Finance

NEW YORK CITY — Dwight & Co. has expanded its seniors housing and healthcare financing solutions by successfully launching working capital revolving lines of credit, investing in new technology and broadening the depth of its healthcare team.  The new team members include Paige Ela as managing director of healthcare finance and Itay Silverberg as director of analytics. Ela has over 20 years of experience working in healthcare at both public and privately held institutions, including SEC and FDIC-regulated firms. She joined Dwight following five years at Forbright Bank, serving as …

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Interest rates have more than doubled and capital market activity is down all while operations seem to be improving. By Alex Loo, director of originations, Hudson Realty Capital It’s now been four years since the COVID-19 pandemic first swept the globe.  The seniors housing and healthcare industry has since experienced many substantial transformations after having endured the government-imposed move-in bans, difficulties in hiring permanent staff, and the reluctance of older adults to transition to assisted living facilities. Recent data from NIC MAP Vision shows that in October, the occupancy rate for primary markets …

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ILLINOIS and WISCONSIN — Walker & Dunlop Inc. has originated $65.7 million in 232/223(f) and 241(a) HUD loans for seven skilled nursing facilities and memory care centers across Illinois and Wisconsin. Walker & Dunlop’s Midwest FHA Finance team, led by Joshua Rosen, Brad Annis, and Johnny Rice, arranged the construction loan and refinancings on behalf of five clients. The loans included: Elevate Care Waukegan Location: Waukegan, Illinois Amount: $21.2 million Walker & Dunlop arranged a 232/223(f) HUD loan to refinance existing commercial debt, partnership debt, and fund recent capital improvements …

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JACKSONVILLE, Fla. — Pearlmark has provided a $33 million mezzanine loan for the development of RISE @ Glen Kernan Park, a 308-unit active adult development in Jacksonville’s Southside neighborhood.  Pearlmark closed the financing via its Pearlmark Mezzanine Realty Partners V LP investment vehicle. Benefit Street Partners provided the senior debt piece, the amount of which was not disclosed.  Taylor Williams of Walker & Dunlop arranged the project capitalization on behalf of the borrower, RISE, a locally based multifamily development firm with five other projects in the Jacksonville market. RISE @ …

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BROOKLINE, Mass. — MassDevelopment has issued a $39.9 million tax-exempt bond on behalf of 32 Marion Apartments LLC, an affiliate of Brookline Housing Authority, which will use proceeds to build 115 units of affordable housing for seniors and individuals with disabilities in Brookline’s Coolidge Corner neighborhood.  The new one-bedroom units in the Boston suburbs will be rented to households earning no more than 60 percent of area median income ($62,340 for a one-person household) and will replace 60 outdated existing public housing units on the property. Bond proceeds will also …

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MUSKEGON, Mich. — Colliers has arranged $21.6 million in construction financing for a seniors housing project in Muskegon, located west of Grand Rapids and directly across Lake Michigan from Milwaukee. The property will feature 105 units of independent living, assisted living and skilled nursing in a combination of studio, one-bedroom and two-bedroom units.   The term of the loan is 48 months with one twelve-month extension option. Christopher Fenton and Catherine Eby of the seniors housing team of Colliers Mortgage, in conjunction with Nick Skarich and Kevin McMahon of Colliers Funding …

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ELK RIVER, Minn. — JLL Capital Markets has provided $18.7 million in financing for Elk River Senior Living in Elk River, approximately 30 miles northwest of Minneapolis. The community offers independent living, assisted living and memory care services. The HUD/FHA 232/223(f) loan equates to $173,151 per unit. The community was built in 2018. The loan consolidates five debt obligations from the project’s construction into a single, HUD-insured loan. Jeff Lepley and Alex Sheaffer led the JLL team.

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DURHAM, LUMBERTON and GREENVILLE, N.C. — Ziegler has arranged $67.2 million in bond financing for The United Methodist Retirement Homes (UMRH), a North Carolina-based nonprofit owner-operator of three continuing care retirement communities in the state. The borrower’s portfolio includes Croasdaile Village Retirement Community in Durham, Wesley Pines Retirement Community in Lumberton and Cypress Glen Retirement Community located in Greenville.  In total, the three communities comprise a total of 690 independent living units, 28 memory care units, 112 assisted living units and 194 skilled nursing units, which ranks UMRH as the …

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MASON CITY and INDIANOLA, Iowa — JLL Capital Markets has arranged acquisition financing for two assisted living and memory care communities in Iowa on behalf of affiliates of Jaybird Senior Living. The facilities, Vintage Hills in Indianola and Country Meadow Place in Mason City, total 118 units combined. Jaybird already managed both properties prior to the acquisition. JLL secured two loans totaling $17.9 million, or $151,436/unit, representing greater than 80 percent of the total purchase price. One loan was facilitated through a regional bank, while the other utilized the HUD/FHA …

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DURANGO, Colo — Lument has arranged a $27 million debt placement to assist Mission Senior Living with the construction of a 124-unit, 129-bed, two-story assisted living and memory care community to be known as Mesa Verde Estates in Durango.  Lument’s Steve McGee, Rob McAdams, and Sangjin Na led the transaction. The financing structure included a $20.9 million U.S. Department of Agriculture (USDA) guaranteed loan that a community bank provided. The structure also includes approximately $6 million of commercial property assessed clean energy (C-PACE) proceeds, which Lument sourced from an independent …

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