ROCKLIN, Calif. — Greystone has provided a $37 million Fannie Mae structured adjustable rate mortgage loan for the acquisition of a 134-unit seniors housing property in Rocklin, a suburb of Sacramento. The Pines at Rocklin offers independent living, assisted living and memory care services. Merrill Gardens Senior Living is the operator and a joint venture partner in the community, which was built in 2015. The borrower was Harbert Seniors Housing Fund II. Greystone’s seniors housing finance team originated the 10-year loan with an adjustable rate and five years of interest-only …
Finance
Hunt Real Estate Capital Funds $7.8M Refinancing for Emanuel Village Apartments in Worcester, Massachusetts
by Jeff Shaw
WORCESTER, Mass. — Hunt Real Estate Capital has provided a $7.8 million loan to refinance Emanuel Village Apartments, an affordable seniors housing community in Worcester. The community features 75 units reserved for the disabled and those over age 62 who meet certain income restrictions. The community was initially developed in 1991 on a 3.8-acre parcel under the Section 202 program. The Section 202 financing was retired in 2005 with a refinance under the Section 223(f) program, and that loan was retired when the borrower acquired the asset. The new Section …
SUGAR LAND, Texas — CBRE has arranged a $28.2 million bridge loan to refinance debt on Overture Sugar Land, a 200-unit active adult community in the Houston suburb of Sugar Land. The borrower is Greystar Development, which launched the Overture brand in 2013. There are now 29 Overture-branded active adult properties totaling over 7,500 units in the United States. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the non-recourse, floating-rate loan with 18 months of interest-only payments. The transaction was made through MF1 Capital, which …
TALLAHASSEE, Fla. — M&T Realty Capital Corp. has closed a $43 million Fannie Mae Near-Stabilization loan to refinance a 128-unit seniors housing property in Tallahassee. The 10-year loan features a fixed rate of 3.63 percent, five years of interest-only payments and a 30-year amortization. The name of the borrower and property were not released. Matthew Pipitone of M&T Realty Capital’s Baltimore office, in collaboration with Jonathan Leister of M&T Bank’s Syracuse, N.Y., office led the transaction.
PONTIAC, Ill. — Cambridge Realty Capital Cos. has provided a $7.6 million HUD loan to refinance Pontiac Supportive Living, a 60-bed assisted living facility in Pontiac. Located in the central part of the state approximately 100 miles southwest of Chicago, the community features eight one-bedroom units and 52 private studios. The loan is fully amortizing on a 35-year term.
GENESEO, N.Y. — M&T Realty Capital Corp. has provided a $7.5 million refinancing for a 64-unit assisted living facility in Geneseo, a town in the Finger Lakes region. At a 75 percent loan-to-value ratio, the 10-year, 4.18 percent fixed-rate loan is structured with a 25-year amortization. John Sigeti of M&T Realty Capital’s Buffalo office led the transaction. The name of the borrower and property were not disclosed.
NEW YORK CITY — ORIX Corp. USA, the U.S. and Latin America arm of Tokyo-based ORIX Corp., has completed its acquisition of Hunt Real Estate Capital. The buyer announced it plans to combine Hunt Real Estate Capital with its two other ORIX Real Estate Capital brands, Lancaster Pollard and RED Capital Group. “The combined organization will possess the capital, national presence, servicing capability, and range of debt and investment solutions to address the needs of the entire commercial real estate community,” says Terry Suzuki, ORIX USA president and CEO. Industry …
PLAINFIELD, Conn. — Greystone has provided an $8 million HUD-insured loan to refinance Colonial Health & Rehab Center, a 90-bed skilled nursing facility in Plainfield near the Rhode Island border. The fully amortizing financing features a 35-year term and fixed interest rate. The refinancing replaces a bridge loan that Greystone provided for the acquisition of the property. Lisa Fischman of Greystone originated the transaction. The borrowers were Curtis Rodowicz and Robert Darigan, the property’s co-owners.
M&T Realty Capital Provides $79.5M Financing for Skilled Nursing Facility in New Jersey
by Jeff Shaw
BLACKWOOD, N.J. — M&T Realty Capital Corp. has closed a $79.5 million FHA-insured loan to refinance a 458-bed skilled nursing facility in Blackwood, a suburb of Philadelphia. The 30-year loan is full amortizing and features a fixed interest rate of 3.28 percent. The borrower and name of facility were not disclosed. Paula Quigley and Matthew Pipitone of M&T Realty Capital Baltimore office led the transaction in collaboration with Aaron Anglada of M&T Bank’s Paramus office. Quigley also serves as the FHA/HUD program manager for the company.
Coastal States Bank Funds $13.1M Acquisition Loan for Assisted Living Asset in Connecticut
by Jeff Shaw
STRATFORD, Conn. — Coastal States Bank has provided a $13.1 million senior loan to affiliates of Woodbine Senior Living. The financing will be used for the acquisition of a 100-unit licensed assisted living community in Stratford. Excess funds will be used to help bring the 88,825-square-foot property to stabilization. The name of the property was not released. Woodbine Senior Living partnered with Locust Point Capital, which provided a $5 million preferred equity investment.