BusinessBriefs for January 2015
» Walker & Dunlop said a $9.9 million loan for the refinance of Vista Healthcare Center in California has closed. The center has 187 skilled nursing beds. The transaction was processed through the HUD's LEAN program. The borrower, LifeHOUSE Health Services, will be able to pay off existing intra-company debt and take advantage of a long-term sub-4% rate. The loan is “somewhat unique,” the firm said, as it carries a one-year lockout period with four years of lower-than-standard prepayment penalties.
» NorthMarq Capital announced $9.4 million in financing for Laurel Court at Quail Park, a 40-unit memory care community. The new building will be in Visalia, CA, and operated by Living Care Lifestyles. The transaction is a cash-out refinance for the borrower through a relationship with a life insurance company. NorthMarq is the largest privately held commercial real estate financial intermediary in the United States.
» Columbia Memorial Hospital, in Catskill, NY, will sell Kaaterskill Care to Premier Healthcare Management. The sellers said they believe the 120-bed facility in Jefferson Heights will be more viable as part of a larger network.