Finance

Hawthorne-Heights_Gainesville-Fla

GAINESVILLE, Fla. — Nonprofit developer National CORE has received $19.5 million in construction financing to fund the development of Hawthorne Heights, a new affordable seniors housing project in Gainesville.  KeyBank Community Development Lending and Investment provided a $13 million loan and secured a $6.5 million Freddie Mac permanent loan on behalf of the borrower.  National CORE received additional funding from Red Stone, which provided low-income housing tax credit equity and bonds from the Florida Housing Finance Corp., for the project. The project also qualifies for real estate tax abatement. Upon completion, …

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NEW YORK CITY — MonticelloAM has provided $152 million in financing for a skilled nursing portfolio located across North Carolina.  The financing includes $142 million in bridge debt, which carries a 36-month initial term with two extension options, for the acquisition of the portfolio. Totaling 1,100 licensed beds, the portfolio comprises nine skilled nursing facilities.  Additionally, MonticelloAM has provided a $10 million working capital line of credit to support daily operational needs at the facilities.  The borrower was not disclosed. 

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Capital-Markets-Panel

By Matt Valley ATLANTA — In an unsettled world, the capital markets have ironically proven to be relatively stable this year. That’s helped pave the way for the rebound in financing across the seniors housing sector, lenders say. But they are quick to add that construction financing remains difficult to secure for most developers. For much of this year, the U.S. 10-year Treasury yield has fluctuated between 4.2 and 4.6 percent, a relatively narrow range compared with the high volatility experienced in the three years prior. In 2022, for example, the …

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Palos-Heights-Senior-Living

DENVER — Spectrum Retirement, a Denver-based seniors housing owner-operator, has received $330 million for the refinancing of a portfolio of eight seniors housing properties that are located across the Midwest and Southwest U.S. Ryan Stoll and Taylor Mokris of BWE, a national commercial and multifamily mortgage banker, arranged the financing on behalf of Spectrum Retirement. The nonrecourse debt was structured with full-term interest-only payments and a “competitive” interest rate. “We are honored that Spectrum chose BWE to represent them in the debt capital markets for such a complex transaction,” says …

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Wiley-Creek_Sweet-Home-Ore

BREA, Calif. — Integrated Senior Foundation, a non-profit senior living provider, has received $79.3 million in tax-exempt, floating-rate financing for the acquisition of three properties located in Oregon and Montana.  The communities include Magnolia Gardens in Cottage Grove, Oregon; Wiley Creek in Sweet Home, Oregon; and The Lodge in Great Falls, Montana. Together, the properties total 287 units, with 23 independent living, 190 assisted living and 74 memory care units. Magnolia Gardens features 101 units with a full continuum of care. Wiley Creek comprises 108 units, including independent living, assisted living …

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CARLSBAD, Calif. — Harrison Street has received a loan to facilitate the acquisition of a 153-unit senior living community located in Carlsbad.  The community, Oakmont Santianna, totals 153 units, including independent living, assisted living and memory care residences. Oakmont Management Group developed the property, which opened in 2022.  BWE arranged the financing, which includes a 10-year, fixed-rate loan with full-term interest-only payments. A life insurance company provided the loan.  Oakmont Management Group will continue to operate the community on behalf of the new ownership. 

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NUTLEY, N.J. — Rock Solid Builders Inc. has received a $29.5 million loan for the construction of a new active adult development in Nutley, New Jersey.  Kearny Bank provided the 2.5-year, floating-rate financing.  Completion of the development is scheduled for spring 2027. Upon completion, the property, Soho Park Residences, will feature 85 age-restricted units for residents ag 55 and older. Units will include one- and two-bedroom layouts, with an average apartment size of 1,110 square feet. Amenities at the community will include a fitness and wellness center, library, swimming pool and sun …

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Ashwood-Court_North-Richland-Hills-Texas

KANSAS CITY, Mo. And NORTH RICHLAND HILLS, Texas — Cambridge Realty Capital has provided two HUD-insured loans totaling $19.3 million for seniors housing properties located in Missouri and Texas.  In Texas, the financing included a $6 million loan for the acquisition of Ashwood Court, an assisted living facility located in North Richland Hills.  In Missouri, a $13.3 million loan was provided for the refinancing of Northland Rehabilitation and Healthcare Center, a 118-bed skilled nursing facility in Kansas City.  Both borrowers utilized Cambridge’s early rate lock program, which allows for securing an …

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Capital-Markets-Panel_Seniors-Housing-Midwest

By Matt Valley The seniors housing lending market hasn’t made a 180-degree turn from a year ago when the Federal Reserve was at the peak of its monetary tightening cycle, Fannie Mae and Freddie Mac were dealing with plenty of asset management issues on their balance sheets and the loan underwriting practices of banks were quite stringent.  But the debt financing market has clearly turned a corner and is headed in the right direction, even as developers remain frustrated. That is one of the big takeaways from InterFace Seniors Housing …

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HUD-Lending-Chart

By Matt Valley There are two major takeaways from the U.S. Department of Housing and Urban Development’s healthcare mortgage insurance program more than halfway through fiscal year (FY) 2025.  First, loan volume is on a pace to significantly surpass the $3.1 billion figure recorded in FY 2024, likely reaching $4 billion or more. Second, the launch of the Department of Government Efficiency (DOGE), which aims to reduce government spending, led to several employee departures at HUD at a time when there was already a backlog of loans to process. The …

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