Capital One, NHI, NorthStar, Lancaster Pollard close deals
Finance companies announcing deals recently:
• Capital One Bank was the lead on a $48 million, five-year term loan to LCS-Westminister Partnership, IV LLP. The loan will be used to refinance and expand Sagewood, a community in Phoenix, AZ with 38 skilled nursing beds and 10 assisted living suites. It will also allow Sagewood to construct a second dining venue and 14 additional casitas, which are two-bedroom, two-and-a-half bathroom houses that can go up to 2,326 square feet.
• Lancaster Pollard guided Petersen Health Care in its first HUD financings, the company said. Petersen's new long-term FHA loans eliminate the owner's personal guarantee from the facilities' debt structure, and provides $170,000 in annual debt service savings from a lower interest rate. It also allowed Petersen to invest $650,000 in capital improvements.
• National Health Investors announced its RIDA joint venture with Bickford Senior Living acquired 17 assisted living and memory care facilities for $135 million. That brings the joint venture's total properties to 30, three of which are under construction.
Out of the 17 sites, 14 are from a subsidiary of Care Investment Trust for $123 million; and three are from affiliates of Bickford for around $12 million. The facilities have a total of 750 units and are located in Illinois, Iowa, Indiana and Nebraska.
• NorthStar Realty Finance Corp. has acquired a Connecticut memory care facility for $10.5 million. The building, operated by Peregrine Health Management Company, has 48 units and is at 94% occupancy.