Love Funding closes $16M in HUD financing
Love Funding partnered with the Department of Housing and Urban Development (HUD) on two senior housing financing packages totaling $16.04 million. The firm’s parent company, Midland States Bank, was able to complete short-term bridge loans to secure funding.
- A $3.14 million acquisition of Egida Hogar San Antonio, a Section 202, 62-and-over affordable apartment property in Guayama, Puerto Rico, was financed through HUD’s 223(f) program. The borrower was able to acquire the building and extend the affordability component by entering into a new 20-year housing assistance payments (HAP) contract. The borrower was also able to realize additional savings through HUD’s reduced application fee incentive for projects located in a Qualified Opportunity Zone.
- A $12.9 million refinancing of Woodlands of Arnold, an assisting living, memory care, and skilled nursing facility in Arnold, Missouri. Love and Midland States Bank provided a short-term bridge loan as a mechanism to complete a cash-out refinance. Midland was able to fund the bridge transaction for the borrower, and Love immediately applied to HUD for the permanent mortgage through HUD’s 232/223(f)program.
Ensign Group acquires Arizona senior housing campus
The Ensign Group (Nasdaq: ENSG) acquired the real estate and business operations of a post-acute care and retirement campus in Tempe, Arizona. The campus consists of Tempe Post Acute, a 62-bed skilled nursing facility, and Desert Marigold Senior Living of Tempe, a senior living center with 72 assisted living beds and 90 independent living units.
Fitch Ratings affirms ratings for HumanGood California, Pennsylvania ratings
Fitch Ratings affirmed its ‘A-’ rating with a stable outlook for the HumanGood California Obligated Group and its 14 life plan communities, as well as its ‘BBB’ rating with a negative outlook for HumanGood Pennsylvania.
This allows HumanGood to obtain more favorable borrowing rates for refinancing, resulting in significant savings for the future.
In their report, Fitch Ratings stated that HumanGood California’s rating affirmation is driven by a diverse operating platform with solid demand, adequate liquidity and consistent operations. Additionally, the provider’s solid financial profile and management’s proactive cost containment strategies will provide enough financial cushion to absorb coronavirus pandemic-related disruptions.
For HumanGood Pennsylvania, Fitch Ratings commented that despite ongoing challenges presented by the pandemic, the provider has is in a position to improve operations and is bolstered by a strong liquidity and strong balance sheet.
Acts Retirement-Life Communities sells Maryland facility
Acts Retirement-Life Communities disposed of a 126-unit skilled nursing and assisted living facility in Maryland, which it acquired through a merger.
Blueprint Healthcare Real Estate Advisors Executive Managing Director and co-founder Ben Firestone and Managing Director Michael Segal represented Acts in the transaction.
K4Connect announces Allbridge partnership
K4Connect announced a strategic partnership with Allbridge, a provider of data, video, and voice solutions for hospitality, senior living, and healthcare properties.
Allbridge will deliver K4Connect’s flagship solution, K4Community, to senior living operators to better connect residents with family, friends, and care providers through advanced digital communication and information tools. Allbridge customers will also have access to K4Community Team Hub community management tool for staff teams.
PointClickCare, DrFirst announce partnership
DrFirst, a technology, support and services platform specializing in patient care, and cloud-based senior care software platform PointClickCare, announced a partnership to bring DrFirst’s all-in-one communication platform, Backline, to long-term care providers across North America.
Backline enables physicians to lead secure, patient-centered group chats and to communicate with patients and their family caregivers, as well as to share, complete, and manage patient forms.