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Active AdultConnecticutDevelopmentFinanceNews

United Group Receives $47M Construction Loan for Active Adult Project in Connecticut

by Hayden Spiess

BLOOMFIELD, Conn. — The United Group of Cos. has received a $47 million construction loan for the development of a new active adult community in Bloomfield. Liberty Bank of Middletown provided the financing.  Upon completion, The Arbella at Blue Hills will total 164 units, with apartments in one-, two- and three-bedroom layouts, as well as townhome units. Delivery of the project, which will also feature 19 affordable residences, is scheduled for 2027. Amenities at the property will include a 12,000-squrae-foot clubhouse with a fitness center, yoga studio, wellness spa and salon, …

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FinanceNews

Seniors Housing Outperforms Other Sectors in NCREIF Index

by Hayden Spiess

CHICAGO — According to the National Council of Real Estate Investment Fiduciaries (NCREIF), the seniors housing sector has outperformed other property types in both the third quarter and year-to-date returns. Seniors housing posted a return of roughly 2.9 percent in the third quarter of this year and reached 7 percent in year-to-date returns.  These figures reflect higher returns than those of other sectors in the Expanded NCREIF Property Index (NPI). Seniors housing in the third quarter outperformed the broader NPI by 166 basis points.  Over the past one-year period, seniors housing …

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FinanceFloridaNewsSkilled Nursing

Dwight Mortgage Trust Provides $120M Bridge Loan for Florida Skilled Nursing Portfolio

by Hayden Spiess

NEW YORK CITY — Dwight Mortgage Trust, REIT affiliate of Dwight Capital, has provided a $120 million bridge loan to finance a skilled nursing portfolio located in Florida. Totaling 795 beds, the portfolio comprises five skilled nursing facilities.  Proceeds from the loan will be used to refinance the existing debt on two facilities as well as fund the acquisition of three of the facilities. Adam Offman of Dwight Mortgage Trust originated the financing.  The properties include Balanced Healthcare in St. Petersburg, which totals 299 beds; Gulfside Health & Rehab Center in …

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Affordable HousingDevelopmentFinanceGeorgiaNews

KeyBank Arranges $72.8M Financing for Affordable Redevelopment in Atlanta

by Hayden Spiess

ATLANTA — KeyBank Community Development Lending and Investment (CDLI) has arranged $72.8 million in financing for the first phase of the redevelopment of Atlanta Civic Center. The borrower, Civic Center Partners, is converting a portion of the property into a 148-unit affordable seniors housing community.  Civic Center Partners — a joint venture between The Michaels Organization, Sophy Cos. and Republic Properties — is partnering with Atlanta Housing, which owns the Atlanta Civic Center, on the project.  KeyBank CDLI provided a $39.1 million taxable construction loan and $25.2 million in federal low-income …

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Affordable HousingDevelopmentFinanceGeorgiaNews

Columbia Residential Secures Financing for $28.4M Renovation Project at Affordable Community in Atlanta

by Hayden Spiess

ATLANTA — Columbia Residential has secured financing for a $28.4 million renovation and preservation project at Columbia Senior at MLK Village, an affordable seniors housing community located in Atlanta.  Originally developed in 2007 in partnership with Ebenezer Building Foundation, Columbia Senior at MLK Village features 121 units for residents age 62 and older. The preservation project will rehabilitate the community and upgrade amenities at the property.  Atlanta Housing has committed 121 HomeFlex vouchers for 20 years to the community. Funding for the renovation includes tax-exempt bond financing issued by Invest Atlanta, …

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Affordable HousingDevelopmentFinanceMarylandNews

Walker & Dunlop Arranges $40M Financing for New Affordable Seniors Housing Development in Metro D.C. 

by Hayden Spiess

HYATTSVILLE, Md. — Walker & Dunlop has arranged $40.5 million in debt and equity for a new affordable seniors housing development in Hyattsville, roughly seven miles east of downtown Washington, D.C. Community Housing Initiative, which is developing the project in partnership with First Baptist Church of Highland Park, is the borrower.  Upon completion, The Highlands will total 137 units for residents age 62 and older. Five of the residences will be reserved for seniors earning at or below 50 percent of the area median income (AMI), with the remaining 132 apartments …

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Assisted LivingDevelopmentFinanceFloridaIndependent LivingMemory CareNews

Protea Capital Partners Receives $34.5M Construction Financing for Seniors Housing Community in Florida

by Hayden Spiess

ST. JOHN’S, Fla. — Protea Capital Partners has received a $34.5 million loan for the construction of a new seniors housing community in St. John’s. Olga Walsh, Aaron Rosenzweig and Dan Baker of JLL Capital Markets arranged the five-year financing on behalf of Protea.  Situated within the Beachwalk master-planned community, HarborChase of Beachwalk will feature 172 units, with 82 independent living, 66 assisted living and 24 memory care residences across multiple buildings. Amenities at the property will include a bar, bistro, beauty salon, arts and crafts room, theater, billiards room, fitness …

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AcquisitionsAssisted LivingCaliforniaFinanceMemory CareNews

Berkadia Arranges Sale, Financing of Two Communities in Southern California

by Hayden Spiess

SAN DIEGO and LOS ANGELES — Berkadia has arranged the sale and financing of two senior living communities located in Southern California.  Situated within suburbs of San Diego and Los Angeles, respectively, the properties include an 84-unit assisted living community and a 72-unit memory care community. Together, the communities were roughly 90 percent occupied at the time of financing.  Mike Garbers, Cody Tremper, Ross Sanders and Dave Fasano of Berkadia brokered the sale on behalf of the seller, a private owner. Ed Williams and Steve Muth of Berkadia secured acquisition financing …

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FinanceNewsNorth CarolinaSkilled Nursing

MonticelloAM Provides $48.1M Financing for Skilled Nursing Portfolio in North Carolina

by Hayden Spiess

NEW YORK CITY — MonticelloAM has provided $48.1 million in bridge and working capital financing for a skilled nursing portfolio located in North Carolina. The borrower was not disclosed.  The portfolio totals more than 300 beds across three facilities. In addition to a $45.6 million bridge loan, the financing includes a $2.5 million working capital line of credit.  “We focus on giving operators the resources they need to deliver strong care,” says Kim Gordon of New York City-based MonticelloAM. “With the $2 million working capital line of credit, we demonstrate our …

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FinanceGeorgiaNewsPennsylvania

BWE Arranges $52M Bridge Financing for Senior Living Portfolio

by Hayden Spiess

ATLANTA and PHILADELPHIA — BWE has arranged a $52 million bridge loan to finance a portfolio of senior living communities located within the Atlanta and Philadelphia metros.  The portfolio comprises independent living, assisted living and memory care properties.  Ryan Stoll and Taylor Mokris of BWE secured the three-year, floating-rate financing on behalf of the undisclosed borrower. 

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