ATLANTA; MEMPHIS, Tenn.; MOBILE, Ala.; and SHREVEPORT, La. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $142 million bridge acquisition loan for a portfolio of 10 skilled nursing facilities in prime urban areas surrounding Atlanta, Memphis, Mobile and Shreveport. The properties include Bell Minor Home, Cambridge Post Acute Care Center, Nurse Care of Buckhead, Riverside Health Care Center, Rockdale Healthcare Center, Westminster Commons, Millington Healthcare Center, Parkway Health and Rehabilitation Center, Kensington Health and Rehabilitation, and Highland Place Rehabilitation and Nursing. Collectively, these facilities total …
NEW YORK CITY — Berkadia Seniors Housing & Healthcare has worked with Poppy Bank to close loans for 12 different seniors housing properties totaling over $329.7 million of bridge debt. Chris Cain of Berkadia Seniors Housing & Healthcare, alongside Steve Ervin, secured the financing. The 12 properties total 1,597 units. Further details were not disclosed.
WASHINGTON and IDAHO — Capital Funding Group (CFG) has provided a HUD financing package totaling $42 million. The package included three loans supporting the refinancing of existing bridge loans for three skilled nursing facilities: Tim Eberhardt and Ava Julio originated the transaction. The borrower was not disclosed.
TUCSON, Ariz. — Greystone has provided a $29.4 million HUD-insured loan to refinance a 240-bed skilled nursing facility in Tucson. Eric Rosenstock originated the loan on behalf of Sapphire of Tucson Properties LLC. Sandstone of Tucson Rehab Centre in Pima County is a long-term skilled nursing and post-acute rehabilitation facility that includes 127 units, consisting of 43 private and 84 semi-private rooms. The permanent FHA loan carries a 35-year term and amortization.
How is persistently high inflation impacting investment and development activity in the seniors housing space? An economic double whammy By Chris Blanda Senior Managing Director VIUM Capital This a well phrased question because both inflation and, in turn, high interest rates have doubled down to restrict development activity. It’s been a compounding effect that has moved several major levers to the economic viability of development projects in the wrong direction. Inflation has pushed development budgets and operating cost budgets up, while high interest rates have pushed construction leverage points down, …
By Matt Valley Loan production in the HUD Section 232 mortgage insurance program is running slightly behind last year’s pace through the first half of fiscal year (FY) 2024 due to two main factors: elevated interest rates and margin compression experienced by operators of skilled nursing and seniors housing facilities. But a growing deal pipeline will likely result in loan closings in FY 2024 surpassing last year’s total of $2.87 billion, says one seasoned lender. Michael Gehl, chief investment officer on the FHA lending team at NewPoint Real Estate Capital, …
CHICAGO — Focus Healthcare Partners LLC has completed the final closing of Focus Senior Housing Fund II LP, a closed-end, commingled, discretionary real estate fund targeting private-pay seniors housing. The fund raised approximately $370 million in capital commitments. The fund is 20 percent larger than its predecessor vehicle despite a challenging fundraising period for commercial real estate, thanks to strong support from new and existing limited partners, according to Chicago-based Focus. Investors in the fund include university endowments, state and corporate pension funds, insurance companies, wealth managers, family offices and …
ALABAMA — Helios has structured the sale and acquisition financing of an assisted living and memory care community in Alabama. A Mississippi-based regional owner-operator, Veritas InCare, sold the asset to a local owner-operator. The price and other details were not disclosed. Despite the community’s strong performance, dislocation in the debt markets and low liquidity impacted the buyer’s ability to use its existing lending relationships to fund the purchase. Helios stepped in to assist the buyer and structured a financing package with a regional lender that recapitalized the buyer’s existing community …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has hired David Casden as vice president of capital markets distribution. Formerly managing director of sales and trading/pricing at Lument Real Estate Capital, Casden brings nearly two decades of experience to CFG. Casden joins the CFG team to lead the augmentation of loan distribution efforts, with a primary focus on establishing capital markets relationships and implementing structured distribution vehicles to complement the company’s existing loan syndication efforts. He will work closely with the loan origination teams to inform them of market …
TACOMA, Wash. — First Citizens Bank, through its healthcare finance business, has provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator. The amount of the financing was not disclosed.