Senior Housing Finance Activity: Bank Leumi, Cambridge

Bank Leumi Closes $27 Million Refinancing of Florida Community

Bank Leumi, a full-service commercial and private bank, refinanced $27 million of a $54 million senior secured term loan for a Central Florida retirement campus.  Bank Leumi structured the five-year loan and served as the lead and administrative agent. 

The loan structuring was led by Hely Santeliz of Bank Leumi and provided a dividend to owners of the community.

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The retirement campus has been built over the last 10 years in phases and includes independent living, assisted living and memory care units. The facility has a 90% occupancy rate and an EBITDA margin of 48%.

Bank Leumi Refinances Two Florida Senior Housing Communities for $16.7 Million

Full-service commercial and private bank, Bank Leumi USA, provided $16.7 million for two financing loans to Plantation Oaks Senior Living Management, a Florida-based seniors housing owner/operator.

Both fixed-rate loans have a five-year term and are intended to serve as a bridge to agency financing or the future sale of the communities, according to a statement. Both loans refinanced existing debt, lowered the interest rate and provided a dividend to community owners.

The first loan was structured for $5 million initial funding and a $1.2 million earn-out, secured by a first mortgage on a senior housing community in High Springs, Florida. The site consists of 37 assisted living units and 29memory care units. 

At the time of the closing, the High Springs community was reaching stabilized occupancy and completed Phase II to add 36 units. 

The second loan is secured by a senior housing community in Orlando, Florida, consisting of 17 independent living units, 86 assisted living units and 22 memory care units. The $10.5 million financing was structured with an initial $5.4 million, a $1.6 million earn-out and $3.5 million designated to fund the expansion of a 48-unit memory care building. 

For the last two years, the Orlando community has been transitioning from independent living residents to more assisted living and memory care residents, and its occupancy has been increasing. 

Cambridge Arranges $15.8 Million HUD Loan for Ottawa Pavilion

Cambridge Realty Capital Companies, a senior living capital provider and one of the top HUD lenders, arranged a $15,867,000 HUD-insured loan to refinance Ottawa Pavilion, a 129-bed  skilled care nursing facility in Ottawa, Illinois.

The loan term is 37.5 years and fully amortized, issued to the property owner, Jeffrey A. Davis, Cambridge chairman, said in a statement. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured HUD loans, was the underwriter on the transaction.

Cambridge is one of the nation’s leading debt and equity capital providers for nursing home, assisted living and health care sectors, with more than $4.6 billion in 500 closed transactions since the early 1990s. 

Cambridge Arranges $24.6 Million HUD Loan for Rainbow Beach Nursing Center

Cambridge Realty Capital Companies arranged a $24,631,000 HUD-insured loan to refinance Rainbow Beach Nursing Center, an intermediate care nursing facility in Chicago, Illinois. The fully amortized loan has a 29.5-year term and was issued to the owner, Cambridge Chairman Jeffrey A. Davis said in a statement. Rainbow Beach Nursing Center is a 211-bed facility.

Cambridge Realty Capital Ltd. of Illinois was the underwriter on the transaction. Over the last 15 years, Cambridge has ranked as one of the country’s top five FHA-insured HUD lenders.

Cambridge Arranges $8.6 Million Refinance Loan for South Bend, Indiana, Center

Chicago-based Cambridge Realty Capital Companies provided a $8,635,000 HUD-Insured loan to refinance Cardinal Nursing & Rehabilitation Center in South Bend, Indiana. The 144-bed facility provides skilled nursing care.

The loan is fully amortized with a 21.75-year term. The loan was issued to the facility owner, an Indiana limited liability company, Jeffrey A. Davis, Cambridge chairman, said in a statement. Underwriting the transaction was Cambridge Realty Capital Ltd. of Illinois, the FHA-insured HUD loan underwriting specialty business of Cambridge.

Cambridge Arranges $6.8 Million HUD Loan to McKinley Health Care Center

Cambridge Realty Capital Companies announced it arranged a $6,871,330 HUD-insured loan  to refinance McKinley Health Care Center in Canton, Ohio. The center is a skilled nursing care facility with 176 beds. 

The fully-amortized, 17.5-year term loan was issued to the owner, an Ohio limited liability company, said Cambridge Chairman Jeffrey A. Davis. Cambridge Realty Capital Ltd. of Illinois was the underwriter on the transaction. 

Written by Amy Baxter 

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