Ziegler Closes $53.03M Financing; RCA Healthcare Management to Take Over Absolut SNFs in Buffalo

The Chicago-based investment bank Ziegler closed a $53.03 tax-exempt bank placement transaction for Pleasant View Communities, which owns and operates a continuing care retirement community (CCRC) in Manheim, Penn.

Pleasant View has 152 independent living apartments and cottages, 95 personal care units and 115 skilled nursing beds; it is licensed for 133 SNF beds. Ziegler asked 13 commercial banks for a tax-exempt loan to refund an existing tax-exempt bank loan and fund two expansion projects, both of which were independent living additions.

Pleasant View chose a combination of Fulton Bank and Truist Financial Corp. (NYSE: TFC) due to pricing, terms and conditions. Ziegler announced the transaction on June 26.


Lancaster Pollard Announces Slew of SNF Refinancings

Lancaster Pollard Mortgage Company, a division of ORIX Real Estate Capital (OREC), announced several skilled nursing refinancings, two of which were part of the Federal Housing Administration’s (FHA) Sec. 232/223(f) program.

In the first FHA transaction, Lancaster Pollard helped the operator Oriol Health Care with a $16.2 million refinance through the Sec. 232/223(f) program, which refinances permanent debt for the 123-bed Holden Rehabilitation and Skilled Nursing Center. The SNF recently expanded its services by adding Wachusett Respiratory Care Unit, Oriol Home Health Care and Oriol Therapy Services.

The HUD rate was locked in the mid-2% range, securing substantial annual debt service savings for Oriol; Aaron Becker and Adam Walter led the transaction for Lancaster Pollard.


The second FHA transaction saw Lancaster Pollard secure a $17.2 refinance for the 142-bed, 82-unit SNF Aaron Manor Rehabilitation and Nursing Center in Fairport, New York. The loan consolidated numerous pieces of acquisition debt on the facility – which was bought by the current owner in 2018 – into a single permanent structure.

The non-recourse loan has a low, fixed interest rate and produced substantial debt savings for the borrower. The transaction was led by Miles Kingston.

In addition, the firm closed a $20.8 million refinance for a skilled nursing and memory care community in the Lake Highlands neighborhood of Dallas. The loan, led by Kyle Hemminger, refinanced the existing debt and reimbursed the ownership group in excess of $1 million for recent capital improvements.

$22M Acquisition Loan for Four-SNF Portfolio in Texas and Iowa

A national owner-operator with facilities in multiple states sold four SNFs, two in the Austin, Texas, metropolitan area, and two in Iowa, with a total of 326 beds; however, the seller will remain as operator in the portfolio. The $22 million acquisition loan was originated by J.D. Stettin of Carnegie Capital.

The SNFs were purchased by a private equity fund out of the Southeast, with SNFs in four states; the closing is their 10th facility closing with Carnegie Capital, according to Stettin. Zak Klein with Westgrove served as investment sales broker on the transaction, he added.

RCA Healthcare Files Plans to Take Ownership of Six SNFs As Absolut Works Through BK

RCA Healthcare Management filed plans with the New York Department of Health to take over five facilities owned by Absolut Facilities Management LLC, which filed for Chapter 11 bankruptcy in September of last year.

Buffalo Business First reported the news on July 1.

A sixth Absolut site is also expected to be part of the deal, but plans for that transfer have not yet been filed, according to the publication.

The RCA takeover was approved by the U.S. Bankruptcy Court for the Eastern District of New York earlier this year.

Edward Fardenblum, who leads RCA, told Buffalo Business First at the time that he planned to make an investment of “seven or eight figures” in the facilities, in addition to capitalization in systems and staffing to improve quality.

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