Chicago-based specialty investment bank Ziegler announced last week that it has entered into Series 2021A and Series 2021B bonds of $ 115,630,000 for a 24.3-acre continuing care community within Sawgrass, a 4,800 acre private resort and residential community in Florida.
Based 20 miles southeast of Jacksonville, Florida at Ponte Vedra Beach, the community, Vicar’s Landing, includes 227 independent living units, 38 assisted living apartments, and 60 nursing beds, 30 of which are Medicare certified.
The bonds will be used to fund part of an expansion project, fund a debt service and capitalized interest reserve fund, and pay the cost of issuing Series 2021A bonds, Ziegler said.
The expansion will include the construction of 109 independent housing units consisting of 43 chalets and two apartment buildings.
Capital Funding Group Closes $ 40.3 Million Bridge Funding to HUD
Capital Funding Group announced that it has completed a $ 40,350,000 million financing for the acquisition of two Qualified Nursing (SNF) facilities in California and Kentucky.
The two establishments support a total of 270 beds.
The bridge to the HUD [Department of Housing and Urban Development] the funding was for “a nationally recognized borrower” who previously operated the facilities, according to the press release announcing the transaction.
Through the transaction, the borrower has purchased the real estate at both facilities and is expected to continue to develop its portfolio.
M&T Realty Capital finances $ 17.6 million for SNF
M&T Realty Capital has finalized a refinancing program of $ 17,578,000 for a 5-star CMS of 120 units [Centers for Medicare & Medicaid Services] SNF classified in Chelsea, Mass.
The refinancing saved the borrower over 1% on their interest rate, resulting in annual cash savings of over $ 137,000, M&T Realty Capital announced.
The fully amortizing fixed rate loan was entered into as part of a HUD Federal Housing Authority program that provides mortgage insurance for residential care facilities like nursing homes and extended the term to 40 years.
Managing Director Steve Muth led the transaction for M&T.