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 and a 30-year amortization. The name of the borrower and property were not released. Matthew Pipitone of M&T Realty Capital’s Baltimore office, in collaboration with Jonathan Leister of M&T Bank’s Syracuse, N.Y., office led the transaction.
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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 is structured with a 25-year amortization. John Sigeti of M&T Realty Capital’s Buffalo office led the transaction. The name of the borrower and property were not disclosed.
M&T Realty Capital Provides $79.5M Financing for Skilled Nursing Facility in New Jersey
by Jeff Shaw
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 3.28 percent. The borrower and name of facility were not disclosed. Paula Quigley and Matthew Pipitone of M&T Realty Capital Baltimore office led the transaction in collaboration with Aaron Anglada of M&T Bank’s Paramus office. Quigley also serves as the FHA/HUD program manager for the company.
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 35-year loan is fully amortizing and features a fixed interest rate of 3.25 percent. Paula Quigley and Matt Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Jennifer Kooney of M&T Bank’s Tarrytown, N.Y., office. Quigley also serves as the FHA/HUD program manager for M&T Realty …
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. The 35-year, fully amortizing loan features a fixed rate of 3.26 percent. The borrower and name of facility were not disclosed. Paula Quigley and Matt Pipitone of M&T Realty Capital’s Baltimore office, in collaboration with Jennifer Kooney of M&T Bank’s Tarrytown, N.Y. office, led the transaction. Quigley also serves as …
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 of M&T Realty Capital Baltimore office, in collaboration with Nick Gent of M&T Bank’s Washington, D.C. office, led the transaction. The borrower and name of the community were not disclosed.
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 to 50 basis points over the summer. The decision also addressed similar uncertainties in the seniors housing industry and, to some degree, growing concerns over affordability. Both were hot topics at the National Investment Center for Seniors Housing and Care’s fall conference in mid-September, and M&T Bank’s healthcare banking and …
Relationship Lending Gains Importance Amid Choppy Market Conditions, Say M&T Bank Executives
by Jaime Lackey
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 Center for Seniors Housing & Care (NIC). That finding stems from a survey of attendees conducted annually by the Annapolis, Maryland-based nonprofit organization. The conference also serves as a platform for thought leadership and idea sharing. Some key topics addressed at this year’s conference — which took place Sept. 11-13 …
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 Payment Model (PDPM), CMS is linking skilled nursing facility (SNF) reimbursements to the value of care given. When it goes into effect on October 1, PDPM will replace the current model that pays SNFs based on the volume of services rendered. One of PDPM’s primary goals is to encourage activities …