The federal funds rate appears to be bucking historical trends as it remains at a low rate for what Department of Housing and Urban Development lenders predict will be an extended period of time, industry leaders say. The federal funds rate has narrowly fluctuated between 0.06 percent and 0.25 percent since January 2009, when the Fed […]
Cambridge Realty Capital
Here’s a roundup of some of the most recent financing transactions in senior housing and care. Greystone Provides $36 Million HUD Loan to Refinance N.Y. Skilled Nursing Facility Greystone, a national provider of multifamily and healthcare mortgage loans, announced June 9 it provided a $36.7 million HUD loan to refinance a 314-bed skilled nursing facility […]
The U.S. Department of Housing and Urban Development (HUD) released a new handbook covering the Section 232 Healthcare Mortgage Insurance Program, which features the LEAN processing system. The handbook, issued May 22, is intended to be a one-stop-shop guide to the Section 232 program, covering all aspects of production and asset management. The new guide […]
Beech Street Refinances Illinois Supportive Living Facility for $20.7 Million Beech Street Capital, a Capital One company, has provided a $20.7 million HUD loan to refinance a supportive living facility in Illinois. Under a federal waiver, supportive living facilities in Illinois can receive Medicaid support for low-income residents that need assistance with activities of daily living, […]
Grandbridge Facilitates Debt Assumption for HCN Acquisition Grandbridge’s Seniors Housing and Healthcare Finance Team recently facilitated the acquisition and approximately $4.4 million loan assumption of Cascades at Grass Valley, formerly Highgate Grass Valley, in Grass Valley, Calif., on behalf of Health Care REIT. The purchase price was not disclosed. Cascade Senior Living will operate the […]
In a rising interest rate environment, senior housing lenders who work with the Department of Housing and Urban Development’s LEAN 232 program say they are anticipating fewer transactions in the coming year. But it could lead to more opportunity for new construction loans under HUD, which has comprised just a small percentage of HUD lending […]
Cambridge Subsidiary Closes $28 Million Loan Modification for Senior Housing Portfolio Cambridge Investment and Finance Co., a subsidiary of Cambridge Realty Capital Companies, announced closing a $28 million conventional loan modification for four properties it owns and operates as SunRidge Senior Living in El Paso, Texas. The firm purchased the portfolio 18 months ago from […]
Washington Trust Finances $5 Million ALF Washington Trust’s Commercial Real Estate Group provided $5,000,000 in construction financing to Scandinavian Home, Inc. for a 2,000 square feet addition to an assisted living facility in Cranston, RI as well as renovations to existing facilities. Founded in 1930, Scandinavian Home is a non-profit community located in the Edgewood […]
Three Pillars Senior Living Communities Issued $22.8 Million Bonds Cain Brothers served as sole underwriter in the issuance of the Three Pillars Senior Living Communities Series 2013 bonds, issued as unenhanced fixed rate bonds and rated “A-” by Fitch on the underlying credit strength of Three Pillars. The $22.82 million bond issuance was used to […]
Cambridge Closes $42.8 Million of Senior Housing & Care Loans Cambridge Closes $14.9 Million Nursing Home Loan Cambridge Realty Capital Companies recently announced the closing on a $14.9 million loan to refinance Green Park, a 188-bed skilled nursing home in St. Louis, Mo., announced chairman Jeffrey Davis. The fully-amortized, 36-year term loan was arranged for […]