QUINCY, Mass. —Nixon Peabody has arranged two financing transactions for Wollaston Lutheran Housing Corp. to upgrade two of its affordable seniors housing properties in the Boston suburb of Qunicy. Wollaston Lutheran Housing received a $28.9 million refinancing for the 151-unit Town Brook House. MassHousing provided the 40-year loan. Proceeds of the loan will allow Wollaston to maintain the property and expand services. As part of the transaction, Wollaston leased two parking areas to an adjacent business. In the second transaction, Wollaston Lutheran Housing received a $19.9 million FHA-insured loan on …
Finance
BOCA RATON, Fla. — The Jewish Federation of South Palm Beach County has received bond financing for a planned $160 million expansion at The Toby and Leon Cooperman Sinai Residences of Boca Raton, a 100-acre seniors housing campus in Boca Raton. Construction has already started on the project, which will add 111 independent living units and new communal areas. HJ Sims arranged the $135 million bond financing. Life Care Services, An LCS Company, manages the property. Its affiliated company, LCS Development, is in charge of planning and executing the expansion. …
PHILADELPHIA — HJ Sims has arranged $6.5 million in financing for capital improvements at Philadelphia Protestant Home (PPH). PPH operates a continuing care retirement community in northeast Philadelphia, featuring 266 independent living units, 175 personal-care units and a 126-bed skilled nursing facility. PPH has been funding capital improvements from general fund revenues. Prior to engaging PPH’s existing banking partner, Citizens Bank, Sims worked with the PPH Fiscal Oversight Committee to develop structuring options. Citizens provided the 10-year, fully amortizing loan with five years of interest-only payments.
Grandbridge Adds Allen McMurtry, David Kliewer, Jay Jordan to Seniors Housing Investment Sales Team
by Jeff Shaw
TAMPA, Fla. — Grandbridge Real Estate Capital has hired three to its Seniors Housing and Healthcare Finance Group. Based in Tampa, the team is led by Allen McMurtry, David Kliewer and Jay Jordan. All were previously with Cushman & Wakefield. The team has exclusively represented sellers of seniors housing communities across the U.S. since 1986, spanning over 190 properties sold in 35 states. Grandbridge’s Seniors Housing and Healthcare Finance Group offers construction, nonrecourse acquisition/bridge loans and permanent financing options to seniors housing owners nationwide. These latest additions will work closely …
By Matt Valley Make no mistake about it, transaction volume in the seniors housing investment sales market has been significantly hampered by COVID-19, the respiratory disease linked to 197,000 deaths nationally as of Sept. 17. Year-to-date through July, property and portfolio sales in the seniors housing and care sector totaled just under $5.3 billion, down 52 percent from nearly $10.8 billion during the same period a year ago, according to Real Capital Analytics (RCA). The number of properties that traded over that same period fell from 703 in 2019 to …
Ziegler Arranges $47.8M Financing for Expansion at Pennybyrn CCRC in High Point, North Carolina
by Jeff Shaw
HIGH POINT, N.C. — Ziegler has arranged $47.8 million in bond financing for a planned expansion project at Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point, just southwest of Greensboro. Located on 72 acres, Pennybyrn currently features 180 independent living units, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. The planned expansion will add 42 new independent living apartments, with 74 percent of them pre-sold, as well as a 24-bed transitional rehabilitation therapy building. The project will also include improvements to …
Cambridge Provides $3.2M HUD Refinancing for Kadie Glen Assisted Living in Wenatchee, Washington
by Jeff Shaw
WENATCHEE, Wash. — Cambridge Realty Capital Cos. has provided a $3.2 million HUD Lean loan to refinance Kadie Glen Assisted Living. Located in Wenatchee, in the central part of Washington between Seattle and Spokane, the property features 62 beds. The borrower is a limited liability company based in Washington state. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured loans, underwrote the transaction. The 32-year loan is fully amortizing.
Colliers Mortgage Originates $5.6M Refinancing for Realife Cooperative of Bloomington in Minnesota
by Jeff Shaw
BLOOMINGTON, Minn. — Colliers Mortgage has originated a $5.6 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington, a 78-unit seniors housing community in Bloomington. The three-story building includes an underground parking garage. Constructed in 1999, the property is restricted to households whose head of household is 62 years or older. The 30.7-year refinancing loan enabled the borrower to reduce the interest rate.
Monticello Provides $2M in Working Capital for 338-Bed Skilled Nursing Portfolio in Montana
by Jeff Shaw
MONTANA — Monticello has provided a $2 million working capital loan to the operating companies of two skilled nursing facilities totaling 338 beds in Montana. Monticello’s asset-based lending group, Monticello Commercial Capital LLC, provided the financing. No further details were disclosed.
Truist Provides $42.4M in Financing for Hillcrest CCRC Expansion in La Verne, California
by Jeff Shaw
LA VERNE, Calif. — Truist Financial Corporation has provided $42.4 million in financing for Hillcrest, a continuing care retirement community (CCRC) in La Verne, approximately 30 miles east of Los Angeles. The funding will be used to refinance existing debt and support the construction of a new independent living area, named Hawthorne Homes. The 24,000 square-foot development will consist of 14 one-floor cottage and duplex units located on a 1.4-acre parcel on Hillcrest’s 50-acre campus. The new construction includes several environmentally friendly and sustainable features, including solar energy, rainwater reclamation, …