WASHINGTON — VIUM Capital has provided $15.5 million in financing for a 120-bed skilled nursing facility in Washington. The bridge-to-HUD loan pays off seller financing, while offering cash for capital expenditures and cash-out financing. The transaction includes $10 million in initial funding, a $1.5 million capital expenditures draw and $4 million in earn-outs in three tranches. This is the third building of four in the borrower’s Washington portfolio, and VIUM refinanced the first two in June. Details on the property and borrower were not disclosed.
MINNEAPOLIS — Cuningham, a Minneapolis-based design firm that works in seniors housing, has appointed Jacqueline Dompe as CEO. Dompe will collaborate with Cuningham’s internal and external stakeholders to oversee the firm’s strategic direction and value. Dompe has more than 20 years of experience with a variety of companies, including those in the architecture/engineering/construction (AEC) industry. Previously, Dompe has held strategic business executive roles for technology start-up companies, regional minority-owned businesses and global Fortune 200 companies, including AECOM and JLL. Her work has influenced a wide variety of project types, including …
ST. PETERS, Mo. — IMPACT Strategies has completed interior renovations at The Watermark at St. Peters, an independent living facility in St. Peters, approximately 30 miles northwest of St. Louis. The three-story, 184-unit community sits on 13 acres The renovation of the interior of the building included refreshed spaces for the exercise room, activity room, indoor pool area, locker room, private theater, library and family room on the first floor as well as new carpet, specialty trim and paint throughout the corridors on all three floors. The project also involved …
JAMESTOWN, N.Y. — Dwight Mortgage Trust, the affiliate REIT of Dwight Capital, has provided a $27 million bridge acquisition loan for a portfolio of four assisted living and memory care facilities. The properties are located in the rural Western New York city of Jamestown and its suburb of Frewsburg. The assets include Tanglewood Manor, Memory Gardens, The Magnolia and Comfort Today. The portfolio totals 293 beds. Dwight’s Josh Levin originated this transaction for the borrower, Gary Rohinsky, the CEO of Culture Care Senior Living. Details on the seller and price …
HARTFORD, Conn. — Evans Senior Investments (ESI) has arranged the sale of a three-property senior living and skilled nursing portfolio located just outside of Hartford. The portfolio features 114 independent living units and 246 skilled nursing beds all within 10 miles of each other. Prior to the COVID-19 pandemic, the communities were 92 percent occupied and featured a strong post-acute rehab census mix within the skilled nursing communities. The buyer was an east coast owner-operator expanding its presence in the state. The seller and price were not disclosed.
WASHINGTON — VIUM Capital has provided a $7.7 million bridge-to-HUD loan for a seniors housing community in Washington state. The asset features 83 units of independent living, assisted living and memory care. The financing will fund the acquisition, as well as rehabilitation of the asset. Further details were not disclosed.
BURLINGTON, N.C. — Ziegler has arranged three separate loans to fund the acquisition of The Village at Brookwood (TVAB), a continuing care retirement community (CCRC) in Burlington. Opened in 2003, TVAB features 155 independent living units, 12 assisted living units, 12 memory care units and 24 skilled nursing units on a 47-acre plot. The buyer, Well-Spring, is the current operator and also owns/operates a second CCRC in nearby Greensboro. Alamance Regional Medical Center originally developed TVAB, but the health system was acquired by Cone Health in 2011, after which Well-Spring …
WASHINGTON and OREGON — Berkadia Seniors Housing & Healthcare has provided $48 million in combined financing for three seniors housing communities in Washington and Oregon. Steve Muth secured the transactions. The first deal was a $27 million, sub-60 percent loan-to-value-ratio loan with a 10-year, interest-only term through Freddie Mac. Built in 2015 in Washington, the seniors housing community features 105 beds and was 92 percent occupied at the time of the refinancing. The second transaction was a $16.2 million acquisition bridge loan for an assisted living and memory care community …
LADY LAKE, Fla. — Senior Living Investment Brokerage (SLIB) has arranged the sale of an assisted living community in Lady Lake, immediately adjacent to retirement mecca The Villages. The seller is a Northeast-based real estate private equity fund that purchased this asset as part of an extensive portfolio in December 2021. This asset was an operational outlier from the rest of the portfolio. The buyer was a regional owner-operator looking to add to its existing operations throughout Florida. Brad Clousing, Daniel Geraghty and Ryan Saul led the transaction for SLIB. …
SOUTH TEXAS — VIUM Capital has provided a $17.1 million bridge-to-HUD loan for a skilled nursing facility in South Texas. The transaction refinances existing debt, provides equity-out proceeds and covers transaction costs. The loan features a 60 percent loan-to-value ratio, partial recourse that disappears upon submission to HUD. The borrower leased the property in 2017, exercised its purchase option in 2018, and continued to improve operating performance during COVID. Further details were not disclosed.