinance a 128-unit seniors housing property in Tallahassee. The 10-year loan features a fixed rate of 3.63 percent, five years of interest-only payments…
GENESEO, N.Y. — M&T Realty Capital Corp. has provided a $7.5 million refinancing for a 64-unit assisted living facility in Geneseo, a town in the Finger Lakes region. At a 75 percent loan-to-value ratio, the 10-year, 4.18 percent fixed-rate loan…
BLACKWOOD, N.J. — M&T Realty Capital Corp. has closed a $79.5 million FHA-insured loan to refinance a 458-bed skilled nursing facility in Blackwood, a suburb of Philadelphia. The 30-year loan is full amortizing and features a fixed interest rate of…
GLOVERSVILLE, N.Y. — M&T Realty Capital Corp. has provided a $14.9 million FHA-insured loan to refinance of a 176-bed skilled nursing facility in Gloversville, approximately midway between Albany and Utica. The loan was completed under the FHA 223(f) program. The…
CHATHAM, N.J. — M&T Realty Capital Corp. has provided a $12.1 million FHA-insured loan to refinance of a 108-bed skilled nursing facility in Chatham. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) 223(f) program.…
ROANOKE, Va. — M&T Realty Capital Corp. has provided a $12.9 million Fannie Mae loan to refinance a 55-unit seniors housing property in Roanoke. The 10-year loan features a fixed rate of 3.75 percent and a 30-year amortization. Matthew Pipitone…
The Federal Housing Finance Administration’s (FHFA) recent decision to maintain healthy multifamily purchase volumes for Fannie Mae and Freddie Mac calmed market uncertainties over capital availability for the remainder of 2019 and 2020, which had increased loan spreads by 30…
The NIC Fall Conference is known as the place where deals get done. About 80 percent of attendees either receive or deliver capital as a result of the meetings they participate in at the conference, according to the National Investment…
BALTIMORE — M&T Realty Capital Corporation, a Baltimore-based lender, has closed a Fannie Mae credit facility totaling $79.7 million for the acquisition of a four-property, multi-state seniors housing portfolio.…
Next week, the Center for Medicare and Medicaid Services (CMS) is scheduled to roll out a new reimbursement model that could significantly affect the cash flow and financial flexibility of skilled nursing facilities. Under the program, known as the Patient-Driven…
SPRING LAKE, N.J., NEW YORK CITY and YORKTOWN, Va. — M&T Realty Capital Corp. has provided three loans totaling $84.6 million for seniors housing communities in New Jersey, New York and Virginia.…
Coming out of the financial crisis, cash-out financing became a term that virtually no commercial real estate sponsor dared utter. Lenders and regulators took a dim view of the practice, which, as a product of lax underwriting standards that helped…