VIRGINIA — Monticello has provided $97.2 million in first lien debt financing for the acquisition of five skilled nursing properties totaling 856 beds in Virginia. The transaction also includes a $8 million working capital loan to the operating companies of the properties. Monticello’s asset-based lending group, Monticello Commercial Capital, provided that capital. The borrower is an owner-operator with a current portfolio of 1,155 licensed beds. The seller, facility names and facility locations were not disclosed.
Finance
EUGENE, Ore. — Carnegie Capital has arranged a $7.4 million refinancing for a 60-unit memory care community in Eugene. The cash-out refinancing represents a 75 percent loan-to-value ratio, and bears an interest rate of 5.55 percent for three years. Residents at the community are approximately half private pay and half Medicaid. The borrower is a regional owner-operator. The lenders are a national bank and a private lender.
Dougherty Mortgage Provides $15.9M HUD Loan for Trinity Affordable Community in Minneapolis
by Jeff Shaw
MINNEAPOLIS — Dougherty Mortgage has provided a $15.9 million HUD 221(d)(4) loan for the rehabilitation of Trinity Apartments, a 120-unit affordable senior housing property in Minneapolis. All units at the eight-story building are restricted to heads of household over age 62 and are covered by a Project-Based Section 8 HAP contract. The borrower is Trinity Limited Partnership. The property will receive $6.7 million ($56,000 per unit) in renovation work, including dwelling unit and community space upgrades. In addition to the HUD-insured first mortgage, the project utilized Low Income Housing Tax …
GERMANTOWN, Tenn., and OLIVE BRANCH, Miss. — Greystone has provided a total of $29.4 million in HUD-insured loans for two affiliated senior living facilities in Tennessee and Mississippi. In the first transaction, Greystone executed a $12.2 million loan for Germantown Plantation Senior Living. The 106-unit community is located in Germantown, a suburb of Memphis, and offers assisted living services. The HUD 232/223(a)(7) loan, which is the refinancing of an existing HUD loan, features a 40-year term and amortization. In addition to refinancing existing debt at a lower rate, the loan …
WEST JORDAN, Utah — Dwight Capital has provided a $4.3 million HUD 232/223(f) loan for Beehive Homes of West Jordan, a 50-bed assisted living facility in West Jordan. The property sits on over 1.5 acres and is less than a mile from Jordan Valley Medical Center. Kevin Lifshitz of Dwight Capital originated the loan, which refinances existing debt.
REIT Roundup: Omega to Repurchase $200M in Stock, Welltower Receives $1B Loan, SNR Reports COVID-19 at Two Communities
by Jeff Shaw
As seniors housing REITs make quick moves to respond to the COVID-19 pandemic, several have announced changes to both protect shareholders and residents. For example, Omega Healthcare Investors (NYSE: OHI) has authorized a stock repurchase program totaling up to $200 million; Welltower (NYSE: WELL) has taken on a new $1 billion term loan; and New Senior Investment Trust (NYSE: SNR) has updated plans to contain the outbreak in two of its communities. OHI describes its move as a way to “enhance stockholder value and balance sheet,” as the company’s stock …
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 by a 30-year amortization. Matthew Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Nick Gent of M&T Bank’s Washington, D.C. office. The name of the community and borrower were not disclosed.
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 payments, and 30-year amortization. The borrower and name of property were not disclosed. Matthew Pipitone and Robert Kaplan of M&T Realty Capital’s Baltimore office, in collaboration Gretchen Wintringer, handled the transaction.
HOUSTON — JLL Capital Markets has arranged both the sale of and financing for The Gardens at Spring Shadows, a 384-unit independent living community in Houston’s Spring Branch submarket. JLL served as the seller’s listing agent. Additionally, JLL’s debt placement team worked on the new owner’s behalf to arrange a three-year, floating-rate loan with two one-year extension options through Ready Capital. In addition to funding the acquisition, the balance of the loan will be used for the rehabilitation of the property. The Gardens at Spring Shadows sits on 11.4 acres. …
M&T Provides $26.4M Acquisition Financing for Independent Living Community in Indianapolis
by Jeff Shaw
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 and full-term interest-only payments. John Taylor of M&T Realty Capital’s Florham Park, New Jersey, office led the transaction. The buyer, seller and name of the community were not disclosed.