VIUM Capital Closes Multiple Acquisition Loans; 70-Bed SNF Acquired for $5M

VIUM Capital Closes Multiple Acquisition Loans; 70-Bed SNF Acquired for $5M
Written by Publishing Team

VIUM Capital closed several skilled nursing deals recently including a $21,250,000 acquisition loan to a continuing care retirement community in Wisconsin and a $58 acquisition loan to Michigan’s portfolio of five SNFs and one living facility.

CRCC, Bria of Trinity, was purchased using bridge financing to HUD for a buyer looking to increase its presence in the state.

A bridge loan to HUD was also used to acquire the Michigan portfolio located in southeastern Michigan. Funds were made available for acquisition costs and capital expenditures such as improving the aesthetics of the buildings and adding short-term rehabilitation in one of the buildings and other specialized units.

CIBC Closes 70 Beds in Illinois SNF

CIBC Bank USA recently closed a $5 million takeover loan for a 70-bed skilled nursing facility in central Illinois.

The house has been run by a regional operator for several years.

The buyer sees significant opportunity by cutting expenses and improving occupancy, with occupancy stabilizing at 87% and margins in the mid-teens, according to the press release.

The loan included a five-year loan, with the potential for profit, as well as a $750,000 working capital line of credit.

CIBC’s Fritz Kechever and Kyle Doran took over the financing.

Ziegler closes $16,645,000 in funding for CCRC near the University of Florida

Specialist investment bank Ziegler announced that it has closed $16,645,000 in 2021 Series bonds for Oak Hammock at the University of Florida, which owns and operates a continuing care retirement community in Gainesville, Florida.

CCRC is located on a 135-acre campus and houses 269 independent living units, 46 assisted living units, 24 support units, and 73 skilled nursing beds.

All skilled nursing beds are Medicare certified.

The bond proceeds will be used to refinance the outstanding 2017B Series bonds, fund approximately $1.876 million in capital expenditures, fund the Debt Service Reserve Fund and pay the issue cost.

The bonds will be followed by $39,000,000 of the 2022 Bonds scheduled for delivery on July 6, 2022. The 2022 Series Bonds, along with other available funds, will be used to refinance the outstanding 2012A Series Bonds, to fund the Debt Service Reserve Fund and pay the cost of the bond issue. Series 2022.

“These savings will be essential in protecting our financial position during perilous times, supporting our residents and our mission, and providing the additional resources needed to move forward strategically,” said Brandon Powell, managing director of Ziegler Senior Living Finance in the press release.

SLIB Helps Sell Texas SNF for $4.3 Million

A living investment brokerage facilitated the sale of $4.35 million of a skilled nursing facility located in Victoria, Texas.

The facility has 142 beds and was built in 1969.

The seller in the deal is an independent owner who has a lease with an operator that was due to expire on December 31.

The buyer is an owner/operator who is scheduled to take over operations on January 1st.

SLIB has received multiple offers from regional and national buyers to purchase this portfolio.

SLIB’s Matthew Alley handled the deal.

“This transaction allowed the landlord to walk out of the nursing home business before the lease was entered into. We issued six offers and the deal closed within three months of signing the LOI.

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