VIUM Capital Closes Multiple Acquisition Loans; 70-bed SNSF acquired for USD 5 million
VIUM Capital recently entered into several qualifying nursing care agreements, including a $ 21,250,000 acquisition loan for a Wisconsin-based senior residential community and a $ 58 acquisition loan for a Michigan portfolio of five SNFs and an assisted living facility.
The CRCC, Bria of Trinity, was acquired with bridge-to-HUD funding for a buyer looking to expand its presence in the state.
A bridge-to-HUD loan was also used to purchase the Michigan portfolio in southeast Michigan. Acquisition and investment costs such as improving the building’s aesthetics, short-term renovations in one of the buildings and other special units were funded.
CIBC Bank closes 70-bed Illinois SNSF
CIBC Bank USA recently completed a $ 5 million loan for a 70-bed nursing home in downtown Illinois.
The home has been run by a regional operator for several years.
The buyer sees significant opportunities through cost reductions and utilization improvements with a stabilized utilization of 87% and margins in the mid-tens, according to the press release.
The loan included a five-year term loan with earn-out potential and a credit line for working capital of $ 750,000.
The financing was provided by Fritz Kieckhefer and Kyle Doran from CIBC.
Ziegler Closes $ 16,645,000 in funding for CCRC near University of Florida
Specialty investment bank Ziegler announced that it has closed $ 16,645,000 in Series 2021 bonds to Oak Hammock at the University of Florida, which owns and operates an ongoing foster retirement community in Gainesville, Florida.
The CCRC is located on an approximately 135 hectare campus and comprises 269 independent residential units, 46 assisted living units, 24 care units and 73 qualified care beds.
All qualified care beds are Medicare certified.
The proceeds of the bonds will be used to refinance outstanding 2017B Series bonds, fund capital expenditures of approximately $ 1.876 million, fund a debt servicing reserve fund, and pay issuance costs.
The bonds are followed by the 2022 series bonds of $ 39,000,000, scheduled for delivery on July 6, 2022. The 2022 Series Bonds will pay along with other available funds to refinance outstanding 2012A Series Bonds, fund a debt service reserve fund, and pay the cost of issuing the 2022 Series Bonds.
“These savings will be critical to protecting our financial position in risky times, supporting our residents and our mission, and providing additional resources necessary for strategic advancement,” said Brandon Powell, Managing Director, Ziegler Senior Living Finance. in the press release.
SLIB Helps $ 4.3M in Sale of Texas SNF
Senior Living Investment Brokerage secured the sale of a qualifying care facility in Victoria, Texas for $ 4.35 million.
The facility has 142 beds and was built in 1969.
The seller of the transaction is an independent owner who had a lease with an operator that was due to expire on December 31st.
The buyer is an owner / operator who will take over operations on January 1st.
SLIB received several offers from regional and national buyers to purchase this portfolio.
SLIB’s Matthew Alley completed the transaction.
âThis transaction allowed the owner to exit the nursing home business before the lease was signed. We prepared six offers and completed the transaction within three months of signing the letter of intent, âhe said in the press release.