Capital One Closes $19.5 Million Loan for Revera Health Systems
Capital One Bank announced on Monday it had provided a three-year, $19.5 million secured term loan to Revera Health Systems, Inc., a long-term care and rehabilitation provider with multiple skilled nursing centers across the U.S.
Proceeds of the loan were used to refinance existing senior debt on eight of the health system’s skilled nursing facilities in Maryland, New Hampshire, New Jersey, and Vermont. Revera Health Systems also expanded its relationship with Capital One Bank to include despots and treasury management services.
Grandbridge Seniors Housing Closes $5.3 Million Loan for Wash. Community
Grandbridge Real Estate Capital’s Seniors Housing Group recently closed a $5.3 million loan to refinance Highgate Senior Living, a 48-unit assisted living community in Yakima, Wash. Grandbridge facilitated the long-term, fixed-rate loan through Fannie Mae.
Grandbridge Closes $12 Million Loan for Senior Living Community
Grandbridge’s Seniors Housing Group also recently closed a $12.25 million short-term loan for the acquisition and renovation of Quail Park, a 49-unit assisted living and memory care community in Eugene, Ore.
The loan was through BB&T Bank to allow the community, managed by Living Care, to be repositioned for permanent financing.
Brookdale Modifies Corporate Line of Credit
Brookdale Senior Living (NYSE:BKD) announced on Wednesday it had modified its existing revolving credit facility with GE Capital, Healthcare Financial Services.
The modification extended the maturity date of the facility to March 31, 2018 and decreased certain costs associated with the facility, along with providing options to increase the committed amount initially from $230 million to $250 million, and then from $250 million up to $350 million.
The interest rate payable on advances has been decreased through the modification, reducing the LIBOR floor by 1.5% and the spread by 1.25% and reducing the fee payable on the unused portion of the facility from 1.0% to 0.5% per year.
Brookdale secures the revolving credit facility by first priority mortgages on some of its communities. Availability under the revolving credit facility will vary from time to time as it is based on borrowing base calculations related to the appraised value and performance of the communities securing the facility.
RED Completes 60 Seniors Housing Transactions Worth $460 Million in 2012
RED CAPITAL GROUP, LLC announced last Friday that its banking arm, Red Mortgage Capital, LLC was the top originator for FHA/Ginnie Mae loans in 2012, providing 231 FHA loans totaling $2.176 billion.
During the year, the firm completed 330 transactions totaling more than $3.3 billion in capital to the multifamily, affordable, student, and seniors housing and healthcare industries, representing a 40% increase compared to the previous year’s total number of transactions, and a 13% increase in volume.
Of the 330 total transactions, 60 were for seniors housing and healthcare deals in 2012, amounting to $460 million.
NorthStar Realty Originates $11.25 Million Loan for Calif. Senior Housing Campus
NorthStar Realty Healthcare recently announced it had originated an $11.25 million senior loan for a senior housing campus in Madera, Calif. The community, built in 2006 and operated by Integral Senior Living, has 112 units offering independent living, assisted living, and memory care. The loan has a 3-year term with an 8% interest rate.
Health Care REIT Announces Conversion Option for 3.00% Notes
On Tuesday, Health Care REIT, Inc. (NYSE:HCN) notified holders of the $494.4 million outstanding principal amount of its 3.00% convertible senior notes due 2029 that they are entitled to convert all or a portion of their Notes into cash and, if applicable, shares of the company’s common stock.
Holders’ right to convert begins on April 9, 2013 and ends at the close of business on July 9, 2013. The notes are convertible because the closing price of shares of the company’s common stock, for at least 20 trading days during the 30 consecutive trading-day period ending on March 31, 2013, was greater than 120% of the conversion price in effect on March 31, 2013.
Love Funding Closes $4.71 Million Loan for Senior Apartment Complex
Love Funding announced on Thursday the closing of a $4.71 million loan refinancing for Porthaven Manor, a 102-unit, age-restricted apartment community in Port Huron, Mich.
Bruce Gerhart, Love Funding’s Midwest regional director, secured the financing through the Department of Housing and Urban Development’s Section 232/223(f) loan insurance program.
Porthaven Manor, built in 1989 with low-income housing tax credits administered by the Michigan State Housing Development Authority, is restricted for adults aged 62 and older and is required to set aside 20% of its units for income-qualified residents that pay below-market rents.
The refinancing allows the property’s owners to pay off Boston Financial Institutional Tax Credits, which financed the tax credits.