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.