AUSTIN, Texas — Ziegler, acting as bank placement agent, has arranged $110.9 million in financing for Westminster, a nonprofit continuing care retirement community (CCRC) in West Central Austin. LCS has managed the property since 1981. Located on approximately 9.3 acres, the community comprises 327 independent living units, 22 assisted living units, 30 memory care units and 55 skilled nursing beds. The financing is a combination of $63.9 million in bank bonds and a $47 million short-term loan. The borrower expects to retire the short-term loans using entrance fees from an …
Finance
GERMANTOWN, Tenn. — Ziegler has arranged $45.2 million in financing for The Village at Germantown, a continuing care retirement community in the Memphis suburb of Germantown. The community is located on a 27.5-acre site and features 230 independent living units, 32 assisted living units, 16 memory care units and 50 skilled nursing beds. The financing is a “Cinderella refunding,” meaning that taxable bank debt will convert to non-bank-qualified, tax-exempt debt in September 2022. The transaction refinances a previous bond issue from 2012. First Horizon provided the taxable loan with a …
Greystone Provides $43.9M HUD Financing for Three Skilled Nursing Facilities in Upstate New York
by Jeff Shaw
CANANDAIGUA, BATH and CORNING, N.Y. — Greystone has provided $43.9 million in HUD-insured financing for a trio of affiliated skilled nursing facilities in Upstate New York. The borrower is Centers for Care. The three facilities, totaling 323 beds, include Ontario Center for Nursing and Rehabilitation in Canandaigua, Steuben Center for Nursing and Rehabilitation in Bath and Corning Center for Nursing and Rehabilitation in Corning. Fred Levine of Greystone originated the financing package.
Cushman & Wakefield Arranges $19.8M Refinancing for HarborChase of Riverwalk Near Charlotte
by Jeff Shaw
ROCK HILL, S.C. — Cushman & Wakefield Senior Housing Capital Markets has arranged $19.8 million in financing for HarborChase of Riverwalk, a recently opened assisted living and memory care community in Rock Hill, approximately 25 miles southwest of Charlotte, North Carolina. The borrower, private equity firm BridgeForth Capital, will use the funds to refinance the construction loan. Saperean Capital provided the new financing. HarborChase of Riverwalk is an 88-unit property located within the Riverwalk master planned development. The community opened February 2020. The operator is Harbor Retirement Associates. The Cushman …
Monticello Provides $2.5M in Financing for 312-Bed Skilled Nursing Facility Portfolio in Kentucky, North Carolina
by Jeff Shaw
KENTUCKY and NORTH CAROLINA — Monticello has provided a $2.5 million working capital loan to the operating companies of three skilled nursing facilities totaling 312 beds in Kentucky and North Carolina. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the funds. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the acquisition of several facilities in 2018 and 2019 for the company.
OREGON — Carnegie Capital has arranged $7.7 million in financing for four seniors housing communities located in small, tertiary markets throughout Oregon. The financing will help fund a conversion of 136 assisted living units to 60 assisted living and 85 memory care units across the communities. The borrower is a private, multi-state fund that has partnered with a local operator. “Debt markets are tighter than they have been in years,” says JD Stettin of Carnegie Capital, who originated the financing. “But we continue to see support and appetite in the …
Walker & Dunlop Provides $37M in HUD Financing for Three Facilities in Illinois, Michigan
by Jeff Shaw
AURORA AND KANKAKEE, Ill., and NOVI, Mich. — Walker & Dunlop Inc. has provided $37 million in financing for two senior living facilities in Illinois and one in Michigan. Walker & Dunlop provided $14.9 million for The Grove Fox Valley, a 156-bed skilled nursing facility in Aurora, Ill.; $14.9 million for WellBridge of Novi, a 100-bed skilled nursing facility in Novi, Mich.; and $7.4 million for Asbury of Kankakee, a 98-bed supportive living facility in Kankakee, Ill. Joshua Rosen of Walker & Dunlop led the origination team, which utilized HUD’s …
CLARENCE CENTER, N.Y. — Greystone has provided an $8.6 million construction loan for the expansion of Bristol Village, an 84-unit, 110-bed assisted living and memory care community in Clarence Center, approximately 20 miles northeast of Buffalo. The fixed-rate loan will fund the construction of 23,000 square feet of residential and community spaces, which will include 32 additional beds. The facility was originally constructed in 2003. The loan will convert to permanent financing when the expansion project is completed and will run concurrent with the property’s existing HUD-insured loan, which Greystone …
Monticello Provides $30M Financing for 312-Bed Skilled Nursing Portfolio in Kentucky, North Carolina
by Jeff Shaw
KENTUCKY and NORTH CAROLINA — Monticello has provided $30 million in first lien debt financing for the acquisition of one skilled nursing facility and refinancing of two others. The portfolio totals 312 beds in Kentucky and North Carolina. The borrower is an experienced owner and operator with a current portfolio of 8,752 licensed beds. Prior to this deal, Monticello financed the acquisition of a number of facilities in 2018 and 2019 for the sponsor.
Walker & Dunlop Arranges $10.1M in Financing for Affordable Redevelopment Project in Washington, D.C.
by Jeff Shaw
WASHINGTON, D.C. — Walker & Dunlop has structured $10.1 million in construction and permanent financing for Spring Flats. The project calls for the redevelopment of a historic property known as The Hebrew Home, located in the Petworth neighborhood of Northwest Washington, D.C. The development caters primarily to seniors and low-income residents. Development costs are estimated at $59 million. Originally constructed in 1925, The Hebrew Home served as a nursing home until 1968, when the city purchased the property and converted it into a community health center. The asset has been vacant …