Senior housing and healthcare lender VIUM Capital closed 70 transactions for 186 separate properties in 22 states, totaling $2.1 billion, in 2022.
“Closing a record number of transactions, securing HUD/GNMA approval, and launching our debt fund were just a few of the highlights of a remarkable 2022,” said Senior Managing Director Scott Blount. “We have one of the most robust debt financing pipelines in our nation’s healthcare sector, are taking innovative steps to expand our funding platform, and are hiring some of the most talented people in the healthcare finance space.”
Financing structures consisted of bridge and permanent debt, including a $136.8 million bridge loan in October used to acquire the real estate of 17 Indiana-based skilled nursing facilities.
The client involved was ultimately interested given a “uniquely strong” tenant and the quality of the operations, according to VIUM, and the deal marked one of the lender’s largest single transactions to date.
VIUM launched a healthcare debt fund in conjunction with an affiliate of its joint-venture partner, Merchants Capital, enabling it to further diversify its bridge platform.
According to the company, in 2022 the firm became a stand-alone HUD/GNMA approved lender/servicer following its acquisition of Armstrong Mortgage Company and HUD’s approval of VIUM’s Chief Underwriter Alison Lemle by HUD’s LEAN and MAP programs.
“We knew we were building something special, but this year exceeded our expectations,” shared partner and Senior Managing Director Tony Ruberg. “We were ranked one of the top HUD healthcare lenders in 2022 and nearly doubled our first two years of production combined.”
CareRite Centers adds two new Fort Lauderdale facilities
CareRite Centers added two new Fort Lauderdale facilities to its network of skilled nursing and rehabilitation communities across Florida, Tennessee, New York, and New Jersey.
“Our network is so proud to welcome The Pearl and The Savoy, two communities with long-standing histories of incredible care and service to the Fort Lauderdale community,” said Chief Operating Officer Akiva Rudner in a press release.
According to company executives, plans for multi-million dollar renovations of the new facilities are underway.
“The renovations will build upon the comfort-enhancing amenities offered at both centers, and will expand both rehabilitation gymnasiums with the latest state-of-the-art training equipment for patients recovering from a hospital stay,” the company said in a press release.
Sabra announces amendments to its credit facility
Sabra Health Care REIT, Inc. (Nasdaq: SBRA) announced yesterday that it amended and restated its credit facility to improve its debt maturity profile while keeping capacity and pricing consistent with its prior credit facility.
“We are pleased to renew our credit facility, which improves our debt maturity profile by pushing our nearest material maturity to August 2026, while holding pricing in line with our prior credit facility. We also appreciate and value the continued support of our bank group, especially considering the challenging backdrop for the credit market,” said Sabra CEO Rick Matros.
The revision included a $1.0 billion unsecured revolving credit facility maturing in January 2027, with two additional six-month extension options, in addition to a $430 million unsecured term loan maturing in January 2028 and $150 million CAD (~$110 million USD) unsecured term loan maturing in January 2028.
The company said pricing is consistent with the prior credit facility and will be based on adjusted SOFR/CDOR plus a spread of 77.5-145 bps for the revolver, and 85-165 bps for the term loans.
SLIB Facilitates Sale of Skilled Nursing Homes in Florida and Texas
Senior Living Investment Brokerage facilitated the sale of a 132-bed skilled nursing community in Sherman, Texas, just north of Dallas.
The facility is approximately 39,211 square feet in total and is situated on approximately 5 acres of land.
According to SLIB, the seller is a private partnership out of Dallas and the buyer is an owner/operator out of Fort Worth which currently operates 20 buildings in Texas.
“This transaction showed the targeted marketing effort of SLIB to create a marketplace that eventually found a buyer from Texas,” Managing Director Matthew Alley said. “Homestead of Sherman is a strategic acquisition for the buyer to add to its TX portfolio.”
SLIB also facilitated the sale of a 120-bed skilled nursing community in Jacksonville, Florida, closing the deal on December 20th.
According to the brokerage firm, the asset has long served the community, but as a standalone non-profit operator and owner it became difficult for the seller to oversee and produce efficient performance.
“This was a well-respected building in the local market that will be an excellent addition to the buyer’s portfolio,” Managing Director Bradley Clousing said in a press release.
SLIB said the buyer is a national owner who partnered with an experienced operator located in Florida, which intends to utilize its local presence to stabilize the asset.
Lument Closes $16.9 Million in FHA Financing for Two Communities
Lument announced today the closing of two FHA loans totaling $16.9 million to refinance two skilled nursing facilities in Oklahoma with a total of 266 beds.
“It was a pleasure to work with this repeat Lument client to secure the financing they required for these two communities,” said Bill Wilson, a managing director at Lument. “With these FHA loans, we were able to replace existing, variable rate, personally guaranteed commercial bank debt with fixed interest rate loans with no personal guarantees. In addition, this funding reimbursed our client nearly $2 million for previous capital expenditures tied to a multi-year remodel.”
According to Lument, the loans were issued with a 35-year amortization and a low, fixed interest rate. The smaller of the two communities is situated on 12 acres and was originally constructed in 2006 with an addition completed in 2010. The larger sits on 5.78 acres and was originally built in 1953, with renovations completed in 1967, 1985, and 2018.