NEW YORK CITY — Greystone’s New York City-based skilled nursing financing team led by Scott Thurman has provided over $32 million in bridge and HUD-insured loans for skilled nursing facilities throughout the country. In the first deal, Greystone provided a $14 million bridge loan for the acquisition of a 155-bed skilled nursing facility in Chicago. Greystone intends to pursue long-term, permanent financing for the asset with a HUD-insured loan. Christopher Clare of Greystone originated the transaction. Thurman originated two separate loans to support the acquisition and stabilization of a 24-bed …
SALT LAKE CITY — KeyBank Real Estate Capital has arranged a $68.3 million permanent loan through Freddie Mac for The Woodbury Corp., Colmena Group and Western States Lodging. The loan refinances existing debt on Legacy Village of Sugar House, a seniors housing property in Salt Lake City. The 10-story Legacy Village of Sugar House features independent living, assisted living and memory care units. The property also offers retail space, parking and commercial space. Morgin Morris of KeyBank structured the 10-year, fixed-rate loan with an initial five years of interest-only payments. …
CARMEL, Calif. — Ziegler has arranged $36 million in bond financing for California Congregational Retirement Homes. The transaction will refinance existing debt and fund capital improvements at Carmel Valley Manor. Located in the small beach city of Carmel, located south of the Bay Area, Carmel Valley Manor features 27 independent living cottages, 119 independent living apartments, 24 assisted living unts and 36 skilled nursing units on a 25-acre campus. The bonds were issued through the California Municipal Finance Authority and amortize over a 30-year period. “This successful round of financing …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based investor, has funded a $24.9 million secured financing for a four-asset skilled nursing portfolio located in the Southeast. The portfolio includes approximately 700 skilled nursing beds. The loan is secured by the borrowers’ ownership interest in the real estate and carries a three-year maturity with two one-year extensions and an annual interest rate of 9 percent. The loan was funded with cash on hand. “This loan begins a new relationship with this new Southeast operator,” says Dave Sedgwick, …
WILMINGTON, Del. — American Eagle Delaware Holding Co. LLC and its subsidiaries, collectively known as Eagle Senior Living, have completed a comprehensive financial reorganization and exited the Chapter 11 bankruptcy process. The company has implemented its plan of reorganization, approved by the U.S. Bankruptcy Court for the District of Delaware. Eagle Senior Living has significantly reduced its debt service and enhanced its liquidity position, creating a stronger financial foundation, according to the Wilmington-based company. As part of the Chapter 11 process, Eagle Senior Living executed a transaction whereby Atlantis Senior …
FLORIDA — VIUM Capital has provided $7.7 million in bridge-to-HUD financing for 428 Healthcare. The funds refinance existing debt on a 50-bed assisted living community in Florida. The borrower acquired the property in 2019 and was looking for a cash-out refinancing. Further details were not disclosed.
NEW YORK CITY — Greystone Monticello LLC has hired Karina Davydov as senior vice president, asset-based lending, healthcare originations. Formed in 2021, the Greystone Monticello joint venture provides a wide range of bridge financing options and asset-based lending in the multifamily and seniors housing industries. Davydov brings over 20 years of healthcare lending and banking experience to the company, including asset-based lending with a focus on the healthcare industry. She most recently worked at SLR Healthcare ABL. Davydov will be based out of Chicago, working with Kim Gordon, head of …
As borrower interests change quickly in the post-COVID world, capital sources adapt to their needs. By Jeff Shaw Many factors go into a seniors housing investor or developer’s need for capital. Considerations such as occupancy at existing communities, construction costs for new buildings, interest rates, inflation and capitalization rates all play a critical role in how companies choose to invest in the sector. When those factors push the industry in one direction, causing a trend, lenders and borrowers come together to see if they can make a project work for …
How has the rise in interest rates in 2022 affected lender and borrower strategies in the seniors housing space? Costs flow downhill By Don Pelgrim CEO Wilshire Finance Partners The rise of interest rates has affected lenders and borrowers, specifically with an increase in both borrowing costs and capitalization rates. Seniors housing is not immune to the rising costs of goods and services, which may continue to increase until the Fed’s actions take hold and demand is mitigated by higher costs and expenses. Some facilities and communities may need to …
ATLANTA — Bellwether Enterprise Real Estate Capital LLC has provided a $23.9 million HUD 221(d)(4) loan to finance the rehabilitation of Jewish Tower and Zaban Tower, two affordable housing communities for seniors located at 3156 and 3160 Howell Mill Road in Atlanta. Jeff Mion of Bellwether’s Duluth, Ga., office originated the loan on behalf of the borrower, The Jewish Home Tower Inc. Following completion of rehabilitation, Bellwether will convert the interest-only construction period loan to a permanent loan at the same interest rate (3.99 percent) for a period of 40 …