Chicago-based specialty investment bank Ziegler last week announced it closed on $115,630,000 Series 2021A and Series 2021B Bonds for a 24.3-acre continuing care community within Sawgrass, a 4,800-acre private resort and residential community in Florida.
Based 20 miles southeast of Jacksonville, Fla., in Ponte Vedra Beach, the community, Vicar’s Landing, includes 227 independent living units, 38 assisted living apartments and 60 skilled nursing beds, 30 of which are Medicare-certified.
The bonds will be used to finance a portion of an expansion project, fund a debt service reserve fund and capitalized interest and pay the cost of issuance of the Series 2021A Bonds, Ziegler announced.
The expansion will include the construction of 109 independent living units consisting of 43 cottages and two apartment buildings.
Capital Funding Group Closes $40.3M in Bridge-to-HUD Financing
Capital Funding Group announced it closed $40,350,000 million in financing for the acquisition of two skilled nursing facilities (SNFs) in California and Kentucky.
The two facilities support a total of 270 beds.
The bridge-to-HUD [Department of Housing and Urban Development] financing was for “a nationally recognized borrower” who previously operated these facilities, according to the press release announcing the transaction.
Through the transaction the borrower purchased the real estate of the two facilities and is expected to continue to grow their portfolio.
M&T Realty Capital Finances $17.6M for SNF
M&T Realty Capital completed a $17,578,000 refinancing package for a 120-unit, 5-star CMS [Centers for Medicare & Medicaid Services] rated SNF in Chelsea, Mass.
The refinancing saved the borrower more than 1% on their interest rate, resulting in annual cash flow savings of over $137,000, M&T Realty Capital announced.
The fixed-rate, fully amortizing loan was completed under a HUD Federal Housing Authority program that provides mortgage insurance for residential care facilities like nursing homes and extended the maturity to 40 years.
Managing Director Steve Muth led the transaction for M&T.