NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD) has secured $267 million of non-recourse mortgage debt and terminated its $250 million revolving credit facility. The company obtained 10-year mortgage financing from Capital One, National Association pursuant to Freddie Mac’s Capital Markets Execution Program. The financing includes $191 million of 2.89 percent fixed-rate notes and $76 million of adjustable rate notes with an initial rate of 2.64 percent. Brookdale is securing the loans with 16 senior living communities, most of which had previously secured Brookdale’s revolving credit facility. At the …
Finance
Carnegie Capital Arranges $11.5M Refinancing for Three-Property Skilled Nursing Portfolio in Oklahoma
by Jeff Shaw
OKLAHOMA — Carnegie Capital has arranged $11.5 million in refinancing for three skilled nursing facilities totaling 330 licensed beds in Southern-Central Oklahoma. The borrower is a local owner-operator, and the lender is an Arkansas-based regional bank. JD Stettin of Carnegie Capital arranged the financing, which features a 3.99 percent fixed rate for five years.
Lancaster Pollard Provides $33M Fannie Mae Refinancing for Plaza at Punchbowl in Honolulu
by Jeff Shaw
HONOLULU — Lancaster Pollard Mortgage Co. has provided a $33 million refinancing for The Plaza at Punchbowl, a seniors housing community in Honolulu. Built in 2003 and renovated in 2017, The Plaza at Punchbowl is a Class A facility that features 68 independent living units, 20 assisted living units and 20 memory care units. It is one of six seniors housing communities that The Plaza Assisted Living operates in Hawaii. The borrower is MW Group. The Fannie Mae loan features a 10-year term and five years of interest-only payments. The …
NEW YORK CITY and WASHINGTON, D.C. — Dwight Capital, a private commercial real estate lender based in New York City, has acquired Love Funding, the Washington, D.C.-based HUD lending subsidiary of Midland States Bank. Both companies lend within the seniors housing sector. As a result of this acquisition, Dwight Capital claims it is now the largest dedicated HUD multifamily and healthcare financing firm in the nation. The Love Funding platform will be integrated within Dwight Capital. Midland States Bank will retain the existing Love Funding servicing portfolio. Terms of the …
Greystone Provides $30M Financing for Redevelopment of Council Towers Affordable Community in Miami Beach
by Jeff Shaw
MIAMI BEACH, Fla. — Greystone has provided a $30 million HUD loan for the renovations at Council Towers Senior Apartment Homes, an age-restricted affordable housing community in Miami Beach. Council Towers comprises two 12-story buildings with a total of 250 one-bedroom units. HUD provides rental subsidies under a Project-Based Section 8 contract. The substantial rehabilitation of the property, which was originally constructed under HUD’s Section 202 program 40 years ago, will upgrade, preserve and continue to provide affordable housing. Apartments are restricted to seniors over age 62 making up to …
Live Oak Bank Provides $22M Construction Loan for Medical Office, Seniors Housing Complex in Miami
by Jeff Shaw
MIAMI — Live Oak Bank has provided a $22 million loan for the construction of medical office building MedSquare Place and independent living community The Contemporary, both located in the Westchester submarket of Miami. The development team consists of Miami-based commercial real estate owners AJP Ventures and Mas Group along with equity partner OCTA. Bruce Gibson, principal with Senior Capital Advisors, arranged the financing. MedSquare Place will expand the MedSquare brand’s footprint of healthcare real estate and complement the existing MedSquare Health building near Baptist Hospital of Miami. MedSquare Place’s …
Paragon Mortgage Provides $16.3M Refinancing for Skilled Nursing Facility in Los Angeles
by Jeff Shaw
LOS ANGELES — Paragon Mortgage has funded $16.3 million in financing for All Saints Healthcare, a 128-bed skilled nursing facility located in the North Hollywood neighborhood of Los Angeles. The permanent financing utilized the HUD LEAN 232/223(a)(7) refinance program, which resulted in a 35-year, fully amortized mortgage and a reduction in monthly debt service. “The refinancing of All Saints Healthcare is at an ideal time for a vital community health provider to recapitalize their debt at a much lower interest rate, while providing capital repair funding and improvements,” says Kim …
QUITMAN, Ga. — Grandbridge’s Seniors Housing and Healthcare Finance Group has closed a $6.5 million loan for Presbyterian Home & Retirement Community, a 204-bed skilled nursing and assisted living facility. The property is located in Quitman, a small city near the Florida border in South Georgia. Grandbridge arranged the financing through FHA’s 232/223(f) Interest Rate Reduction loan product.
Lancaster Pollard Arranges $25M Refinancing for Chaska Heights Senior Living in Minnesota
by Jeff Shaw
CHASKA, Minn. — Lancaster Pollard Mortgage Co. has arranged a $25 million refinancing for Chaska Heights Senior Living, a 138-unit assisted living and memory care community in Chaska, approximately 22 miles southwest of Minneapolis. Chaska Heights was originally developed in 2015 with a funding structure that included Tax Increment Financing (TIF) from the Chaska Economic Development Authority. The facility consists of two buildings, with 66 assisted living light units in one section and 58 assisted living units and 14 memory care units in the other. Tealwood Senior Living operates the …
M&T Realty Capital Corp. Provides $13.8M in Financing for Assisted Living Facility in Spokane, Washington
by Jeff Shaw
SPOKANE, Wash. —M&T Realty Capital Corp. has funded a $13.8 million FHA-insured loan to refinance of a 212-unit assisted living property located in Spokane. The asset was originally built in 1940, with additions in the late 1940s and early 1980s, along with renovations in the 2000s. The borrower, a regional owner-operator, acquired the property in 2018. M&T also provided the original bridge loan that is being refinanced, which took into account planned improvements in operations and $500,000 of capital expenditures at the property. .