Senior Housing Finance Activity: Greystone, Cambridge

Greystone Assists Oakmont Senior Living Obtain $23.5M for New Calif. Facility 

Greystone, a real estate lending, investment and advisory company, assisted Oakmont Senior Living in obtaining $23,500,000 as an additional tranche to its $150 million Freddie Mac revolving credit facility provided in December 2013.

The new tranche ultimately provided funding for Oakmont of Carmichael, a new 71-unit assisted living and memory care facility in Carmichael, Calif.
 
Construction of Oakmont of Carmichael was completed in September 2014, enabling Oakmont Senior Living to take out the construction loan with non-recourse, interest-only debt from the revolving credit line within just nine months of opening. The facility offers extensive and tailored care services as well as a spa, fitness center, salon, theater, manicured gardens, library, complimentary concierge and chauffeur services, and diabetes wellness program.  
 
“The Freddie Mac Revolver is a fantastic financing product for clients with an active development or acquisition pipeline,” said Scott Kavel, managing director of Greystone’s Seniors Housing Team, in a press release. “The ability to take out the construction loan with no ongoing occupancy requirement and provide low floating rate, non-recourse debt on an interest-only basis while the property stabilizes – and seasons prior to being taken out with a permanent loan – is a win-win for the client.”

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Cambridge Arranges $16M HUD Loan to Refinance Ill. Skilled Nursing Facility 

Cambridge Realty Capital Companies arranged a $16,480,000 HUD Lean loan to refinance Elmwood Care, a skilled care nursing facility located in Elmwood, Ill.

The fully-amortized, 32-year loan was arranged for the owner, an Illinois limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program, said Jeffrey A. Davis, Cambridge chairman, in a press release.

Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.  

Elmwood Care is a 235-bed facility. It offers a variety of health care services including Alzheimer?s and dementia care, physical therapy, occupational therapy, on-site dialysis, ventilator and tracheostomy care, respite care and hospice care. Non-medical services include on-site meals, activities and community outings.

Cambridge Arranges $9M HUD Loan to Refinance Ohio Nursing Center 

Cambridge Realty Capital Companies arranged a $8,699,700 HUD Lean loan to refinance the Riverside Nursing Center, a 180-bed skilled care facility located in Dayton, Ohio.

The fully-amortized, 30-year loan was arranged for the owner, an Ohio limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program, said Jeffrey A. Davis, Cambridge chairman, in a press release.

Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.  

Cambridge Arranges $14M HUD Loan to Refinance Ohio Nursing Center 

Cambridge Realty Capital Companies arranged a $14,160,000 HUD Lean loan to refinance the Wood Glen Nursing Center, a 148-bed skilled care facility located in Dayton, Ohio.

The fully-amortized, 30-year loan was arranged for the owner, an Ohio limited liability company, using the Section 232 pursuant to Section 223(f) funding program, said Jeffrey A. Davis, Cambridge chairman, in a press release.

Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.    

Cambridge Arranges $10M HUD Loan to Refinance Ill. Skilled Care, Assisted Living Facility 

Cambridge Realty Capital Companies arranged a $10,905,000 HUD Lean loan to refinance Manor Court of Peoria, a skilled care and assisted living facility located in Peoria, Ill.

The fully-amortized, 29-1/2 year loan was arranged for the owner, an Illinois not-for-profit corporation, using the HUD Section 232 pursuant to Section 223(a)(7) funding program, which is used to refinance existing HUD loans, said Jeffrey A. Davis, Cambridge chairman, in a press release.

Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans.  

Manor Court of Peoria is a 118-bed facility. Fifty beds are devoted to skilled nursing care and 68 beds are devoted to assisted living.    

Lancaster Pollard Secures $12M FHA Loan to Refinance N.Y. Skilled Nursing Facility 

Lancaster Pollard helped The Lutheran Care Network refinance the Lutheran Care Center at Concord Village with a $12.3 million loan insured by the FHA Sec. 232/223(f) program.

Located in Poughkeepsie, N.Y., Lutheran Care Center at Concord Village is a 160-bed skilled nursing facility.

The new loan replaced letter-of-credit enhanced bonds and provides the nursing home with a low, long term fixed interest rate.

Tom Grywalski led the transaction for Lancaster Pollard.

Written by Cassandra Dowell

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