WISCONSIN — Monticello has provided a $2 million working capital loan to the operating companies of three skilled nursing and assisted living facilities totaling 305 beds in Wisconsin. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the financing. The borrower an experienced owner and operator with a current portfolio of 4,969 licensed beds/units.
Finance
NEW YORK CITY — Greystone has hired Christopher Clare as a managing director overseeing healthcare financing transactions. Prior to joining Greystone, Clare was a senior relationship manager at M&T Bank, focusing on national healthcare and seniors housing finance for institutional equity funds, operators and developers. Earlier in his career he worked in municipal fixed income at Bank of America Merrill Lynch. Clare earned an M.B.A. from Georgetown University and an undergraduate degree from Susquehanna University. “With the immense demand we have seen across the healthcare and seniors housing sectors for …
Hunt Capital Partners, Chinese Consolidated Benevolent Association Receive $4.4M Acquisition Financing for Affordable Community in San Diego
by Jeff Shaw
SAN DIEGO — Hunt Capital Partners and the Chinese Consolidated Benevolent Association (CCBA) have received $4.4 million in federal Low-Income Housing Tax Credit (LIHTC) and federal solar tax credit equity financing. The funds will be used for the acquisition and rehabilitation of CCBA Senior Gardens. Located in the Gaslamp district of San Diego, CCBA Senior Gardens is a four-story affordable apartment complex that will feature 45 newly renovated units for seniors age 55 and older. CCBA is the managing general partner, developer and guarantor for the project. Built in 1999 …
MassHousing Provides $32.7M Refinancing to Preserve Affordability at Mountain View Terrace Near Boston
by Jeff Shaw
STONEHAM, Mass. — MassHousing has provided a $32.7 million refinancing for Mountain View Terrace, a 194-unit affordable seniors housing community in Stoneham, approximately 10 miles north of downtown Boston. The borrower is an affiliate of Atlantic Tambone Management, which will use the funds to preserve the community and expand the affordability for at least 31 more years. Atlantic Tambone Management refinanced Mountain ViewTerrace through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture Initiative with lender partner Rockport Mortgage Corp. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing …
AURORA and LAKEWOOD, Colo. — CBRE has arranged $14.4 million in financing for the acquisition of a seniors housing portfolio in Colorado. The borrower is a joint venture between Cadence Living and a private equity firm. The two communities, located in the Denver suburbs of Aurora and Lakewood, total 152 assisted living units and 35 memory care units. The joint venture plans to deploy $4 million for improvements to the two communities, the names of which were not disclosed. Aron Will, Austin Sacco and Matthew Kuronen of CBRE National Senior …
WISCONSIN — Monticello has provided $14 million in first lien debt financing for the acquisition of one skilled nursing and assisted living facility and the refinancing of two skilled nursing facilities totaling 305 beds in Wisconsin. The borrower is an experienced owner and operator with a current portfolio of 4,969 licensed beds/units. Further information on the names and locations of the community was not disclosed.
ROCKY FORD, PAONIA and GLENWOOD SPRINGS, Colo. — Walker & Dunlop Inc. has arranged $16.4 million in financing for three skilled nursing facilities in Colorado. The borrower is Madison Creek Partners. The portfolio comprises Pioneer Health Care Center, a 29-unit facility in Rocky Ford; Paonia Care & Rehabilitation, a 28-unit facility in Paonia; and Glenwood Springs Health Care, a 29-unit facility in Glenwood Springs. Kevin Giusti led the origination team. The HUD loans will refinance existing debt. Renovated in 1964, Pioneer Health Care Center is the only Veterans Affairs-contracted facility …
WASHINGTON, D.C. — Love Funding has provided more than $97.3 million in HUD financings in second-quarter 2020. All the loans feature long-term, non-recourse, fixed-rate debt solutions. D.C.-based Love Funding’s parent company, Midland States Bank, was able to complete short-term bridge loans to secure funding. In the first transaction, Love Funding arranged financing for the $3.1 million acquisition of Egida Hogar San Antonio, a property located in Guayama, Puerto Rico. The borrower was able to acquire the Section 8 project and extend the affordability component by entering into a new 20-year …
NORTH STRABANE TOWNSHIP, Pa. — HJ Sims has arranged $29.3 million in financing for the development of Encore on the Lake, an 80-unit independent living community in North Strabane Township, approximately 20 miles southwest of Pittsburgh. Presbyterian Senior Care (PSC) is developing the four-story community, which will target middle-income residents. Companies involved in the project include Senior Housing Partners, a subsidiary of Presbyterian Homes & Services. For this financing, Sims identified commercial bank financing as the preferred option for the majority or the financing. The main lender is First National Bank …
Berkadia Provides $50M in HUD Financing for Skilled Nursing Facilities in Florida, California, Maryland
by Jeff Shaw
WASHINGTON, D.C. — Berkadia’s Seniors Housing & Healthcare Group has secured $50 million in loan closings for skilled nursing facilities in Florida, California and Maryland. Jay Healy and Senior Director Bianca Andujo secured a $22.2 million HUD refinancing for a 157-bed skilled nursing facility in Worchester County, Maryland. The loan represents an 80 percent loan-to-value ratio and carries a term of 35 years. Loan proceeds were used to pay off the existing debt. Healy and Andujo also secured an $11.8 million HUD loan for a California-based borrower. The loan, which …