DALLAS — Lancaster Pollard Mortgage Co. has arranged a $20.8 million refinancing for a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements at the community. Kyle Hemminger led the transaction for Lancaster Pollard.
Finance
LONGVIEW, Texas — Cambridge Realty Capital Cos. has provided a $3.9 million HUD Lean loan to refinance Summer Meadows, a 115-bed skilled nursing care facility in Longview. The fully amortized, 29-year loan was arranged for the owner, a New York limited liability company, using the HUD Section 232 pursuant to Section 223(a)(7) funding program. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans, underwrote the transaction.
Monticello Provides $3M in Working Capital for 336-Bed Skilled Nursing Portfolio in Tennessee
by Jeff Shaw
TENNESSEE — Monticello has provided a $3 million working capital loan to the operating companies of two skilled nursing properties totaling 336 beds in Tennessee. The borrower is an owner and operator with a current portfolio of 8,752 licensed beds and has an established relationship with Monticello.
Lancaster Pollard Provides $17.2M HUD Refinancing for Aaron Manor in Fairport, New York
by Jeff Shaw
FAIRPORT, N.Y. — Lancaster Pollard has provided $17.2 million in financing for Aaron Manor Rehabilitation and Nursing Center, a 142-bed skilled nursing facility in Fairport, a village east of Rochester. The FHA Sec. 232/223(f) loan will refinance several types of acquisition loans into a single payment structure. The new financing is nonrecourse and features a fixed rate. The current owner bought the property in 2018 and improved the operations and financial performance at the facility. Miles Kingston led the transaction for Lancaster Pollard, a division of ORIX Real Estate Capital.
HOLDEN, Mass. — Lancaster Pollard Mortgage Co. has arranged a HUD loan totaling $16.2 million to refinance Holden Rehabilitation and Skilled Nursing Center in the Worcester suburb of Holden. The borrower is Oriol Health Care, which build the 123-bed facility in 1965. The transaction allows Oriol to secure long-term financing consolidated with one lender and implement repairs at the facility. Aaron Becker and Adam Walter led the transaction for Lancaster Pollard.
Ziegler Places $53M Bank Financing for Pleasant View Communities Expansion in Pennsylvania
by Jeff Shaw
MANHEIM, Pa. — Ziegler has arranged $53 million in financing for Pleasant View Communities, which operates a continuing care retirement community in the South Central Pennsylvania borough of Manheim. Originally built in 1954, the community currently features 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds. The loans will fund two expansions. The first project, West Lawn Apartments, will consist of two buildings containing 18 independent living units located on Pleasant View’s existing campus. The second project, the Lofts at Lititz, will consist of …
Monticello Provides $41M in Financing for 336-Bed Skilled Nursing Portfolio in Tennessee
by Jeff Shaw
TENNESSEE — Monticello has provided $41 million to refinance two skilled nursing properties totaling 336 beds in Tennessee. The names and specific locations of the properties were not disclosed The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the sponsor’s acquisition of a number of facilities over the last several years in multiple transactions.
AUSTIN, Texas — Ziegler, acting as bank placement agent, has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. LCS has managed the property since 1981. Located on approximately 9.3 acres, the community comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The financing is a combination of $63.9 million in bank bonds and a $47 million short-term loan. The borrower expects to retire the short-term loans using entrance fees from an …
GERMANTOWN, Tenn. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a …
Greystone Provides $43.9M HUD Financing for Three Skilled Nursing Facilities in Upstate New York
by Jeff Shaw
CANANDAIGUA, BATH and CORNING, N.Y. — Greystone has provided $43.9 million in HUD-insured financing for a trio of affiliated skilled nursing facilities in Upstate New York. The borrower is Centers for Care. The three facilities, totaling 323 beds, include Ontario Center for Nursing and Rehabilitation in Canandaigua, Steuben Center for Nursing and Rehabilitation in Bath and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the financing package.