NEW YORK CITY — CIT Group Inc. (NYSE: CIT) has served as the lead arranger of $93.7 million in combined financing for 19 healthcare facilities in California, Nevada and Washington between New Generation Health LLC and affiliates of Genesis Healthcare Inc. New Gen, a healthcare consulting firm specializing in the operation of skilled nursing facilities in the Western portion of the United States, will provide management and/or consulting services for the 19 healthcare facilities. Affiliates of Genesis will continue to provide certain administrative, back-office and therapy services to the facilities. …
Finance
CBRE Hires Seniors Housing Financing Expert Joshua Hausfeld as Executive Vice President
by Jeff Shaw
BETHESDA, Md. — CBRE has hired Joshua Hausfeld as a debt and structured finance professional within the company’s national seniors housing practice. Hausfeld will be an executive vice president based in CBRE’s Bethesda office, specializing in agency loans for healthcare and seniors housing properties, including independent living, assisted living, memory care and skilled nursing facilities. Hausfeld will lead CBRE’s HUD 232 origination efforts nationally, and partner with CBRE National Senior Housing professionals Aron Will, Austin Sacco and Lisa Widmier. Prior to joining CBRE, Hausfeld was a managing director at SunTrust …
LUBBOCK, Texas, and HUNTSVILLE, Ala. — Walker & Dunlop has structured $13.1 million in financing for Crown Point Health Suites, a skilled nursing facility in Lubbock, and $33.6 million in financing for Regency Retirement Village of Huntsville, a continuing care retirement community (CCRC) in Huntsville. Built in 2011, Crown Point Health Suites is a 96-unit, Class A+ facility in West Texas. Regency Retirement Village of Huntsville is a 312-unit CCRC built in 1980, with a skilled nursing expansion completed in 2016. The two transactions were both refinancings through HUD’s 232/233(f) …
NEW JERSEY — Monticello and its affiliates have provided $38 million in first lien debt financing for the acquisition of one rental-model retirement community in New Jersey. The community features 226 independent living units, 113 assisted living and memory care beds and 60 skilled nursing beds. The transaction also includes a $1 million working capital loan to the operating company of the property provided by Monticello’s asset-based lending group, Monticello Commercial Capital. The borrower is an owner and operator of various models of senior living. The name and location of …
Dwight Capital Closes $6.8M Financing for Canal Pointe Skilled Nursing Facility in Akron, Ohio
by Jeff Shaw
AKRON, Ohio — Dwight Capital has provided a $6.8 million bridge loan for the acquisition of Canal Pointe Nursing and Rehab, a 120-bed skilled nursing facility in Akron. Renovated in 2008, the property totals 57,724 square feet situated on 2.2 acres. Canal Pointe offers its residents services such as short-term rehabilitation, occupational therapy, respiratory care, trach care and behavioral care. The borrower was not disclosed.
Capital Funding Arranges $10.8M Acquisition Financing for Harrison House of Christiana in Pennsylvania
by Jeff Shaw
CHRISTIANA, Pa. — Capital Funding LLC has arranged $10.8 million in bridge-to-HUD financing for the acquisition of Harrison House of Christiana in Lancaster County. The property is a 139-bed skilled nursing facility. The borrower was not disclosed. Concurrent with the real estate closing, Capital Finance also provided a $3.5 million line of credit. Craig Casagrande and Andrew Jones originated the transaction for Capital Funding.
Ziegler Arranges $35.7M Bond Financing for The Woodlands at Furman Expansion in South Carolina
by Jeff Shaw
GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. The community opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent …
MARYLAND — Monticello has provided $32 million in first lien debt financing for the refinance of a 177-bed skilled nursing property in Maryland. Monticello’s asset-based lending group, Monticello Commercial Capital, also added a $2 million working capital loan to the operating company. The borrower is an owner and operator with a current portfolio of 1,332 licensed beds. The name and location of the property were not disclosed.
VENICE, Fla. — Pensam has provided $56 million in financing for the Floridian Club of Sarasota, an active adult community in Venice, located on the Gulf Coast approximately 70 miles south of Tampa. The loan replaces the construction financing on the property and provide capital for the lease-up of the newly built, 309-unit property. The floating-rate loan has a term of three years with extension options. The community is made up of for-rent, single-story villas and poolside bungalows. The property comprises one- and two-bedroom units with rents ranging from $1,600 …
EASTON, MILLVILLE, ORANGEVILLE and STEVENS, Pa. — Greystone has provided a total of $63 million in HUD-insured loans to refinance a portfolio of five skilled nursing facilities in Pennsylvania. Fred Levine of Greystone originated the loans on behalf of Maybrook Holdings. The FHA loans are all non-recourse, fixed-rate, long-term and self-amortizing,. The portfolio consists of 622 total beds across the five properties in Easton, Millville, Orangeville, and Stevens, which were originally acquired in 2017.