Cambridge Realty Capital Companies reports arranging a $5,950,000 conventional loan to acquire Twilight Haven Senior Living, located in Fresno, California. Brent Holman-Gomez, Cambridge Senior Vice President, reported that the fully-amortized, 25-year loan was arranged for the buyer, a California limited liability company. Underwriting the transaction was a Utah-based industrial bank.
Twilight Haven comprises 60 independent living units, as well as 116 assisted living beds and 50 skilled nursing care beds. Twilight Haven offers a variety of services and programs which are available based on the client’s level of service/needs. They include in-house meals, personal care, medication dispensing and supervision, 24 hours per day on-site monitoring, and recreational activities. The assisted living business is focused on the Medi-Cal Assisted Living Waiver program.
According to Holman-Gomez, this acquisition was an opportunistic major turnaround for the non-profit seller to the for-profit buyer. “The selling operator was in bankruptcy and the skilled nursing facility was closed. Given the troubled asset and current credit markets, this was a remarkably high loan-to-cost ratio within traditional norms, allowing the borrower to grow their business while limiting cash to close,” Holman-Gomez stated.
