MidCap Financial closes three deals
MidCap Financial has closed three deals with long-term care companies.
These include a transaction with Meridian Realty Advisors for a $15.8 million loan, with a maximum term of 42 months, for a facility in the Austin, TX area. The facility has 90 memory care beds in 52 units; it is managed by Silverado Senior Living. It opened in April 2013.
MidCap also closed a transaction with Peregrine Senior Living to acquire a memory care facility in Decatur, GA. It provided a $6.1 million first mortgage floating rate loan with a term of up to 4 years. With the loan, the 60-unit facility will be expanded to serve 70 residents with upgrades to the appearance and services in the building. The building is owned by a special purpose entity sponsored by Peregrine Senior Living, which also will operate the property. Blueprint Healthcare Real Estate Advisors arranged financing.
The third deal was with Atrium Health, which operates assisted living and sub-acute buildings in New Jersey, including one facility in Princeton with 180 skilled nursing beds and 66 AL units. The mortgage loan is to refinance existing debt; the amount was not disclosed.