Greystone Closes $450M CLO; Symphony Care Network Adds 129-Bed SNF

Greystone announced that it has entered into a commercial property secured loan commitment (CLO) of $ 450 million, backed solely by bridging loans for healthcare projects.

It’s the largest healthcare CLO ever recorded as Greystone surpassed its own $ 300 million mark set in 2018.

The CLO’s assets consist of qualified nursing, assisted living, memory maintenance and facilities for independent living, with SNFs accounting for the majority of the portfolio with 51.9%.

“Despite a slowdown in the market over the past two months, this latest CRE CLO has performed well and has met strong demand from investors who recognize the power of real estate to support the healthcare and senior housing sectors,” said Ross Gusler, Senior Vice President of Corporate Finance and capital markets at Greystone, says the press release.

Symphony acquires Palos Park SNSF

Symphony Care Network announced last month that it had acquired Holy Family Villa, a 129-bed skilled nursing rehabilitation facility in the Chicago suburb of Palos Park.

Under the name Symphony Palos Park, Symphony acquired the SNSF after a six-month search from the Catholic Charities of the Archdiocese of Chicago.

“We are honored that the Holy Family Villa Board of Directors and Catholic Charities believed Symphony was best positioned to take on the next generation to run the property and we are committed to its values, traditions and culture of Holy Family Villa in the interest of our newest residents, employees and their families, ”said Michael Munter, CEO of Symphony Care Network.

Evans Senior Investments (ESI) originally announced the sale of the nonprofit mission company, which was operating at a loss at the time of marketing, along with the Bishop Lyne Residence, an 18-unit independent housing unit.

Carnegie Capital provides $ 6.5 million acquisition loans for 3 SNFs in Texas

Texas-based Carnegie Capital announced the purchase of three qualified care facilities in north central Texas with a total of 258 beds.

The closing was the result of Carnegie’s joint venture with ESI that used an acquisition loan of $ 6.5 million.

The sale accounted for 85% of the total purchase price. All three facilities are enrolled in the state quality awards program.

JD Stettin, Managing Partner at Carnegie Capital, arranged the transaction.

HJ Sims helps the care community

HJ Sims has completed a $ 8.781 million taxable notice on behalf of Clark Lindsey Village, a not-for-profit life plan community in Urbana, Illinois.

The community comprises 105 beds for qualified care.

Sims acted as structuring agency for taxable bridge financing via a drawing banknote with a taxable interest rate of 2.15% for a term of 24 months. The note is secured in cash and can be refinanced at a later date through tax-free debts.

Ziegler receives $ 39.435 million in funding

Specialty investment bank Ziegler has signed Series 2021 bonds worth $ 39,435,000 for Simpson, a nonprofit group that owns three Pennsylvania retirement communities.

The municipalities operate a total of 609 units, including 482 independent housing units, 56 personal care units, 118 assisted living units and 178 qualified care units.

Proceeds from the 2021 Series Bonds will be used to refinance Simpsons’ outstanding 2015B Series Bonds, fund various capital expenditures, fund a swap call related to the 2015B Series Bonds, make a deposit in a Master Debt Service Reserve Fund finance and pay eligible issuance costs in connection with the financing.

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