COSTA MESA, Calif. — Ziegler has advised CareConnectMD (CCMD), a Costa Mesa-based provider of primary care coordination services tailored to meet the needs of complex Medicare participants, on its $25 million financing round led by Minneapolis-based TT Capital Partners (TTCP). CareConnectMD will leverage the investment to deepen its presence in California, Ohio and Texas and expand into other markets while enhancing its technology platform to scale and streamline care delivery. CCMD’s California-based medical group contracts with managed care and insurance plans to provide comprehensive primary and palliative care to high-risk …
NEW YORK CITY — Dwight Capital and its mortgage REIT affiliate, Dwight Mortgage Trust, both based in New York City, provided $297.6 million in financing during second-quarter 2022. Dwight provided a $48 million bridge acquisition loan for a 729-bed portfolio in Minnesota. The portfolio consists of 343,525 square feet situated on 15 acres. Adam Sasouness and Adam Offman originated this transaction. Sasouness and Offman also closed a $31 million bridge acquisition loan for Daughters of Miriam Center, a 210-bed skilled nursing facility in Clifton, New Jersey. Situated on 13 acres, …
OLMSTEAD FALLS, WESTLAKE and CLEVELAND, Ohio — Ziegler has arranged $24.4 million in bond financing for Eliza Jennings, a nonprofit owner with three campuses in the greater Cleveland area. The Renaissance, located on 88 acres in Olmsted Falls, opened its facilities in 1989 and features a total of 314 units of senior living and care. The Devon Oaks campus was established in 2000 and operates a 66-unit assisted living facility (12 designated for memory care) in Westlake. Eliza Jennings Home was originally established in 1888, incorporated in 1922, and owns …
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 …