Cambridge Realty Capital Companies provided a $10,400,000 HUD Lean loan to refinance a dual-facility assisted living and skilled nursing campus in the state of Iowa.
The Views of Burlington, located in Burlington, Iowa, comprises Oakview Nursing and Rehabilitation, a 60-bed SNF, and Ridgeview Assisted Living, a 42-bed facility.
Cambridge President Andrew Erkes said in a news release that the fully-amortized, 35-year loan was provided for the owner, an Iowa limited liability company, using the HUD Section 232 pursuant to Section 223(f) funding program, which is used to refinance existing HUD loans.
BHI Provides $42.5M Financing for SNF Owner TL Management
Full-service commercial bank BHI closed on a $42.5 million term loan for Brooklyn-based TL Management, an owner of more than 100 skilled nursing facilities across the country, including New York, Pennsylvania, Florida and Texas.
Tami Antebi, BHI senior vice president and head of health care, said in a news release that the transaction is part of the company’s continued growth in this space and strategy for future expansion in the sector going forward.
“We view TL Management as a premier owner and a prestigious new addition to our roster of healthcare clients. We are pleased to have executed this transaction and look forward to assisting TL with its future financing needs,” Steven Caligor, BHI division executive of commercial real estate and healthcare, said.
Oxford Closes More Than $347M in Deals in Q2 and Q3
Oxford Finance’s Healthcare Real Estate Group closed more than $347 million in transactions during the second and third financial quarters of 2022, bringing the total commitments year-to-date surpassing $636 million.
Some of the highlights included:
• A $26.2 million term loan and a $3 million revolving line of credit to finance the acquisition of three Texas SNFs
• A $9 million revolving line of credit to finance working capital needs for 7 SNFs
• A $52 million term loan for a sale/leaseback involving 16 nursing homes primarily located in Kansas
• An $87.5 million term loan to acquire 9 skilled nursing facilities in Texas
• A $124.8 million term loan to finance the acquisition of 4 SNFs in Maryland
• A $36.8 million term loan and an $8 million revolving line of credit to finance the acquisition of one Florida SNF
CBRE Arranges $220M Refinancing For Brookdale Senior Living
CBRE National Senior Housing secured a three-year $220 million floating rate loan as part of a refinancing for senior care provider Brookdale Senior Living.
The portfolio involved consists of 24 communities across 12 states that include 66 skilled nursing units, 720 independent living units, 1,205 assisted living units and 386 memory care units.
The loan was secured through a syndication between Capital One, National Association and Synovus Bank, according to a news release. The debt carries a variable interest rate of 2.45% over SOFR and is interest only for the first three years.
Brookdale operates and manages 672 communities in 41 states as of the end of September.
Aron Will, vice chairman of CBRE National Senior Housing and Matthew Kuronen, vice president of CBRE National Senior Housing, arranged the financing.
Companies featured in this article:
BHI, Brookdale Senior Living, Cambridge Realty Capital Companies, CBRE National Senior Housing, Oxford Finance LLC
