Greystone announced it closed a $450 million commercial real estate collateralized loan obligation (CLO) backed exclusively by bridge loans for health care projects.

It marks the largest health care CLO ever recorded as Greystone bested its own mark of $300 million set back in 2018.

The assets in the CLO consist of skilled nursing, assisted living, memory care, and independent living facilities with SNFs making up a majority of the portfolio at 51.9%.

“Despite a softening in the market over the past two months, this latest CRE CLO performed well and had strong demand from investors who recognize the strength of real estate supporting the healthcare and senior housing sector,” Ross Gusler, senior vice president of corporate finance and capital markets at Greystone, said in the press release.

Symphony Acquires Palos Park SNF

Symphony Care Network announced last month it acquired Holy Family Villa, a 129-bed skilled nursing rehabilitation facility located in Chicago suburb Palos Park.

Rebranded as Symphony Palos Park, Symphony purchased the SNF from Catholic Charities of the Archdiocese of Chicago following a six-month search.

“We are honored that Holy Family Villa’s board and Catholic Charities felt Symphony was best positioned to take on the next generation of running the property, and we are committed to respecting the values, traditions and culture of Holy Family Villa in the interest of our newest residents, employees and their families,” said Michael Munter, CEO of Symphony Care Network.

Evans Senior Investments (ESI) originally announced the sale of the mission-based not-for-profit, which along with Bishop Lyne Residence, an 18-unit independent living component, was operating at a loss at the time of marketing.

Carnegie Capital Facilitates $6.5M Acquisition Loan for 3 SNFs in Texas

Texas-based Carnegie Capital announced the purchase of three skilled nursing facilities located in north-central Texas with a total of 258 beds.

The closing came as a result of Carnegie’s joint venture with ESI using a $6.5 million acquisition loan.

The sale represented 85% of the total purchase price. All three facilities are enrolled in the state’s quality incentive payment program.

JD Stettin, managing partner at Carnegie Capital, arranged the transaction.

HJ Sims Helps Care Community

HJ Sims closed a $8.781 million taxable note on behalf of Clark Lindsey Village, a non-for-profit life plan community in Urbana, Ill.

The community includes 105 beds dedicated to skilled nursing.

Sims acted as the structuring agent for a taxable bridge financing via a draw-down bank note, capturing a taxable interest rate of 2.15% for a term of 24-months. The note is cash-secured and can be refinanced at a later phase using tax-exempt debt.

Ziegler Lands $39.435M Financing

Specialty investment bank Ziegler closed $39,435,000 Series 2021 Bonds for Simpson, a not-for-profit group that owns three retirement communities in Pennsylvania.

The communities operate 609 total units that include 482 independent living units, 56 personal care units, 118 assisted living units and 178 skilled nursing units.

Proceeds of the Series 2021 Bonds will be used to refinance Simpson’s outstanding Series 2015B Bonds, finance various capital expenditures, finance a swap termination related to the Series 2015B Bonds, fund a deposit to a master debt service reserve fund and pay for eligible costs of issuance related to the financing.