MARYLAND — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged an $81 million loan for a New Jersey-based seniors housing owner. A national lending partner provided the funds, which will refinance a portfolio of four skilled nursing facilities and one assisted-living facility in the state of Maryland. The borrower recently acquired the assets. The financing features a LIBOR-based fixed rate, four-year term, and a credit facility that allowed for a limited-recourse cash out over $20 million. Ephraim Kutner, Jonathan Kutner and Eli Kutner originated …
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DANVILLE, Calif. — Eskaton has completed its affiliation with The Reutlinger Community, a nonprofit residential care and skilled nursing facility in Danville, approximately 30 miles east of San Francisco. The Reutlinger Community will maintain its existing name and branding as it is brought into the Eskaton network. The affiliation will allow the two organizations to combine resources and expand services. The affiliation, finalized on April 21, follows two years of negotiation and government approvals. “The mission and values of Eskaton and The Reutlinger Community are very compatible, and we are …
DALLAS — Walker & Dunlop has hired Steve Mentesana as senior managing director on its FHA finance team. Based out of the company’s Dallas office, Mentesana is responsible for originating multifamily loans — including seniors housing — with a focus on the lending programs of the U.S. Department of Housing and Urban Development (HUD). With over three decades of experience in the commercial real estate industry, Mentesana has a deep knowledge of HUD’s refinance, healthcare and construction lending products. Prior to joining Walker & Dunlop, he served as senior managing …
Argentum, LeadingAge Say Seniors Housing is Underserved Following White House ‘Protecting America’s Seniors’ COVID-19 Presentation
by Jeff Shaw
WASHINGTON, D.C. — President Donald Trump held a one-hour conference on Thursday, April 30, at the White House entitled “Protecting America’s Seniors” in which he touted the government’s response to the COVID-19 outbreak, specifically as it applies to residents of skilled nursing facilities. “As we honor the incredible contributions of our nation’s seniors, we are here today to discuss the unprecedented steps we that we’re taking to protect them from the virus,” said Trump. “I’ll also announce vital new actions to safeguard our nursing homes and most vulnerable citizens as …
Mogharebi Group Arranges $15.5M Sale of Cinnamon Ridge Affordable Community in Ontario, California
by Jeff Shaw
ONTARIO, Calif. — The Mogharebi Group (TMG) has arranged the sale of Cinnamon Ridge, a 101-unit affordable seniors housing community in Ontario, a city east of Los Angeles. Built in 1989, Cinnamon Ridge Apartments totals 48,520 rentable square feet on a 2.3-acre site. Residents must be over age 55 and meet income requirements. Alex Mogharebi and Otto Ozen of TMG represented the seller, a Southern California-based investor. Another private investor based in Southern California bought the asset for $15.5 million in a 1031 exchange. “Cinnamon Ridge Apartments is an affordable, …
The U.S. Department of Housing and Urban Development (HUD) is offering borrowers in the seniors housing space some assistance in response to the financial challenges caused by the COVID-19 virus that has claimed the lives of over 58,000 Americans so far. More specifically, borrowers in the HUD/FHA Section 232 mortgage insurance program can take advantage of a series of four benefits designed to address their obligations to HUD and to take care of their residents. The provisions allow eligible borrowers to: suspend monthly deposits to be placed for replacement reserve …
Harborview, Meridian Arrange $93.7M in Financing for 19-Property Skilled Nursing Portfolio in the West
by Jeff Shaw
NEW YORK CITY — Harborview Capital Partners and Meridian Capital Group’s Senior Housing and Healthcare team have arranged $93.7 million in financing to a West Coast-based operator. The financing funded the acquisition of the real estate and operations of six nursing facilities and the leasehold rights of 13 additional facilities in California, Washington and Nevada. The $93.7 million loan consists of $65.7 million of senior financing and an additional $28 million revolver provided by a commercial bank. The portfolio consists of 14 nursing facilities in California, four in Washington, and …
BEND, Ore. — Sunshine Retirement Living, a Bend-based operator with 32 communities in 16 states, now offers FDA-approved “Respira-ID” testing for COVID-19 at all its properties. Residents and employees that are exhibiting symptoms will now all be tested, as well as any new residents moving in regardless of symptoms. Produced by Vikor Scientific, Respira-ID tests for over 40 pathogens known to cause respiratory illness including COVID-19. The manufacturer will provide in-depth virtual training to the community nursing staff, which will administer the tests and oversee the shipment of samples for …
ESI Brokers $4.3M Sale of Elderwood at Riverside Skilled Nursing Facility in Providence
by Jeff Shaw
PROVIDENCE, R.I. — Evans Senior Investments (ESI) has arranged the sale of Elderwood at Riverside, a 57-bed skilled nursing facility in Providence. An East Coast-based owner-operator sold the property to a Southeast-based owner-operator for $4.3 million, or $75,000 per bed. This is the buyer’s first property in Rhode Island. The seller initially acquired the community, which was built in 1962, with the intent to move the licensed beds to a different county in Rhode Island. When regulatory obstacles prevented moving the licensed beds across county lines the owner decided to …
SARASOTA, Fla. — More than two-thirds of seniors housing companies are reporting having at least one acquisition deal fall through as a result of the chaos caused by the COVID-19 pandemic. The information comes from a survey conducted by HealthTrust, a Sarasota-based valuations and advisory firm serving the seniors housing and healthcare industries. Although the number of respondents was not disclosed, the types of companies represented were largely brokers, lenders, operators and REITs. Of those respondents, 69 percent reported experiencing at least one deal fall through. Transactions are undergoing major …