Finance deals announced from GE Capital, Cushman and Wakefield, Housing & Healthcare Finance LLC, and Gemino Healthcare Finance
Recent financial deals in seniors housing included:
• GE Capital, Healthcare Financial Services has said it has committed over $1.4 billion in financing for healthcare facilities year-to-date
"Industry executives are confident despite ongoing concerns around rising interest rates and reimbursement pressures," said James Seymour, senior managing director of GE Capital, Healthcare Financial Services' real estate financing team.
• Cushman and Wakefield's Senior Housing Capital Markets Group, a division within Cushman & Wakefield Equity, Debt & Structured Finance, announced $12.3 million of capital for LCB Senior Living's acquisition of an Alzheimer's facility in Rhode Island.
Wells Fargo Bank provided acquisition financing, and the joint venture equity was provided by Prudential Real Estate Investors. The property has 60 Alzheimer's units, and the deal closed in late September. The new name of the facility is The Lighthouse at Lincoln.
• Housing & Healthcare Finance, LLC announced the funding of a $5 million bridge to HUD loan to refinance the existing debt of a 118-bed skilled nursing facility owned by Adcare Health Systems, Inc.
“We are pleased to provide Adcare with this bridge to HUD financing which will further financially strengthen their ongoing operations,” said Mike Gehl, CIO of HHC Finance.
• Gemino Healthcare Finance has announced the closing of a $100 million four-year revolving credit facility. It includes an accordion feature that allows for the expansion of the facility, up to an aggregate of $150 million. The new facility, provided by EverBank Commercial Finance Inc., replaces an existing facility.