SNF Transactions: KeyBank Invests in Indiana

KeyBank Invests $15.3M in Indiana Skilled Nursing Facilities

KeyBank Real Estate Capital invested a total of $15.3 million in two skilled nursing facilities operated by Trilogy Health Services, LLC in Indiana, providing FHA-backed financing for the Trilogy-Prairie Lakes Health Campus in Noblesville and Trilogy-St. Mary Healthcare Center in Lafayette. KeyBank’s John Randolph and Laura Conway helped close the deal, which will provide for elective repairs and debt refinancing.

Trilogy-Prairie Lakes features 132 total beds, with 49 skilled nursing units, and was originally built in 2010. First constructed in 1969 and renovated in 2010, Trilogy-St. Mary is equipped exclusively with 71 skilled nursing beds.

Lancaster Pollard Facilitates Three SNF Refinances

With the help of the Columbus, Ohio-based Lancaster Pollard, Summit Healthcare REIT, Inc. refinanced three skilled nursing facilities: Juniper Village at Lamar in Lamar, Colo.; Juniper Village at Monte Vista in Monte Vista, Colo.; and Myrtle Point Care Center in Myrtle Point, Ore. Worth $9.5 million in total, the deal will refinance existing debt on the facilities with a lower interest rate and a 30-year term for the Lake Forest, Calif.-based Summit.

Lancaster Pollard’s Jason Dopoulous spearheaded the transaction.

IPA Arranges Sale of $150 Million Nursing Home Portfolio

Institutional Property Advisors (IPA) recently arranged the sale of six nursing home operations in New York and Michigan. The portfolio generates about $150 million in annual revenue and sees high occupancy, according to IPA.

A private family company sold the portfolio to a long-term care startup that is seeking to grow its operating platform, IPA noted in a press release.

IPA’s Joshua Jandris, Mark Myers, and Charles Hilding helped arrange the transaction.

Ziegler Closes $175 Million Financing for Mary’s Woods at Marylhurst

Chicago-based specialty investment bank Ziegler closed a $175 million tax-exempt, fixed-rate Series 2017 financing deal for Oregon-based not-for-profit senior living operator Mary’s Woods at Marylhurst, Inc.

Mary’s Woods has a senior housing community located on about 24 acres of a 75-acre campus in Lake Oswego, Ore. The community has 233 independent living apartments, 55 assisted living apartments, 50 independent living villas, 23 memory support suites, 26 residential care suites, and five licensed skilled nursing suites.

Mary’s Woods leases the 24-acre property from the Sisters of the Holy Names of Jesus and Mary, a different Oregon-based not-for-profit corporation that owns the 75-acre campus.

Ziegler Secures $54 Million in Financing for CCRC Operator in California

Ziegler also recently announced the closing of the $54 million tax-exempt, fixed-rate Series 2017 financing for Channing House, a California not-for-profit 501(c)(3) company that operates a continuing care retirement community (CCRC) in Palo Alto, Calif.

The CCRC has 191 residential living units, 26 skilled nursing beds, and 27 assisted living beds.

Channing House plans to use the proceeds of the Series 2017 Bonds, along with additional available capital, to fund a Bond Reserve Account for the Series 2017 Bonds, advance refund all of the outstanding Series 2010 Bonds, and pay specific costs of issuance of the Series 2017 Bonds, including the insurance premium.

Harborview Arranges $20.7 Million Bridge Loan for Skilled Nursing Portfolio in Ohio

Commercial real estate finance, advisory, and equity firm Harborview Capital Partners recently arranged the sale and $20.7 million financing for a skilled nursing portfolio made up of three facilities and 254 beds in Ohio.

The bridge-to-HUD loan involves a $2.3 million mezzanine loan via Harborview’s balance sheet mezzanine product. The $18.4 million loan for the portfolio has a 25-year amortization and three-year term.

The transaction was arranged by Harborview Senior Originators Avi Begun and Jeff Fuchs, as well as Director of Capital Markets David Nussbaum.