Wednesday, February 26, 2025
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Finance

Brooke-House_Boston
Affordable HousingDevelopmentFinanceMassachusettsNews

2Life Communities Receives State Funding for 127-Unit Affordable Housing Project in Boston

by Hayden Spiess

BOSTON — 2Life Communities has received funding in the form of low-income housing tax credits, state bond funds and rental subsidies from the state of Massachusetts for the development of an affordable seniors housing community in the Boston neighborhood of Mattapan. Massachusetts Gov. Maura Healey’s administration awarded the funding.  Dubbed Brooke House at Olmsted Village, the project will comprise 127 apartments reserved for seniors earning at or below 60 percent of the area median income.  The property will also feature a 2,400-square-foot public community space with a small convenience store. Brooke House will …

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Assisted LivingCaliforniaFinanceMemory CareNewsSkilled Nursing

Forbright Provides $44M HUD Financing for 318-Bed Facility in California

by Hayden Spiess

SAN JOSE, Calif. — Forbright Bank has provided a $44.2 million HUD loan to finance a 318-bed skilled nursing, assisted living and memory care facility located in the San Jose area of California.  Provided under the HUD 232/223(f) program, the 35-year fully amortizing term loan will be used to refinance existing Forbright Bank bridge and partnership debt, as well as cover the cost of recent capital expenditures and critical repairs. Forbright originally provided acquisition financing and a line of credit for working capital for the undisclosed borrower in 2022. 

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Lake-Place
Active AdultFinanceMinnesotaNews

BWE Secures $20M Permanent Financing for Active Adult Community in Metro Minneapolis

by Hayden Spiess

CHANHASSEN, Minn. — BWE has secured $20 million in permanent financing for Lake Place, an active adult community located in Chanhassen, roughly 20 miles outside Minneapolis. Silver Creek Equity, a Minnesota-based development company, is the borrower.  Lundat Kassa of BWE originated the financing through Freddie Mac on behalf of the borrower. The loan features a 10-year term with a 35-year amortization period and five years of interest-only payments. Proceeds from the loan will be used to close out the existing high-interest floating rate construction financing.  Built in 2023, Lake Place totals …

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Assisted LivingFinanceMemory CareNew YorkNews

MonticelloAM Arranges $115M Acquisition Financing for Seniors Housing Portfolio in Long Island

by Hayden Spiess

LONG ISLAND, N.Y. — MonticelloAM has arranged $115 million in acquisition financing for a portfolio of seniors housing communities located in Long Island. The undisclosed borrower plans to use the proceeds from the senior bridge loan to both acquire the properties and expand the services offered across the communities.  The portfolio comprises 1,000 beds across multiple assisted living and memory care communities.  With two six-month extension options, the financing carries a 36-month initial term. 

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Cottages-Perry-Hall_Parkville-Md
Assisted LivingFinanceMarylandMemory CareNews

Colliers Arranges $10.4M Refinancing for Community in Parkville, Maryland

by Hayden Spiess

PARKVILLE, Md. — Colliers, in partnership with Health Financing Consultants, has arranged a $10.4 HUD loan for the refinancing of a senior living community located in Parkville. Charter Senior Living is the borrower.  Totaling 64 units, the property — The Cottages of Perry Hall — features assisted living and memory care residences. Amenities at the community include full-service dining, housekeeping, activity rooms, a salon and landscaped courtyards.  Christopher Fenton and Catherine Eby of Colliers Mortgage secured the financing, which carries a 35-year term, on behalf of the borrower. 

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Risor-St-Louis_Minneapolis
Active AdultFinanceMinnesotaNews

Thorofare Capital Provides $42.9M Refinancing for Active Adult Community in Minneapolis

by Hayden Spiess

MINNEAPOLIS — Thorofare Capital, an affiliate of Callodine Group LLC, has provided a $42.9 million bridge loan for the refinancing of Risor of St. Louis, an active adult community located in Minneapolis. Roers Cos. is the borrower.  Completed in November 2023, the community totals 170 units reserved for residents age 55 and older. The property was 78 percent occupied at the time of financing.  Amenities at the community, which totals six stories and features 4,000 square feet of ground-floor retail space, include covered parking, a coffee bar, golf simulator, pet wash, …

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Company NewsFinanceNewsOhioPeople

Ken Gould, Jason Dopoulos Launch Ikaria Capital Group

by Hayden Spiess

CLEVELAND — Industry veterans Ken Gould and Jason Dopoulos have launched Ikaria Capital Group, a platform specializing in debt solutions including bridge loans, recapitalizations, refinancings, construction and permanent financing, FHA/HUD loans and working capital lines of credit.  Cleveland-based Ikaria will feature a focus on skilled nursing and seniors housing facilities. Currently, the Ikaria team is processing a more than $1 billion pipeline of bridge loans through FHA/HUD.  Gould and Dopoulos previously worked with Lancaster Pollard and White Oak Healthcare Partners, respectively. “We are dedicated to this sector and have specifically created …

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Affordable HousingDevelopmentFinanceMichiganNews

Community Housing Capital, FHL Bank Atlanta Provide Financing for 60-Unit Affordable Seniors Housing Project in Southfield, Michigan

by Hayden Spiess

SOUTHFIELD, Mich. — Community Housing Capital (CHC) and the Federal Home Loan Bank of Atlanta (FHLBank Atlanta) have provided financing for John Grace Arms, an affordable seniors housing project in Southfield. Sourced from FHLBank Atlanta’s Affordable Housing Program (AHP) general fund and administered through CHC, a member of FHLBank, the financing totals $750,000 in grant funding.  An adaptive redevelopment of a historic school building, John Grace Arms will total 60 rental units with 5,000 square feet of community space.  MiSide is the developer of the project, which is scheduled for completion …

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FinanceNew JerseyNewsSkilled Nursing

MonticelloAM Provides $39M Financing for Two Skilled Nursing Facilities in New Jersey

by Hayden Spiess

NEW YORK CITY — MonticelloAM has provided $39 million in bridge and working capital financing for two skilled nursing facilities in New Jersey.  The borrower will use the $38 million floating-rate senior bridge loan to consolidate previous loans and reduce its cost of capital and will use the $1 million working capital facility to cover the day-to-day needs of the facilities. Together, the properties total 300 skilled nursing beds.  “The MonticelloAM team did a remarkable job closing this transaction in 45 days to meet their timeline, underscoring our commitment to our …

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Assisted LivingFinanceIndependent LivingMemory CareMichiganNews

Walker & Dunlop Arranges $25.9M Permanent Financing for Community Near Grand Rapids

by Hayden Spiess

WYOMING, Mich. — Walker & Dunlop has arranged $25.9 million in permanent financing for Rivertown Ridge, a seniors housing community located in Wyoming, roughly 5 miles outside Grand Rapids.  The 10-year, fixed-rate Fannie Mae loan features three years of interest-only payments. Mary Stuart Hurst and Russell Dey of Walker & Dunlop secured the financing through Inner Circle Holdings on behalf of the borrower, Redstone Group Management Inc.   Rivertown Ridge, which was built in 2019 as part of a master-planned community, features 152 units, with independent living, assisted living and memory care …

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