In the aftermath of issuing a series of action plans, the Moving Forward Nursing Home Quality Coalition – a national coalition of 120 nursing home stakeholders – held a meeting Wednesday to share more details about the action plans to improve quality in nursing homes, with providers present saying that the coalition’s work is a […]
Chicago-based specialty investment bank Ziegler announced in July it closed on $56,850,000 Series 2021 Bonds for a continuing care retirement community for not-for-profit corporation, Westminster. Located in Austin, Texas, the CCRC is comprised of 324 independent living units, 22 assisted living units and 85 skilled nursing beds, 30 of which are used for memory care. […]
Over the past month, bankers have secured multimillion dollar loans insured by the Department of Housing and Urban Development (HUD) for SNF properties in North Carolina, D.C., California and Kentucky, as the government agency continues to be one of the most reliable backers for nursing homes through the pandemic. “Over the course of COVID we […]
Greystone announced that it provided a $36,464,000 loan insured by the Department of Housing and Urban Development (HUD) for the financing of three skilled nursing facilities (SNFs) in North Carolina. The properties are located in Durham, Rutherfordton, and Pinehurst. Fred Levine originated the loans for New York City-based Greystone. The Durham location, Carver Living Center, […]
Capital Funding Group announced on Monday that it closed $285 million in financing for the acquisition of a skilled nursing portfolio secured by 16 facilities in the mid-Atlantic region, in partnership with its credit venture CFG Credit Partners. The bridge-to-HUD [Department of Housing and Urban Development] financing was for “a nationally recognized borrower” who is […]
A federal lending program for nursing homes and other senior care facilities is once again under the microscope, with Barron’s reporting last week that Washington has backed financing for “dozens of poorly run nursing homes.” The U.S. Department of Housing and Urban Development (HUD)’s Section 232 programSection 232 provides mortgage insurance for long-term care facilities, […]
Symphony Care Network this week announced the successful completion of a deal to take over three skilled nursing and assisted living properties — previously operated by the non-profit Caretel Inns — in Michigan. The Chicago-based Symphony had previously announced the deal last September, immediately assuming operations at a pair of former Caretel facilities and starting […]
Among properties in the senior housing and care space, skilled nursing facilities tend to be the oldest, with new construction largely constrained to higher-end rehab facilities — sometimes called “medical resorts.” While rehab continues to drive new development in the nursing home space, Skilled Nursing News found a variety of unique projects across the country, […]
Berkadia closed a $21.7 million bridge-to-HUD loan for the acquisition of two skilled nursing facilities, one of which was located in Idaho. The interest-only loan carries a floating rate with an initial term of 18 months. The facilities, which opened between 2016 and 2017, have an almost 100% Medicare-eligible population and an average occupancy of […]
The collapse of a Chicago-area nursing home business resulted in the largest loss in history for the Department of Housing and Urban Development’s (HUD) loan guarantee program for skilled nursing facilities, the New York Times reported Friday — prompting the paper to question the safeguards in place for the program. The nursing home chain in […]
Housing & Healthcare Finance rode strong demand for bridge financing to a record-setting 2018 for its skilled nursing and assisted living lending practice, and while the government shutdown may lead to a 2019 slowdown, the company’s chief investment officer still sees strong demand ahead. The North Bethesda, Md.-based HHC Finance clocked more than $1 billion […]
Lancaster Pollard closed 70 loans — totaling $619.1 million — that were insured by the Department of Housing and Urban Development (HUD) in fiscal 2018. Of the total closed through the program, the Columbus, Ohio-based lender logged 35 for skilled nursing facilities, for a total value of around $349.4 million and an average bed count […]
Housing & Healthcare Finance (HHC Finance), a commercial finance company based in Washington, D.C., closed four Department of Housing and Urban Development (HUD) loans totaling $55.3 million for a portfolio of four supportive living facilities in Illinois. Two of the facilities serve the 65-and-older market, and the level of care provided at the facilities falls somewhere […]
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