New York City-based health care lender and asset manager MONTICELLOAM, LLC announced it provided $58.13 million in debt financing for the refinancing of five skilled nursing facilities in Florida.
The facilities consist of a total of 607 beds.
The transaction’s sponsor is reportedly an experienced owner/operator with a current portfolio of more than 35 buildings across Florida and has experience working with Monticello in the past.
HJ Sims Closes Financing for Asbury Communities
Investment bank and wealth management firm HJ Sims announced it closed financing for $47,615,000 for Asbury Communities, Inc., an owner/operator of life plan communities in Pennsylvania, Maryland and Tennessee.
Asbury includes two communities, Bethany Village Retirement Center in Mechanicsburg, Penn., which includes a 69-bed skilled nursing center, and Springhill Senior Living in Erie, Penn., which includes an 80-bed skilled nursing facility.
Refinancing consisted of a $20,380,000 bank loan and tax-exempt fixed rate bonds of $27,235,000, according to the press release.
“Once again, Sims helped Asbury navigate through a complicated transaction, which lowered interest costs while maintaining existing covenants and all other material debt terms,” Andrew Jeanneret, Asbury’s CFO said.
The aggregate $47,615,000 Series 2021 Bonds are projected to generate over $400,000 of annual debt service savings through 2041 for a net present value savings of $5.5 million.
The loan and the Series 2021 Bonds provided savings of 11.73% for Asbury for the remaining life of the bonds.
Ziegler Closes HUD Refinancing for Texas SNF
Specialty investment bank Ziegler announced it closed a $13.6 million refinancing loan for an Altitude Health Services affiliate on a 187-bed skilled nursing facility.
The El Paso, Texas-based facility, known as Mountain View Health and Rehabilitation, was acquired by Altitude in 2016 using bank financing.
The Department of Housing and Urban Development (HUD) 232/223 (f) refinancing allowed Altitude to lock in a low interest rate, fixed rate and non-recourse debt for 35 years.
“This was a very difficult HUD loan to get over the finish line with a lot of moving parts and a very tough environment,” Christopher Utz, managing director of Ziegler Housing & Care Finance, said in the press release.
Signature HealthCARE Indiana Facility Gets New Owner
Signature HealthCARE of Fort Wayne announced a change of ownership in August.
Renamed Chateau Rehabilitation & Healthcare Center, a small group of SNF managers and operators in Illinois and the Midwest took over the 99-bed subacute and skilled nursing facility in Fort Wayne, Ind. on Aug. 1.
“In these challenging times, it is very reassuring that our new ownership team has years of know-how, shared values and a great group of experienced experts – based right here in the Midwest – to support our care team,” David Holbrook, the center’s administrator, said in the press release.
The renamed facility is expected to benefit from the hands-on attention that comes from a smaller, “non-corporate” ownership and management team.
Companies featured in this article:
Asbury Communities, HJ Sims, Monticello, MONTICELLOAM, Signature HealthCARE, Ziegler
