FORT WASHINGTON, Pa. — Ziegler has arranged $199.4 million in bond financing for Acts Retirement-Life Communities. Based in Fort Washington, Acts is the third largest nonprofit seniors housing operator in the country. The company operates 26 communities in nine states with a total of 9,671 total units. The portfolio involved in this specific financing includes 20 communities in seven states, with eight locations in Pennsylvania, four locations in Florida, three locations in Delaware, two locations in North Carolina, one location in South Carolina, one location in Georgia, and one location …
Finance
DULLES, Va. — M&T Realty Capital Corp. has provided a $23 million FHA-insured loan to refinance of a 166-bed skilled nursing facility in Dulles, a subsurb of Washington, D.C. At an 80 percent loan-to-value ratio, the 35-year, 2.65 percent fixed-rate loan is fully amortizing. Matthew Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Nick Gent of M&T Bank’s D.C. office.
BLACKSBURG, Va. — Ziegler has completed an $18 million taxable bank placement for Warm Hearth Village, a continuing care retirement community in Blacksburg. Warm Hearth was founded in 1974 and provides housing, health care and other services to seniors on its 220-acre campus through the operation of 259 independent living units, 55 active adult units, 150 assisted living units and 60 skilled nursing beds. The financing will be used to consolidate three existing bank placements and pay for $2 million in campus improvements. National Bank of Blacksburg provided the funds, …
Grandbridge Provides $16.6M Acquisition Financing for Summer Vista Assisted Living in Pensacola
by Jeff Shaw
PENSACOLA, Fla. — Grandbridge’s Seniors Housing and Healthcare Finance Group has provided $16.6 million in financing for the acquisition of Summer Vista Assisted Living in Pensacola. The property totals 89 units of assisted living and memory care. Details on the buyer and seller were not disclosed. Richard Thomas and Thomas Wiedeman, based in Grandbridge’s Atlanta office, originated the Freddie Mac loan.
MANCHESTER, Ky. — Walker & Dunlop has arranged $10.7 million in financing for Landmark of Laurel Creek, a 106-bed skilled nursing facility in Manchester, approximately 90 miles southeast of Lexington. The loan was made through HUD’s LEAN 232/233(f), which refinances debt on skilled nursing facilities. Joshua Rosen led the Walker & Dunlop origination team.
LAWRENCEVILLE and DACULA, Ga. — KeyBank Real Estate Capital (KBREC) has secured $50 million of fixed-rate Freddie Mac financing for Dominium, a developer and manager of affordable housing. The twin $25 million loans will be used for the construction of two affordable seniors housing communities — Grayson Ridge Apartments in Lawrenceville and The Preserve at Peachtree Shoals in Dacula, both suburbs of Atlanta. Both four-story, garden-style properties will each contain 240 units for residents age 55 and older. The unit mix for both will consist of 124 one-bedroom units, 100 …
Ziegler Arranges $22.5M Financing for Beacon Hill at Eastgate CCRC Expansion in Michigan
by Jeff Shaw
GRAND RAPIDS, Mich. — Ziegler has arranged $22.5 million in bank bonds for an expansion project at Beacon Hill at Eastgate, a 300-unit continuing care retirement community in the Eastgate neighborhood of Grand Rapids. The borrower is Michigan Christian Home. The financing package includes a $9.8 million long-term component with a 30-year amortization and a $12.7 million short-term loan with a three-year amortization that will be retired with initial entrance fees from the project. Built in 1960, the property currently features 170 entrance fee independent living units, 20 rental independent …
Walker & Dunlop Arranges $14.6M Refinancing for Skilled Nursing Facility in Aurora, Illinois
by Jeff Shaw
AURORA, Ill. — Walker & Dunlop Inc. has arranged a $14.6 million loan for the refinancing of The Vistas Fox Valley in Aurora. The 136-bed skilled nursing facility offers full medical support and rehabilitation services for seniors age 65 and older. Amenities include an onsite spa and salon, dining services, transportation options, family lounges and 24-hour medical assistance. Joshua Rosen of Walker & Dunlop led the origination team. The HUD loan will replace existing debt previously provided by Walker & Dunlop’s bridge lending program.
Lancaster Pollard Provides $16.9M Refinancing for Assisted Living Community Near Chicago
by Jeff Shaw
BATAVIA, Ill. — Lancaster Pollard Mortgage Co., a division of ORIX Real Estate Capital, has provided a $16.9 million HUD refinancing for Heritage Woods of Batavia, a 148-unit affordable assisted living community in the Chicago suburb of Batavia. The borrower is Gardant Management. Brett Murphy led the transaction for Lancaster Pollard.
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, had a record-setting first half of 2020, financing more than $600 million. CFG’s closed 27 bridge-to-HUD loans, 23 HUD loans and six lines of credit. The company recently launched a new off-balance-sheet financing program that will allow it to increase its lending capacity.