Unitranche loan programs blend senior and junior debt pricing and terms into a single, first lien debt facility — a single financing that replaces the multitranche debt approach. The unitranche arrangement provides the benefits of a fully levered mezzanine debt structure, while the single financing structure streamlines the agreement and costs for borrowers. KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp, recently partnered with Welltower to establish a unitranche loan program with $750 million in lending capacity for seniors housing and skilled nursing facilities. Industry expertise …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a seniors housing investor based in San Clemente, has extended a $75 million “C” piece financing as part of a larger multi-tranche senior secured term loan and has extended a $25 million mezzanine loan to a private equity skilled nursing real estate owner. The loans are in connection with the acquisition of an 18-property portfolio in the Mid-Atlantic. The portfolio includes approximately 2,000 skilled nursing beds. The “C” tranche of the senior secured term loan carries a five-year maturity and an …
VANCOUVER, Wash. — CBRE has arranged $145.1 million in construction financing for The Springs at The Waterfront, a seniors housing development in Vancouver, just across the Columbia River from Portland, Ore. The borrower is a joint venture between private equity firm Harrison Street, seniors housing operator The Springs Living and healthcare real estate developer PMB. The project is located within Vancouver Waterfront, a 32-acre master-planned development that is slated to eventually include 75,000 square feet of office space, 45,000 square feet of retail space and over 900 residential units. The …
NEW SMYRNA BEACH, Fla. — Dwight Mortgage Trust, the mortgage REIT affiliate of Dwight Capital, has provided a $27.3 million bridge acquisition loan for Beachside Center for Rehabilitation and Healthcare. The 239-bed skilled nursing facility is located in New Smyrna Beach, a coastal suburb of Orlando. The facility offers its residents short- and long-term care. The loan has a 30-month term. Its proceeds will be used towards capital expenditures and the acquisition. Josh Sturm originated this closing. The names of the buyer and seller were not disclosed.
COLUMBUS, Ohio — VIUM Capital, a Columbus-based financial services company serving the seniors housing sector, closed $1.1 billion in financing across 26 transactions in the second quarter of 2022. Deals consisted of bridge and permanent debt, financing projects in 16 states from Florida to Washington. “Our second quarter was the most productive in our firm’s young history,” says partner Steve Kennedy, who co-founded the firm. “We closed a diverse set of healthcare and seniors housing projects through direct balance sheet loans, our debt fund, and permanent HUD-insured financing.” VIUM expanded its …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has arranged a $135 million bridge loan for the refinancing and dividend recapitalization of a skilled nursing portfolio. The portfolio features nine facilities and 1,448 beds across Maryland, Georgia and West Virginia. The borrower is an industry-leading owner of skilled nursing facilities. CFG’s Tim Eberhardt and Ava Julio originated the transaction for the company. Further details were not disclosed.
HILLSBORO, Ore. — CBRE National Senior Housing has arranged $33.1 million in financing for MorningStar of Hillsboro. The borrower is a joint venture between Artemis Real Estate Partners, MorningStar Senior Living and American Capital Group. Situated on a 1.35-acre parcel, the community comprises 142 independent living units. The property recently opened its doors. The operator is MorningStar. The property is less than a mile north of Kaiser Permanente Westside Medical Center, a 126-bed hospital that serves the greater Hillsboro and Beaverton suburbs. Additionally, half a mile north of the community …
NEW YORK CITY — Greystone, a New York-based national real estate finance company that serves the seniors housing industry, has appointed Hafize Gaye Erkan as its chief executive officer (CEO). Erkan’s executive responsibilities will commence in September 2022. She will report to Steve Rosenberg, the former CEO who will continue to serve as the Executive Chairman of the Board. Erkan most recently served as co-CEO, president and board member at publicly traded First Republic Bank, where she helped deliver growth in wealth management, deposits and total assets. Prior to joining …
By Russell Phillips, Regions Bank As a real estate asset class serving the nation’s elderly population, the seniors housing sector was faced with serious challenges during the height of the COVID-19 pandemic. Residents and staff of senior living facilities faced increased risk of illness, various restrictions and an unfortunate loss of life was widely reported in the media. At the same time, many families chose to keep older parents or relatives living with them rather than residing in senior facilities. Combined, these factors led to an overall reduced demand for …
TEMECULA, Calif. — Capital Funding Group (CFG) has provided a $32.9 million construction loan for the ground-up development of Varenita of Temecula. The 108-bed assisted living and memory care facility is located in Temecula, within Riverside County between Los Angeles and San Diego. The borrower and developer is Griffin Living. Brightwater Senior Living will operate the facility upon completion. The financing features a Commercial Property-Assessed Clean Energy (CPACE) structure, which allows building owners to borrow money for energy efficiency, renewable energy, or other projects and make repayments via an assessment …