Finance

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AcquisitionsArizonaFinanceNews

PGIM Sells Two Phoenix-Area Communities

by Hayden Spiess

GILBERT and MESA, Ariz. — PGIM has sold two senior living communities located in metro Phoenix. The properties include The Watermark at Morrison Ranch in Gilbert and Acoya Mesa in Mesa. PGIM owned Acoya Mesa in a joint venture with the community’s original developer, Ryan Cos. US Inc.  JLL Capital Markets arranged the portfolio sale on behalf of PGIM and secured acquisition financing for the undisclosed buyer. JLL Real Estate Capital LLC, a Freddie Mac Optigo lender, will service the loan.  The Watermark at Morrison Ranch totals 115 units and was …

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FinanceNewsSkilled NursingTexas

Berkadia Secures $39.7M in Acquisition Financing for Skilled Nursing Facilities in Texas

by Hayden Spiess

FORT WORTH, Texas — Berkadia has secured $39.7 million in financing across two transactions to fund the acquisition of three skilled nursing facilities located in Texas.  The borrower is a Fort Worth-based owner and operator that previously operated the facilities on a triple-net-lease basis.  Totaling $31.4 million, the first transaction was a bridge loan for the acquisition of two of the facilities, which together comprise 246 beds. The properties include a facility in Lufkin, built in 2002, and a facility in Bellmead, constructed in 2010. The buyer has operated the facilities …

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FinanceFloridaNewsSkilled Nursing

MonticelloAM Provides $107M Financing for Florida Skilled Nursing Portfolio

by Hayden Spiess

NEW YORK CITY — MonticelloAM has provided $107 million in financing, including a $100 million bridge loan and $7 million working capital line of credit, for a skilled nursing portfolio in Florida.  The portfolio totals 480 beds across four facilities.  “This closing demonstrates our ability to provide flexible capital solutions that meet evolving needs and foster stability for healthcare providers,” says Joseph Borenstein, head of New York City-based MonticelloAM’s healthcare bridge lending team. 

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Bozeman-Lodge_Bozeman-Mont
Assisted LivingFinanceIndependent LivingMontanaNews

Berkadia Arranges $33.8M Refinancing for Community in Bozeman, Montana

by Hayden Spiess

BOZEMAN, Mont. — Berkadia has arranged $33.8 million in refinancing for Bozeman Lodge, an independent and assisted living community located in Bozeman. Oregon-based Radiant Senior Living is the borrower.  Ed Williams, Steve Muth, Austin Sacco, Garrett Sacco and Alec Rosenfeld of Berkadia secured the financing from a debt fund on behalf of Radiant. The 2.5-year loan features interest-only payments for the full term. This marks the debt fund lender’s first loan within the seniors housing sector. 

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DevelopmentFinanceIllinoisMemory CareNews

Cambridge Realty Capital Provides $6M Construction Loan for Addition at Central Illinois Community

by Hayden Spiess

PONTIAC, Ill. — Cambridge Realty Capital has provided a $6 million loan to fund the construction of a memory care addition at The Pointe at Pontiac in central Illinois. The borrower is an Illinois-based limited liability company (LLC).  The Pointe at Pontiac currently comprises 60 beds of supportive living, the Illinois version of Medicaid Waiver assisted living. The State of Illinois provides Medicaid funding to seniors age 65 and older who would otherwise not have the resources to reside in an assisted living facility.  In addition to the new memory care …

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FinanceNews

StepStone, Blue Moon Complete $250M Refinancing of Seniors Housing Portfolio

by Hayden Spiess

NEW YORK CITY — StepStone Real Estate, the real estate arm of New York City-based investment firm StepStone Group (Nasdaq: STEP), and Blue Moon Capital Partners have completed a $250 million refinancing of a portfolio of seniors housing communities originally developed or redeveloped by Blue Moon.  The portfolio includes five stabilized properties.  The refinancing was completed through a continuation vehicle, a new investment structure that allowed investors in Blue Moon’s original fund to roll their investment into the new vehicle or exit and receive liquidity. StepStone is the majority equity partner …

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FinanceNewsWashington

Lument Provides $21.5M Refinancing for Community in Metro Seattle

by Hayden Spiess

FEDERAL WAY, Wash. — Lument has provided a $21.5 million loan for the refinancing of a seniors housing community located in Federal Way, roughly 25 miles south of Seattle.  Village Green of Federal Way totals 170 units, with 136 assisted living units and 34 independent living cottages.  Casey Moore of Lument arranged the Department of Housing and Urban Development (HUD)/Federal Housing Administration (FHA) Section 232/223(f) loan on behalf of the borrower, a family-owned company. The loan features a fixed interest rate and 35-year term. “Lument was able to help us navigate …

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The-Chelsea_New-City-N.Y
FinanceNew JerseyNew YorkNews

Bain, Capitol Seniors Housing Receive $48M Refinancing for Two Northeast Communities 

by Hayden Spiess

NEW CITY, N.Y. and TOWNSHIP OF WASHINGTON, N.J. — Bain Capital Real Estate and Capitol Seniors Housing have received a $48 million loan for the refinancing of two seniors housing communities. The communities include The Chelsea at New City in New City, New York, and The Chelsea at Washington Township in the Township of Washington, New Jersey.  JLL Capital Markets secured the three-year, floating-rate loan through a large regional bank on behalf of Bain and Capitol Seniors Housing.  Built in 2021, The Chelsea at New City totals 80 assisted living, memory …

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AcquisitionsAssisted LivingCaliforniaFinanceMemory CareNews

BMO Healthcare Real Estate Provides Acquisition Financing for 156-Unit Belmont Village Community in California

by Hayden Spiess

ALISO VIEJO, Calif. — BMO Healthcare Real Estate has provided financing for the acquisition of Belmont Village Aliso Viejo in Aliso Viejo. Harrison Street Asset Management is the borrower.  Opened in 2019, the Southern California community totals 156 assisted living and memory care units. Belmont Senior Living developed and operates the property.  Harrison Street currently has more than $108 billion in assets under management. 

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Assisted LivingFinanceMemory CareNewsTexas

Berkadia Secures $30M Financing for Two Communities in Texas

by Hayden Spiess

AUSTIN, Texas — Berkadia has secured $30 million for the refinancing of two assisted living and memory care communities located in Texas. Austin, Texas-based Journeyman Group is the borrower.  The financing includes two seven-year, floating-rate Freddie Mac loans.  Garrett Sacco, Austin Sacco, Steve Muth and Alec Rosenfeld of Berkadia arranged the financing on behalf of Journeyman Group. 

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