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 …
CCRC
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 …
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 …
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.
HJ Sims Arranges $107.4M Bond Financing for Presbyterian Retirement Communities in Florida
by Jeff Shaw
ST. AUGUSTINE, Fla. — HJ Sims has arranged $107.4 million in bond financing for Presbyterian Retirement Communities (PRC) and its affiliates, a group of 10 continuing care retirement communities (CCRCs) located throughout Florida. PRC acquired Westminster St. Augustine (then known as Glenmoor) out of bankruptcy in October 2017. The company instituted a turnaround program and was seeking a refinance of existing bonds to fund upcoming capital projects. Sims structured long-term taxable and tax-exempt bonds around the existing debt service, achieving a blended true interest cost of 3.87 percent and successfully …
LONDONDERRY, N.H. — Edgewood Senior Solutions Group has acquired land in Londonderry’s Woodmont Commons, where the group plans to build senior living community called The Baldwin. Project plans call for 190 independent living apartments. Several of the community’s amenities, including a spa and salon, a convenience store and multiple dining venues, will be open to the public. “Our location in Woodmont Commons — and the mixed-use aspect being built into The Baldwin — adds a valuable intergenerational dimension you don’t find in most senior living communities,” says Marlene Rotering, CEO …
Kayne Anderson, Watermark, Tishman Speyer Open $330M Seniors Housing Community in Brooklyn
by Jeff Shaw
NEW YORK CITY — A development team consisting of Kayne Anderson Real Estate, Watermark Retirement Communities and Tishman Speyer has opened the $330 million Watermark at Brooklyn Heights seniors housing community at 21 Clark St. The project is a redevelopment of the Leverich Towers Hotel, a 310,000-square-foot hotel built in 1928 that served as the pre-game home of the Brooklyn Dodgers baseball team in the 1930s and 1940s. The building’s 275 apartments include 145 for independent living, 88 for assisted living and 42 for memory care. Watermark at Brooklyn Heights …
KALAMAZOO, Mich. — Ziegler has arranged $47.9 million in bond financing for an expansion project at Heritage Community of Kalamazoo. The nonprofit continuing care retirement community currently features 86 independent living units, 49 assisted living and memory care units, and 90 skilled nursing beds just south of downtown Kalamazoo. The four-story expansion, named Revel Creek, will add 60 independent living units. The building will also feature a new dining venue with commercial kitchen, a bar area, den, living room, library, outdoor terraces with seating spaces and a fitness room. There …
COLUMBUS, Ohio — Ziegler has arranged $27.9 million in bond financing Ohio Living Communities. The funds will be used for an expansion project at the company’s Westminster-Thurber campus in Columbus. Named Heritage Pointe, the 11-story building will add 56 independent living units to the community. The total project cost is approximately $39.2 million. A development timeline was not released. The bonds consist of tax-exempt, fixed-interest-rate serial term bonds with a final maturity in 2045. In addition to Heritage Pointe construction, the financing will fund $2.5 million of other capital projects …
BOULDER, Colo. — Truist has provided a $50 million refinancing for Frasier, a continuing care retirement community (CCRC) in Boulder. The 20-acre campus is home to more than 350 residents, and is currently planning an expansion project, according to the community website. The refinancing “will provide significant cash flow savings to allow Frasier to create additional liquidity and flexibility,” according to Truist. Approximately $11 million of the transaction is a “Cinderella refunding,” where a prior issuance can be refunded and automatically convert its taxable debt to non-taxable debt in the …