Specialty investment bank Ziegler announced it closed on $80 million Series 2021 Bonds for a Florida not-for-profit corporation in Winter Park, six miles from downtown Orlando.
The community includes 60 skilled nursing beds.
The deal marks the second phase of a two-phase repositioning of the campus. The first phase was financed in November, with $60,135,000 Series 2020A Bonds, and consisted of a new health care center comprising 24 private memory care suites and 60 private skilled nursing rooms.
The second phase will include the construction of 50 new independent living units, a clubhouse and the renovation of skilled nursing beds that will be converted into 21 assisted living units.
CIBC Announces Several SNF Deals
CIBC Bank USA closed a $1.2 million capital structure loan in a $12.4 million acquisition for a 100-bed skilled nursing facility in southern California.
Five-year loans were provided in the deal as the facility’s historical occupancy has been approximately 85% with EBITDAR margins in the low double-digits. The facility had been leased by the buyer for the last 10 years.
CIBC also announced a $10 million cash-out refinance for a 100-bed SNF in Ohio, which was purchased by a local owner-operator. Occupancy for the facility has been approximately 90% with EBITDAR margins in the mid-teens. In addition to the five-year mortgage loan, a $1 million revolving line of credit was provided for working capital.
CIBC also provided the same borrower with $5 million in financing to acquire a 75-bed SNF in Ohio.
Cambridge Realty Capital Companies Provides $12M in Refinancing
Cambridge Realty Capital Companies provided a $12,722,300 Department of Housing and Urban Development loan to refinance a 249-bed SNF in Cicero, Ill.
The 35-year fully-amortized loan for the facility, Alden Town Manor, will be used to refinance existing HUD loans.
Deal For 96-Bed Facility Closed By Blueprint
Blueprint Healthcare Real Estate helped in the sale of a 96-bed SNF located in central Missouri, 45 minutes north of Columbia.
Valley View Health & Rehabilitation represented a geographic outlier to the owner, a real estate investment trust, which has other locations in the state more concentrated in and around larger metropolitan areas.
Blueprint received multiple competitive offers from in and out-of-state investors and operators in less than three weeks.
An East Coast-based owner-operator new to the skilled nursing space was ultimately selected.
Companies featured in this article:
Blueprint Healthcare Real Estate Advisors, Cambridge Realty Capital Companies, CIBC Bank USA, Ziegler
