Senior Housing/Skilled Nursing Facility Financing

The increasing need for the development of housing alternatives for the growing population of older Americans is creating opportunities for financial institutions to provide capital for long-term care facilities. The lawyers of Troutman Sanders’ Finance practice have represented national and regional banks and non-bank lenders in a broad range of financing transactions for long-term care facilities involving publicly traded and privately held national companies, private regional companies, individual owners, and other for-profit and not-for-profit borrowers. In addition to senior living and skilled nursing facilities, we have closed loans for independent living and assisted-living units (including memory care units), nursing homes and continuing-care retirement communities (CCRCs).

We have handled financings for facilities in 36 states and the District of Columbia, including construction loans, bridge loans, acquisition financing, term loans, asset-based revolving loans and operating lines of credit. Recent matters have also included revolving credit facilities secured by senior housing properties in multiple states using a borrowing-base structure, and loans structured to accommodate the use of master leases in borrower joint ventures with pension funds or Islamic law-compliant investments.

We work closely with Troutman Sanders’ nationally recognized Multifamily Housing Finance practice to coordinate our balance-sheet lending work with the market expectations of Fannie Mae and Freddie Mac.

Representative Experience

  • Represented a lender in a $27 million construction and interim loan to the developer, a private equity fund, of an independent living senior housing facility located in a planned community in Tarrant County, Texas.
  • Represented an agent bank in a $400 million syndicated revolving line of credit to a publicly traded company for construction of assisted living facilities secured by properties in multiple states under a borrowing base structure.
  • Represented a lender in connection with a $190.5 million term loan and a $30 million operating line of credit financing the acquisition of 37 skilled nursing facilities in 11 states.
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