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Finance

Assisted LivingFinanceIllinoisNews

Cambridge Provides $15.5M HUD Refinancing for The Pointe at Eastgate in Algonquin, Illinois

by Jeff Shaw

ALGONQUIN, Ill. — Cambridge Realty Capital Cos. has provided a $15.5 million HUD Lean loan to refinance The Pointe at Eastgate in Algonquin, approximately 45 miles northwest of Chicago.  The borrower is a limited liability company in Illinois. The community is an assisted living community that specializes in the transition between independent living and skilled nursing. The undisclosed number of units are all private. Brent Holman-Gomez led the financing for Cambridge. The loan features a fully amortizing, 35-year term.

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Affordable HousingFinanceMichiganNews

EBSC Lending Provides $26.2M Financing for a 41-Unit Affordable Community in Michigan

by Jeff Shaw

MICHIGAN — EBSC Lending has provided $26.2 million in financing for a 41-unit affordable seniors housing complex in Michigan.  The borrower, a nonprofit owner-operator, will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. The redevelopment of the property will create new loft-style apartments. All 41 apartments will be reserved for low- …

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FinanceIllinoisNews

Greystone Monticello Arranges $16.7M Bridge Financing for Seniors Housing Acquisition in Illinois

by Jeff Shaw

ILLINOIS — Greystone Monticello has arranged a $16.7 million bridge loan for the acquisition of a seniors housing property in Illinois.  The property comprises independent living, assisted living and memory care units.  The bridge financing carries a two-year term with two six-month extensions. Karina Davydov originated the loan.

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FinanceNewsWashington

Northmarq Originates $35M Refinancing for Senior Living Community in Gig Harbor, Washington

by Jeff Shaw

GIG HARBOR, Wash. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma.  The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists …

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Active AdultDevelopmentFinanceMinnesotaNews

Colliers Mortgage Provides $20.9M HUD Loan for Construction of Seniors Housing Community in Minnesota

by Jeff Shaw

MAPLEWOOD, Minn. — Colliers Mortgage has provided a $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen in Maplewood, an eastern suburb of the Twin Cities.  The 56-unit cooperative is designed for residents age 62 and older. The property will be built on the north shore of Lake Phalen between Keller and Phalen regional parks and golf courses. Units will range from 1,200 to 1,900 square feet. The loan features a 40-year term and amortization.

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FinanceNews

Forbright Bank Provides $50M in Financing for Four Seniors Housing Properties

by Jeff Shaw

CHEVY CHASE, Md. — Forbright Bank’s healthcare lending team closed three new loans in the first quarter of 2024. The loans helped finance the acquisition of two assisted living and two skilled-nursing facilities in the Southeast and Midwest. In total, more than $50 million of bridge and bridge-to-HUD lending financed about 500 beds for seniors across the four facilities. Further details were not disclosed.

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FinanceNewsPeople

Juniper Communities Promotes Stephanie Pressler to Controller

by Jeff Shaw

BLOOMFIELD, N.J. — Juniper Communities, a Bloomfield-based provider of senior living communities, has promoted Stephanie Pressler to controller. Pressler joined Juniper Communities in 2016, when the company acquired its Bensalem, Pennsylvania campus, Juniper Village at Bucks County. As a member of Juniper’s internal provider relief fund team, Pressler helped steer the company through the COVID-19 pandemic, assisting in the application for relief funding. She is responsible for monthly and annual financial reporting, budgets and annual audits.

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FinanceNewsPeople

BWE Investment Sales Hires Tony Hong as Vice President

by Jeff Shaw

CLEVELAND — BWE Investment Sales LLC (BWEIS), a Cleveland-based investment sales organization that works closely with mortgage banker BWE, has hired Tony Hong as a vice president for seniors housing.  With over 15 years of experience in seniors housing investments, development, capital markets and advising, Hong will work closely with Charles Bissell with an aim to grow BWEIS’ seniors housing investment sales platform in partnership with the seniors housing debt team led by Ryan Stoll. Most recently, Hong was senior vice president of acquisitions and underwriting at Cogir Senior Living, …

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Active AdultFinanceNewsTexas

Thorofare Capital Provides Financing for The Jovie at Pflugerville Active Adult Community in Texas

by Jeff Shaw

PFLUGERVILLE, Texas — Thorofare Capital has provided a bridge loan to Wilson Capital to refinance an existing construction loan on The Jovie at Pflugerville.  The newly completed, 182-unit, Class A active adult multifamily community opened in mid-2023 and is situated roughly 20 miles north of Austin. The loan amount was not disclosed. Thorofare’s director of originations, Jonathan Hart, originated the loan with colleagues Eddie Prosser, head of credit, and Henry Johnson, senior associate leading the underwriting. Wilson Capital was represented by B.K. Newsom, vice president of capital markets at CBRE …

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FinanceNews

Berkadia Provides $49.4M in HUD Refinancings for Five Seniors Housing Communities

by Jeff Shaw

NEW YORK CITY — Berkadia Seniors Housing & Healthcare, a New York-based financial company, has provided $49.4 million in 232/223(f) HUD refinancings across five transactions in four states.  The loans carried an average loan-to-value (LTV) ratio of 75 percent and an average term of 33 years. Four of the loans refinanced bridge loans through Berkadia’s proprietary balance sheet. Steven Muth and Rafael Nobo originated a $15.95 million loan secured by a 73-unit community in Northern Virginia for a Mid-Atlantic-based owner-operator. The assisted living and memory care community, which also features …

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