VIUM Capital Closes Multiple Acquisition Loans; 70-Bed SNF Acquired for $5M

VIUM Capital closed multiple skilled nursing deals recently including a $21,250,000 acquisition loan for a Wisconsin-based continuing care retirement community and a $58 acquisition loan for a Michigan portfolio of five SNFs and one assisted living facility.

The CRCC, Bria of Trinity, was purchased using bridge-to-HUD funding for a buyer looking to grow their presence in the state.

A bridge-to-HUD loan was also used to acquire the Michigan portfolio, located in southeast Michigan. Funds were provided for acquisition costs and capital expenditures such as improving building aesthetics, adding short-term rehab in one of the buildings and other specialty units.

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CIBC Bank Closes 70-Bed Illinois SNF

CIBC Bank USA recently closed a $5 million acquisition loan for a 70-bed skilled nursing facility in central Illinois.

The home had been run by a regional operator for several years.

The buyer sees significant opportunity through expense cuts and occupancy improvements, with stabilized occupancy of 87% and margins in the mid-teens, according to the press release.

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The loan included a five-year term loan, with earn-out potential, plus a $750,000 working capital line of credit.

CIBC’s Fritz Kieckhefer and Kyle Doran handled the financing.

Ziegler Closes $16,645,000 Financing for CCRC Near The University of Florida

Specialty investment bank Ziegler announced it closed $16,645,000 Series 2021 bonds for Oak Hammock at the University of Florida, which owns and operates a continuing care retirement community in Gainesville, Florida.

The CCRC sits on an approximately 135-acre campus and includes 269 independent living units, 46 assisted living units, 24 support units and 73 skilled nursing beds.

All of the skilled nursing beds are Medicare certified.

The proceeds of the bonds will be used to refinance outstanding Series 2017B notes, finance approximately $1.876 million of capital expenditures, fund a debt service reserve fund and pay the cost of issuance.

The bonds will be followed by the $39,000,000 Series 2022 bonds slated for forward delivery on July 6, 2022. The Series 2022 bonds will be used, together with other available funds, to refinance outstanding Series 2012A bonds, to fund a debt service reserve fund and pay the cost of issuance of the Series 2022 bonds.

“These savings will be key in protecting our financial position during risky times, supporting our residents and mission, and providing additional resources needed to move forward strategically,” Brandon Powell, managing director, Ziegler Senior Living Finance said in the press release.

SLIB Helps $4.3M Sale of Texas SNF

Senior Living Investment Brokerage facilitated the $4.35 million sale of a skilled nursing facility located in Victoria Texas.

The facility includes 142 beds and was built in 1969.

The seller in the deal is an independent owner that had a lease in place with an operator that was set to expire on December 31.

The buyer is an owner/operator set to take over operations on Jan. 1.

SLIB received multiple offers from both regional and national buyers to purchase this portfolio.

SLIB’s Matthew Alley handled the transaction.

“This transaction allowed for the owner to exit the nursing home business prior to the conclusion of the lease. We generated six offers and the transaction closed within three months of the signing of the letter of intent,” he said in the press release.

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