LOS ANGELES —Live Oak Bank has provided a $25 million bridge-to-sale loan to finance a community located near Los Angeles. An entity doing business as Harbert Seniors Housing Fund I LP is the borrower. The financing features a three-year initial term, 36 months of interest-only payments and $2.8 million in potential future earnout proceeds. The property totals 97 units, with independent, assisted living and memory care residences.
By Hayden Spiess Investment firm and asset manager Nuveen has a dedicated “What is C-PACE?” page on its website, outlining the basics of this unique type of financing. That the firm sees such a fact sheet as necessary is unsurprising, given that within the commercial real estate industry, Commercial Property Assessed Clean Energy (C-PACE) financing carries less familiarity relative to other financing products. Anne Hill, senior vice president of Bayview PACE, says that “there are some misconceptions out there” and that there is “some confusion around the product.” Lenders say …
ORLANDO, Fla. — JLL and HJ Sims have arranged $134.3 million in tax-exempt bond financing for a seniors housing development currently underway in Orlando. Dubbed Millenia Moments Orlando, the community will feature 151 independent living, 78 assisted living and 32 memory care units. Trinity Community Development Foundation, a nonprofit formed by Trinity Broadcasting Network (TBN), is the developer and borrower. Completion of the facility, which will total 316,900 square feet, is scheduled for 2027. The community will feature floorplans in one- and two-bedroom layouts. Memory care residences will include 26 private …
NEWTON, Mass. — Diversified Healthcare Trust (DHC), a Massachusetts-based REIT that owns roughly $7.2 billion of healthcare properties across 36 states, has received a $109 million mortgage financing through Freddie Mac. The 10-year, fixed-rate loan is secured by seven senior living communities comprising 1,184 units. Five Star Senior Living, the operating division of AlerisLife Inc., manages the properties, which are located in five states. DHC plans to use the proceeds to redeem a portion of its outstanding 9.750 percent senior notes due in 2025. “This new 10-year loan through Freddie Mac …
LOS ANGELES and AMBLER, Pa. — BWE, a Cleveland-based commercial real estate financial services firm, has arranged the $308 million refinancing of a pair of seniors housing properties in the Los Angeles and Philadelphia metro areas. The financing was structured as a single transaction on behalf of a joint venture between Columbia Pacific Advisors, LAMB Properties and Harbert South Bay Partners. Momentum Senior Living operates both properties. Located northwest of Los Angeles in Woodland Hills, California, The Variel is a 336-unit community that offers independent living, assisted living and memory care …
BUCKEYE AND YUMA, Ariz., AND SANTA CLARITA, Calif. — JLL and HJ Sims have arranged $239.6 million in tax-exempt and taxable bond financing for the Integrated Senior Foundation-Ativo Portfolio, three seniors housing properties totaling 430 units in Arizona and California. Integrated Senior Foundation is a non-profit 501(c)(3) owner and operator based in Brea Calif. The portfolio, which includes two ground-up development communities and one acquisition, consists of Ativo of Sundance, located in the fast-growing city of Buckeye, Arizona; Ativo of Yuma, in Yuma, Arizona; and Ativo of Santa Clarita, located within …
ST. LOUIS PARK, Minn. — JLL Capital Markets has arranged a $42.9 million bridge loan for the refinancing of Risor of St. Louis Park, an active adult community located in St. Louis Park, roughly 10 miles outside downtown Minneapolis. Roers Cos. is the borrower. Completed in November 2023, the apartment community features 170 units reserved for residents ages 55 and older in studio, one-, two- and three-bedroom layouts. The property includes 18 affordable residences for income-restricted renters. Amenities at the community include a club room, golf simulator, movie theater, pool and …
MANKATO, Minn. — Colliers Mortgage has arranged a $24 million HUD loan for the refinancing of a senior living community located in Mankato. The Pillars of Mankato totals 118 units with assisted living and memory care residences. Amenities at the property include community and activity rooms, a library, salon and putting green. Sam Butler of Colliers secured the loan, which carries a 35-year amortization, on behalf of the borrower, Tunbridge Peak LLC.
NEW YORK CITY — Amy Heller has joined Meridian Capital Group as a senior managing director with the firm’s senior housing and healthcare group. Founded in 1991, New York City-based Meridian is a commercial real estate finance, investment sales and retail leasing advisor. Meridian serves as a financial intermediary for commercial seniors housing and healthcare properties in the U.S., covering both debt brokerage and investment sales across skilled nursing, seniors housing and medical office properties. In 2024, the firm originated a total of roughly $4.7 billion in healthcare-related debt financing for …
NEW YORK CITY — MonticelloAM has provided a $25 million mezzanine loan for the refinancing of a skilled nursing facility in New York City. Comprising 300 beds, the facility is situated within Staten Island. The undisclosed borrower will use the loan proceeds to recapitalize the property’s existing equity.
