AKRON, Ohio — Dwight Capital has provided a $6.8 million bridge loan for the acquisition of Canal Pointe Nursing and Rehab, a 120-bed skilled nursing facility in Akron. Renovated in 2008, the property totals 57,724 square feet situated on 2.2 acres. Canal Pointe offers its residents services such as short-term rehabilitation, occupational therapy, respiratory care, trach care and behavioral care. The borrower was not disclosed.
Finance
Capital Funding Arranges $10.8M Acquisition Financing for Harrison House of Christiana in Pennsylvania
by Jeff Shaw
CHRISTIANA, Pa. — Capital Funding LLC has arranged $10.8 million in bridge-to-HUD financing for the acquisition of Harrison House of Christiana in Lancaster County. The property is a 139-bed skilled nursing facility. The borrower was not disclosed. Concurrent with the real estate closing, Capital Finance also provided a $3.5 million line of credit. Craig Casagrande and Andrew Jones originated the transaction for Capital Funding.
Ziegler Arranges $35.7M Bond Financing for The Woodlands at Furman Expansion in South Carolina
by Jeff Shaw
GREENVILLE, S.C. — Ziegler has arranged a total of $35.7 million in bond financing for The Woodlands at Furman, a nonprofit continuing care retirement community (CCRC) in Greenville. The community opened in 2009 adjacent to Furman University on land leased by The Furman University Foundation. The property currently features 132 independent living apartments, 28 independent living villas (some of which are under construction), 32 assisted living apartments, 16 memory care units and 30 private skilled nursing units. The bond financing will fund an expansion at the property, adding 44 independent …
MARYLAND — Monticello has provided $32 million in first lien debt financing for the refinance of a 177-bed skilled nursing property in Maryland. Monticello’s asset-based lending group, Monticello Commercial Capital, also added a $2 million working capital loan to the operating company. The borrower is an owner and operator with a current portfolio of 1,332 licensed beds. The name and location of the property were not disclosed.
VENICE, Fla. — Pensam has provided $56 million in financing for the Floridian Club of Sarasota, an active adult community in Venice, located on the Gulf Coast approximately 70 miles south of Tampa. The loan replaces the construction financing on the property and provide capital for the lease-up of the newly built, 309-unit property. The floating-rate loan has a term of three years with extension options. The community is made up of for-rent, single-story villas and poolside bungalows. The property comprises one- and two-bedroom units with rents ranging from $1,600 …
EASTON, MILLVILLE, ORANGEVILLE and STEVENS, Pa. — Greystone has provided a total of $63 million in HUD-insured loans to refinance a portfolio of five skilled nursing facilities in Pennsylvania. Fred Levine of Greystone originated the loans on behalf of Maybrook Holdings. The FHA loans are all non-recourse, fixed-rate, long-term and self-amortizing,. The portfolio consists of 622 total beds across the five properties in Easton, Millville, Orangeville, and Stevens, which were originally acquired in 2017.
UPPER ARLINGTON, Ohio — HJ Sims has arranged a total of $55 million in bond financing for First Community Village, a continuing care retirement community (CCRC) in Upper Arlington, a suburb of Columbus. National Church Residences manages the community. The bonds will be used to fund an independent living expansion at the property, called The Fairfax Project. The Fairfax Project includes the demolition of 30 existing independent living units, and construction of a four-story independent living building totaling 70 units. The expansion will also add a heated underground parking garage.
ENGLEWOOD CLIFFS, N.J. — Oxford Finance LLC has provided a $64.6 million term loan and revolving line of credit to The Portopiccolo Group, a New Jersey-based, privately held company. Proceeds were used for the acquisition of three skilled nursing facilities — one in Maryland and two in North Carolina totaling 450 skilled nursing and 50 assisted living beds. The specific names and locations of the communities were not disclosed.
TENNESSEE — Monticello and its affiliates have provided $15.8 million in first lien debt financing for the acquisition and renovation of three assisted living and memory care communities in Tennessee. The portfolio totals 126 units. The borrower is an owner-operator with a current portfolio of 1,116 units. The names and locations of the properties were not disclosed.
GRAND RAPIDS, Mich. — BB&T Capital Markets has closed on $70.2 million in bond financing to fund the expansion of Clark Retirement Community’s Keller Lake campus in Grand Rapids. The financing consists of $64.5 million in tax-exempt bonds and $5.7 million in taxable bonds, all at a fixed rate. The Keller Lake expansion is currently under construction. The project will add 53 independent living units to the community to the continuing care retirement community. Upon completion, Clark Retirement Community’s two campuses will total 185 independent living units, 230 assisted living …