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, …
Walker & Dunlop Arranges $40M Financing for New Affordable Seniors Housing Development in Metro D.C.
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 …
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 …
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 …
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 …
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.
RICHARDSON, Texas — Berkadia has arranged the sale and financing of Appletree Court, a 118-unit senior living property located in Richardson, roughly 15 miles north of downtown Dallas. The community features assisted living and memory care units. A joint venture between Marquee Capital and Winterpast Capital Partners was the seller. The buyer was a joint venture between Virtus Real Estate Capital and Winterpast. Vitality Senior Living will continue to operate the property. Ross Sanders, Dave Fasano, Cody Tremper and Mike Garbers of Berkadia represented the seller in the transaction. Austin Sacco, …
SARASOTA COUNTY, Fla. — Capital Funding Group has provided a $179.8 million construction loan to Erickson Senior Living. Erickson will use the financing for the first phase of development of Emerson Lakes, a continuing care retirement community (CCRC) currently underway in Sarasota County. Situated within the Lakewood Ranch community, the first phase of Emerson Lakes will comprise four buildings — three residential buildings and one community building. Together, the three residential buildings will total 319 independent living units. Upon completion, Emerson Lakes will span 87 acres with 1,015 independent living residences …
NEW YORK CITY — Berkadia has expanded the capital available for bridge-to-permanent financing through its seniors housing & healthcare platform. Steve Ervin, Michael Cale and Lisa Burgess of Berkadia facilitated the expansion. The capital available for the bridge financing of seniors housing communities has been more than doubled. “There is significant demand for bridge financing products in the seniors housing and healthcare space,” said Burgess in a statement. “The increased capital available for bridge loans is a crucial addition to our expanding range of capital products, which we have been developing …
NEW YORK CITY — MonticelloAM has provided a $70 million senior bridge loan to finance a portfolio of skilled nursing facilities located across Massachusetts and Rhode Island. The portfolio comprises 700 beds across eight properties. The $70 million bridge debt carries a 24-month initial term and will be used to refinance existing debt on the portfolio. “Our team delivered comprehensive financing solutions across the capital stack, successfully restructuring a pre-existing loan,” says Joseph Borenstein, head of the healthcare bridge lending team at New York City-based MonticelloAM. “This transaction highlights our deep …
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