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.
Finance
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 …
Ziegler Closes $108.8M Bond Financing for Phase II of St. Ann’s Home Renovations in Rochester, New York
by Jeff Shaw
ROCHESTER, N.Y. — Ziegler, a specialty investment bank, has closed $108.8 million in bond financing for continued renovations at St. Ann’s Home in Rochester. St. Ann’s Community operates the community, along with four others. Phase I of the master-planned project is complete, which relocated 34 post-acute rehabilitation beds from the Wegman Care Center to the ninth floor of St. Ann’s Home, the largest of the company’s skilled nursing facilities. The new bond financing will fund Phase II of the project, which will renovate floors three through eight of St. Ann’s …
PGIM Real Estate Finance Arranges $10.7M HUD Refinancing for St. Margaret’s Daughters Home in New Orleans
by Jeff Shaw
NEW ORLEANS — PGIM Real Estate Finance has arranged a $10.7 million HUD loan to refinance St. Margaret’s Daughters Home, a nonprofit skilled nursing facility located in the Mid-City neighborhood of New Orleans. St. Margaret’s Daughters Home was constructed in 2013 and sits on the site of the former Lindy Boggs Medical Center, which was devastated by Hurricane Katrina in 2005. The $33 million construction of the new facility was initially financed using a complex capital stack of New Market Tax Credits (NMTC), Historic Tax Credits (HTC), OCD Loan Funds, …
Monticello Provides $16.7M Refinancing for 303-Bed Skilled Nursing Portfolio in Tennessee
by Jeff Shaw
TENNESSEE — Monticello and its affiliates have provided $16.7 million in first lien debt financing to refinance two skilled nursing properties totaling 303 beds in Tennessee. The transaction also includes a $3 million working capital loan to the operating companies of the properties provided by Monticello’s asset-based lending group, Monticello Commercial Capital. The specific names and locations of the two properties were not disclosed. The borrower is an owner and operator with a current portfolio of 4,637 licensed beds. Prior to this deal, Monticello financed the borrower’s acquisition of several …
CHARLESTON, S.C. — Truist Financial Corp., through Atlanta-based SunTrust, has provided $50 million in financing to support the renovation and expansion of Bishop Gadsden Episcopal Retirement Community on James Island in Charleston. The funding will allow Bishop Gadsden to renovate existing assisted living facilities and construct a new 156,000-square-foot Health Care and Rehabilitation Center. Renovations to the existing building will result in 81 one- and two-bedroom assisted living units. The new building will feature 32 memory care, 64 long-term skilled care and 32 short-term skilled post-acute rehab residences. The project …
DANIA BEACH and HOLLYWOOD, Fla. — Lightstone Capital, Lightstone’s real estate debt platform, has provided a $9.2 million senior bridge loan to Wartep Management to refinance two senior housing communities in South Florida. The communities, The Residences at Dania Beach and Azalea Gardens, include both assisted living and memory care. The Dania Beach community is located blocks from the $800 million Dania Pointe project and directly across from the $634 million Dania Beach City Center development. Azalea Gardens is located near Young Circle Park in the center of Hollywood. Wartep …
Cambridge Provides $16.3M Refinancing for Anberry Transitional Care in Merced, California
by Jeff Shaw
MERCED, Calif. — Cambridge Realty Capital Cos. has provided a $16.3 million HUD Lean loan to refinance Anberry Transitional Care, a 72-bed skilled nursing care facility. The property is located in Merced, a small city southeast of the Bay Area. The facility focuses on short-term rehabilitation. The borrower is a California limited partnership. The 35-year loan is fully amortizing.