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CCRCFinanceIllinoisNews

Clare Oaks CCRC in Illinois Emerges from Bankruptcy, Plans $5M Improvement Project

by Jeff Shaw

BARTLETT, Ill. — Clare Oaks, a continuing care retirement community (CCRC) in the Chicago suburb of Bartlett, has emerged from Chapter 11 bankruptcy with $40 million in reduced debt and plans for a $5 million capital improvement project. The property opened in 2008, but declared bankruptcy in June 2019. The process reduced its debt from $86 million to $46 million, and also installed a new operator in ER Senior Management IL LLC and a new board of directors led by Julie Boggess. “The goal of this rigorous process was to …

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CCRCFinanceNewsOhio

Ziegler Arranges $69.5M Financing for Wesley Communities in Metro Columbus, Ohio

by Jeff Shaw

COLUMBUS and REYNOLDSBURG, Ohio — Ziegler has arranged $69.5 million in bond financing for The Methodist Retirement Center of Central Ohio, a nonprofit corporation doing business as The Wesley Communities. Incorporated in 1965 as a faith-based provider, The Wesley Communities comprises three senior living properties totaling 668 units: Wesley Glen in Columbus, Wesley Ridge in Reynoldsburg and Wesley Woods at New Albany in Columbus. Additionally, Wesley Hospice provides hospice services throughout the communities. The assisted living, memory care and skilled nursing units in Wesley Glen and the assisted living and …

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CCRCDevelopmentFinanceNew YorkNews

HJ Sims Arranges $89M in Financing for Jefferson’s Ferry CCRC Expansion on Long Island

by Jeff Shaw

BROOKHAVEN, N.Y. — HJ Sims has arranged $89 million in financing for an expansion project at Jefferson’s Ferry, a continuing care retirement community (CCRC) in the Long Island town of Brookhaven. Sims underwrote the initial construction bond financing in 1999 for Jefferson’s Ferry, followed by a refunding of this financing in 2006. The new funds will be used toward Jefferson’s Ferry’s Journey Toward Renewal project, an improvement and expansion of the residential and healthcare space. The project includes construction of a 20-unit building dedicated to assisted living residents with dementia, …

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CCRCFinanceMassachusettsNew JerseyNewsPennsylvaniaVirginia

Truist Provides $136M in Financing for National Senior Campuses

by Jeff Shaw

WELLESLEY HILLS, Mass. — Truist Financial Corp. has provided a $136 million loan to National Senior Campuses, a continuing care retirement community (CCRC) operator based in Wellesley Hills. The financing will be used toward five of the borrower’s communities, totaling 7,731 units in Warminster, Pennsylvania; Peabody, Massachusetts; Pompton Plains, New Jersey; Springfield, Virginia; and Tinton Falls, New Jersey. Greenspring, one of the borrower’s CCRCs in Northern Virginia, is the first affiliate that will benefit from the new debt proceeds. In total, the funding will provide $115 million toward multi-year, multi-phased …

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CCRCFinanceFloridaNews

Ziegler Arranges $107.7M Financing for Cypress Cove at HealthPark Florida in Fort Myers

by Jeff Shaw

FORT MYERS, Fla. — Ziegler has arranged $107.7 million in bond financing for Cypress Cove at HealthPark Florida Inc. The proceeds of the bonds will be used to refinance outstanding debt, reimburse and fund certain capital expenditures, fund a debt service reserve fund and pay costs of issuance. Cypress Cove is a nonprofit continuing care retirement community (CCRC) in Fort Myers. The property features 333 independent living apartments, 44 independent living free-standing villas and common areas, 44 assisted living units, 44 memory care units and a skilled nursing facility containing …

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CCRCDevelopmentFinanceNewsTexas

Ziegler Arranges $77.1M Bond Financing for Presbyterian Village North in Dallas

by Jeff Shaw

DALLAS — Ziegler has arranged $77.1 million of bond financing for Presbyterian Village North, a continuing care retirement community (CCRC) in Dallas. The community sits on a 66-acre campus and currently consists of 89 buildings with 253 independent living units, 101 assisted living units, 44 memory care units and a health center operating 106 skilled nursing beds. The proceeds of the bonds will finance the cost of an expansion project that will add 112 new independent living units in a five-story building named The Hawthorne. Of the 97 units being …

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ArizonaCCRCFinanceNews

Cushman & Wakefield Arranges $13M Financing for The Palazzo in Phoenix

by Jeff Shaw

PHOENIX — Cushman & Wakefield Senior Housing Capital Markets has arranged a $13 million refinancing for The Palazzo, a 327-unit seniors housing community in Phoenix. The borrower is a joint venture of an affiliate of Westport Capital Partners LLC and Integro Healthcare Consulting. The borrower originally acquired the 14-acre campus in 2017. The property recently underwent a $10 million renovation, and the refinancing will replace the original acquisition financing while current ownership finishes executing its business plan. The community comprises two three-story buildings totaling 335,000 square feet, featuring 100 independent …

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CaliforniaCCRCFinanceNews

Ziegler Arranges $125M in Financing for HumanGood

by Jeff Shaw

PLEASANTON, Calif. — Ziegler has arranged a total of $125 million in financing for HumanGood, a nonprofit owner-operator based in the Bay Area city of Pleasanton. Washington Federal Bank is providing the funds, which include: $15.5 million in bonds, which refinance an existing tax-exempt bank placement $64.8 million in bonds that are a Cinderalla refinancing of two fixed-rate, tax-exempt bond issues. a $33.8 million taxable term loan. an $11 million taxable revolving line of credit. HumanGood owns and/or operates 21 continuing care retirement communities (CCRCs) and 95 affordable housing communities …

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CCRCDevelopmentFinanceNewsWashington

Ziegler Arranges $81.4M Refinancing for Rockwood Retirement Communities in Spokane, Washington

by Jeff Shaw

SPOKANE, Wash. — Ziegler has placed $81.4 million in bond financing through the Washington State Housing Finance Commission on behalf of Spokane United Methodist Homes. The borrower is the nonprofit operator of Rockwood Retirement Communities, which consists of two continuing care retirement communities (CCRCs) in Spokane — Rockwood South Hill and Rockwood at Whitworth. The communities have a combined 600 residents. The tax-exempt, fixed-rate bonds amortize over 35 years, wrapping around existing indebtedness to result in level aggregate annual debt service. Bond proceeds will be applied toward Phase II construction …

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CaliforniaCCRCDevelopmentNews

Sequoia Living Prepares to Open Viamonte CCRC Near San Francisco

by Jeff Shaw

WALNUT CREEK, Calif. — Sequoia Living has re-opened the preview center at Viamonte at Walnut Creek as the continuing care retirement community (CCRC) nears completion. First move-ins are scheduled to start in a few weeks at the 200-unit community. Construction began three years ago. The property is located in Walnut Creek in the San Francisco Bay Area.

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