NEW YORK CITY — Greystone has provided a $68.5 million Fannie Mae loan to refinance Capitol Apartments, a Section 8 affordable seniors housing property in New York. Located on 8th Avenue where Hell’s Kitchen meets the Theater District in Manhattan, Capitol Apartments features 278 studio and one-bedroom apartments, including 250 age-restricted Section 8 units and 28 non-age-restricted units. Originally built in 1925 as a hotel, the 18-story property was converted to apartments in the 1970s. The property also has six street-level retail spaces, which are currently occupied by restaurants, a wine …
Finance
Harborview Capital Partners Arranges $60M in HUD Loans for Properties in Illinois, New Jersey
by Jeff Shaw
ILLINOIS and NEW JERSEY — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a total of $60 million in HUD financing for a portfolio of skilled nursing facilities in Illinois and New Jersey. In the first loan, Harborview arranged $7 million in financing for a 96-bed skilled nursing facility in Lake County, Illinois. The non-recourse loan features a 35-year amortization. Ephraim Kutner and Jonathan Kutner originated the transaction. Harborview also placed $53 million in HUD refinancings for multiple skilled nursing facilities totaling more than …
Monticello Asset Management Hires Jung Park as Managing Director, Expands to West Coast
by Jeff Shaw
NEW YORK CITY — Monticello Asset Management LLC, a New York-based specialized private real estate and asset-based lender, has hired Jung Park as managing director. Park will oversee the company’s expansion to the West Coast, managing the new Los Angeles office. Park was managing director of Pacific Western Bank’s Healthcare Finance Group (formerly known as CapitalSource), where he managed the national lending healthcare practice and helped originate and underwrite over $1 billion in healthcare loans. Prior to that role, he was a key member of CapitalSource’s healthcare team that acquired …
Dwight Capital Provides $50.8M Financing for Silver Healthcare Center in Cherry Hill, New Jersey
by Jeff Shaw
CHERRY HILL, N.J. — Dwight Capital has provided a $50.8 million loan for Silver Healthcare Center, a 246-bed skilled nursing facility in Cherry Hill, a suburb of Philadelphia. The 129,530-square-foot property was built on 7.9 acres in 2002. The use of the HUD loan was not disclosed.
NEW YORK CITY — New York-based Meridian Capital Group’s seniors housing and healthcare team has arranged $60 million in financing for two portfolios of memory care assets across Ohio, Georgia, South Carolina, Colorado, California and Tennessee. Ari Adlerstein, Ari Dobkin and Josh Simpson of Meridian negotiated the two transactions, which will refinance existing debt on the properties. In the first transaction, Meridian arranged $27.5 million for four memory care facilities totaling 264 beds in Ohio and Georgia. The five-year loan features a fixed rate and limited personal guarantees. In the …
COVINGTON, Ga. — Greystone has provided $15.8 million in Freddie Mac financing for the construction of Legends of Covington, a 198-unit affordable seniors housing community in the Atlanta suburb of Covington. PJ McDevitt of Greystone originated the transaction on behalf of Dominium Holdings, one of the largest affordable housing development and management companies in the country. The Freddie Mac Tax Exempt Loan is part of the Freddie Mac Target Affordable Housing (TAH) Program. The financing includes a 30-month forward period for construction, with Freddie Mac’s permanent take-out carrying an 18-year …
NEW YORK CITY — Monticello Asset Management LLC has provided $40 million in first lien debt financing for an assisted living facility in the Bronx. The property features a total of 256 beds. The borrower and name of the facility were not disclosed. The loan will refinance existing debt. The borrower recently completed an extensive renovation of the facility including updates to the resident rooms, lobby, common areas and landscaping. Monticello provided the long-term financing for the borrower after it received full licensure in New York and has since stabilized …
ILLINOIS — Capital Funding LLC has provided bridge-to-HUD financing for the acquisition of six skilled nursing facilities located throughout Illinois. The portfolio totals 594 total beds. The borrower, amount of capital, and names and locations of the properties were not disclosed. Capital Funding also financed the operations of a seventh skilled nursing facility in the portfolio, operated by Crown Healthcare. The lender expects to ultimately refinance the debt through HUD’S 232/223(f) program. Craig Casagrande originated the transaction for Capital Funding. Capital Finance LLC also provided working capital in the amount …
The Federal Housing Finance Administration’s (FHFA) recent decision to maintain healthy multifamily purchase volumes for Fannie Mae and Freddie Mac calmed market uncertainties over capital availability for the remainder of 2019 and 2020, which had increased loan spreads by 30 to 50 basis points over the summer. The decision also addressed similar uncertainties in the seniors housing industry and, to some degree, growing concerns over affordability. Both were hot topics at the National Investment Center for Seniors Housing and Care’s fall conference in mid-September, and M&T Bank’s healthcare banking and …