MidCap Financial Arranges $7.9 Million Loan for Skilled Nursing Facility in Arizona
Commercial finance company MidCap Financial recently arranged a $7.9 million, fixed-rate HUD 232/223(f) loan to refinance a 137-bed, 69-room skilled nursing facility in Sun City West, Arizona.
The financing was arranged by MidCap Financial Housing Capital Inc. Managing Director Brett Patrick.
Ziegler Closes $64 Million Financing for CCRC in Maryland
Chicago-based specialty investment bank Ziegler recently closed a $63,995,000 Series 2017 financing for Collington Episcopal Life Care Community, Inc. in Mitchellville, Maryland.
The Series 2017 Tax-Exempt Bonds were issued via Prince George’s County, Maryland.
Collington currently has 330 independent living units—157 cottages, 28 villas and 145 apartments—65 assisted living units and 44 skilled nursing beds.
Collington is affiliated with Pennsylvania-based nonprofit The Kendal Corporation, which provides Collington with expertise, advice and support in the areas of human resources, food service, finance, information systems, public relations and marketing, education and training, legal assistance and fund raising.
Lancaster Pollard Secures $24.7 Million Loan for Premier Senior Living
Lancaster Pollard recently secured a $24.7 million loan via the FHA Sec. 232/223(f) program for Premier Senior Living.
The refinance features a low, fixed interest rate, funds the replacement reserve with $1.1 million, and funds various improvements and repairs at Premier’s Sandpiper campus in Mt. Pleasant, South Carolina.
The campus features a total of 350 beds and 286 units.
Lancaster Pollard Managing Director Jason Dopoulos and Vice President Ross Holland led the transaction.
Capital Funding Group Announces Closing of Three HUD Mortgages for a Senior Housing Client
Capital Funding Group recently announced the closing of three HUD mortgages for a privately-held borrower that provides assisted living and skilled nursing services.
The financings included a $9.96 million mortgage for a Washington skilled nursing facility, a $9.06 million mortgage for a Colorado skilled nursing facility and a $5.75 million mortgage for a second Washington skilled nursing facility.
In total, Capital Funding, LLC secured $24.8 million in HUD mortgages for the client. The transactions were 232/223(f) refinances of existing term loans from conventional lenders.
Erik Howard, managing director of real estate finance, arranged the financings, which closed on April 20.
Lancaster Pollard Arranges Two Loans for Different Senior Housing Communities
Lancaster Pollard recently helped an undisclosed Oklahoma City-based senior living provider refinance one of its skilled nursing facilities by structuring a $9.5 million LEAN Sec. 232/223(f)-insured loan.
Bill Wilson, regional manager for Lancaster Pollard’s central states, led the transaction for the firm.
Lancaster Pollard also helped Lincoln, Nebraska-based U.S. Property secure construction financing for a 120-unit senior housing community in Lincoln called Pemberly Place.
Lancaster Pollard arranged construction financing for the community from American National Bank, a regional bank in Omaha, Nebraska. The construction loan of $17.4 million will be utilized along with U.S. Property’s contributed equity to construct the community. The loan has a five-year term.
Bill Wilson also led this transaction for Lancaster Pollard with help from Joe Munhall, director of syndication.
HAN Capital Refinances Minnesota Senior Housing Community
Illinois-based private equity firm HAN Capital recently completed the refinance of the Oak Ridge Assisted Living community in Hastings, Minnesota.
Specifically, HAN completed the refinance of 67-unit community’s bridge loan with a HUD loan, locking a 3.47% fixed rate for 30 years.
Ziegler Closes $65 Million Financing for Senior Housing Community in Montana
Chicago-based specialty investment bank Ziegler recently announced the successful closing of the $65.38 million, tax-exempt, fixed-rate Series 2017 financing for the Immanuel Lutheran Corporation of Kalispell, Montana.
The corporation’s community is located on a 13-acre campus in Kalispell, Montana, and has 261 total homes, 106 of which are residences used for assisted and independent living and 155 are which are licensed long-term care and skilled nursing residences. Only 105 of these 155 units are in operation right now.
Written by Mary Kate Nelson