DALLAS AND DESOTO, TEXAS — Greystone has secured the $19 million refinancing of two undisclosed seniors housing assets located in Dallas and nearby suburb DeSoto. The properties, which total 500 units, represent affordable housing options for seniors earning 60 percent or less of the area median income (AMI). Both loans were secured through Freddie Mac’s Targeted Affordable Housing (TAH) Express program.
TAMPA, FLA. — Tampa-based Validus Senior Living has closed a $117.5 million syndicated revolving line of credit with SunTrust Robinson Humphrey for the acquisition of three seniors housing communities located in Louisiana, Florida and Georgia. SunTrust Robinson Humphrey, a division of SunTrust Banks Inc. that provides investment banking services including mergers and acquisitions and private equity financing, served as the lead arranger and bookrunner for the deal, while SunTrust Bank acted as the lead participant and administrative agent. The five-year deal is renewable, and Validus will use the credit line to acquire Inspired Living at Ocoee in Ocoee, Fla., and Inspired Living at Kenner in Kenner, La. A third community, Inspired Living at Alpharetta in Alpharetta, Ga., is expected to close in the coming weeks. The communities offer both assisted living and memory care units. The two initial acquisitions will add more than 250 units to Validus’ existing portfolio.
CASHMERE, WASH. — Senior Living Investment Brokerage has arranged the sale of Cashmere Convalescent Center, a 65-bed skilled nursing facility in Cashmere, located between Seattle and Spokane. The price was not disclosed. A regional owner-operator based in Idaho purchased the property, seeking to expand its footprint beyond the northern Rocky Mountain region. The 21,820-square-foot facility sits on four acres of land, leaving room for future expansion. Jason Punzel, Brad Goodsell and Nick Cacciabando of Senior Living Investment Brokerage handled the transaction.
MINNETONKA, MINN. — The Opus Group has begun construction on a 147-unit senior living facility in Minnetonka. The project will encompass independent living, assisted living and memory care apartments. Ebenezer Management Services will operate and manage the four-story property upon completion, which is slated for spring 2019. Amenities will include a salon, chapel, club room, dining room and walking paths. Opus Development Co. is the developer and Opus Design Build is the design contractor. Opus AE Group is the architect and engineer of record, while Sperides Reiners Architects is the design architect. Consilium Associates is the project’s interior designer.
IRVINE, CALIF — Sabra Health Care REIT Inc. (NASDAQ: SBRA) has completed the previously announced sale of 20 skilled nursing facilities leased to Genesis Healthcare Inc. in Kentucky, Ohio and Indiana for $103.3 million. The 20 facilities are part of the original 35 facilities marketed for sale under the previously announced memoranda of understanding with Genesis. Under the terms of the deal, Genesis’s annual rent obligations to Irvine-based Sabra will be reduced by $9.3 million as a result of the sale of these facilities. Sabra expects to use the proceeds from the sale to repay borrowings under its revolving credit facility. The dispositions are part of the REIT’s “Sabra 3.0” plan to have more scale and diversification within the company’s portfolio as far as continuum of care, operator and geography. Sabra plans to sell its entire portfolio of Genesis-operated skilled nursing facilities for aggregate sales proceeds of $425 million to $475 million.
MISSION VIEJO, CALIF. — The Ensign Group Inc. (NASDAQ: ENSG), the parent company of the Ensign group of skilled nursing, rehabilitative care services, home health care, hospice care and assisted living companies, has completed a $112 million portfolio financing. The fixed-rate loans have an amortization schedule between 30 and 35 years, and are secured by mortgages on 17 of the 63 properties owned by Ensign subsidiaries. Jason Dopoulos of Lancaster Pollard Mortgage Company LLC arranged the loans, which are insured by the Department of Housing and Urban Development (HUD). Loan proceeds will be primarily deployed to pay down previously drawn amounts on Mission Viejo-based Ensign’s revolving line of credit. In addition to refinancing existing borrowings, the proceeds of the HUD-insured debt will be used to fund acquisitions; renovate and upgrade existing and future facilities; cover working capital needs; and for other business purposes.
PENNSYLVANIA — KeyBank Real Estate Capital has arranged a total of $57.7 million in FHA financing for a large regional owner and operator of healthcare facilities across the Northeast. The properties include a 180-bed skilled nursing facility and a 120-bed skilled nursing facility that also has a 73-bed assisted living/independent living wing. John Randolph of Key’s Commercial Mortgage Group arranged the permanent financing through the FHA 232/223(f) mortgage insurance program. Henry Alonso and Brandon Taseff of Key’s Healthcare Group structured the original bridge loan for the sponsor. The loan proceeds were used to pay down a portion of the existing bridge loan, which funded the initial acquisition and subsequent recapitalization of a pool of healthcare facilities located in the Northeast.
ALLEGAN AND OWOSSO, MICH. — Cohen Financial and Pillar, both divisions of SunTrust Bank, have arranged $11.5 million in HUD loans for the refinancing of two seniors housing properties in Michigan. Cathy Bronkema of Cohen Financial and Joshua Hausfeld of Pillar arranged a $6.5 million loan for Oliver Woods Retirement Village, an 80-unit property in Owosso. They also secured a $5 million loan for Briarwood Assisted Living, a 39-unit property in Allegan. The borrower is a Grand Rapids-based senior living property owner and operator. The SunTrust/Pillar healthcare financing platform can meet borrowers’ financing needs from bridge financing to long-term, fully amortizing loans, according to Bronkema.
OAKLAND, N.J. — Tryko Partners and Marquis Health Services have completed $3.5 million in renovations to Oakland Rehabilitation and Healthcare Center, a 215-bed skilled nursing facility in Oakland, 25 miles northwest of New York City. Tryko acquired the facility in 2015. Marquis, an affiliate of Tryko, operates the property, which offers sub-acute rehab, dementia care and long-term care wings, and specializes in cardio pulmonary and orthopedic rehab. The renovations include a 3,500-square-foot gym and expansion of the common-area lounge space, as well as updates to 50 rooms within the building’s sub-acute rehab unit.
LAS VEGAS — Love Funding has arranged a $7.9 million bridge loan to build a 46-bed memory care center in Las Vegas. The new facility will be built adjacent to Welbrook Transitional Rehabilitation in the Centennial Hills neighborhood. The existing facility offers rehabilitation services and overnight care for those recovering from an injury, planned surgery or illness. Leonard Lucas of Love’s Boston office obtained the bridge loan from Love Funding’s parent company, Midland States Bank. The bridge financing was needed because the timing of the FHA construction financing did not fit the borrower’s development timeframe.