MAPLEWOOD, Minn. — Colliers Mortgage has provided a $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen in Maplewood, an eastern suburb of the Twin Cities. The 56-unit cooperative is designed for residents age 62 and older. The property will be built on the north shore of Lake Phalen between Keller and Phalen regional parks and golf courses. Units will range from 1,200 to 1,900 square feet. The loan features a 40-year term and amortization.
CHEVY CHASE, Md. — Forbright Bank’s healthcare lending team closed three new loans in the first quarter of 2024. The loans helped finance the acquisition of two assisted living and two skilled-nursing facilities in the Southeast and Midwest. In total, more than $50 million of bridge and bridge-to-HUD lending financed about 500 beds for seniors across the four facilities. Further details were not disclosed.
BLOOMFIELD, N.J. — Juniper Communities, a Bloomfield-based provider of senior living communities, has promoted Stephanie Pressler to controller. Pressler joined Juniper Communities in 2016, when the company acquired its Bensalem, Pennsylvania campus, Juniper Village at Bucks County. As a member of Juniper’s internal provider relief fund team, Pressler helped steer the company through the COVID-19 pandemic, assisting in the application for relief funding. She is responsible for monthly and annual financial reporting, budgets and annual audits.
CLEVELAND — BWE Investment Sales LLC (BWEIS), a Cleveland-based investment sales organization that works closely with mortgage banker BWE, has hired Tony Hong as a vice president for seniors housing. With over 15 years of experience in seniors housing investments, development, capital markets and advising, Hong will work closely with Charles Bissell with an aim to grow BWEIS’ seniors housing investment sales platform in partnership with the seniors housing debt team led by Ryan Stoll. Most recently, Hong was senior vice president of acquisitions and underwriting at Cogir Senior Living, …
PFLUGERVILLE, Texas — Thorofare Capital has provided a bridge loan to Wilson Capital to refinance an existing construction loan on The Jovie at Pflugerville. The newly completed, 182-unit, Class A active adult multifamily community opened in mid-2023 and is situated roughly 20 miles north of Austin. The loan amount was not disclosed. Thorofare’s director of originations, Jonathan Hart, originated the loan with colleagues Eddie Prosser, head of credit, and Henry Johnson, senior associate leading the underwriting. Wilson Capital was represented by B.K. Newsom, vice president of capital markets at CBRE …
NEW YORK CITY — Berkadia Seniors Housing & Healthcare, a New York-based financial company, has provided $49.4 million in 232/223(f) HUD refinancings across five transactions in four states. The loans carried an average loan-to-value (LTV) ratio of 75 percent and an average term of 33 years. Four of the loans refinanced bridge loans through Berkadia’s proprietary balance sheet. Steven Muth and Rafael Nobo originated a $15.95 million loan secured by a 73-unit community in Northern Virginia for a Mid-Atlantic-based owner-operator. The assisted living and memory care community, which also features …
SAN DIEGO — Wells Fargo’s Community Lending and Investment (CLI) group has provided a total of $57.9 million in financing for construction of La Sabila, an affordable housing community for seniors in San Diego. The borrower is Wakeland. CLI provided a $30.5 million construction loan and $27.4 million equity investment. The project will consist of 85 residential units reserved for low-income residents over age 55. Further details were not disclosed. Timothy McCann, Terence Cordero and Jessica Gonzalez of CLI arranged the financing.
FLORIDA — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $17.4 million to refinance debt on two skilled nursing facilities in Florida. The facilities feature a total of 261 beds. Further details were not disclosed. Tim Eberhardt and Ava Julio of CFG originated the transaction.
MINNEAPOLIS — Helios has arranged a $7.5 million term loan and revolving line of credit for a Minnesota-based provider of specialty memory care services. Helios arranged the 18-month, interest-only financing in support of the borrower’s acquisition of a specialty memory care community in an affluent suburb of St. Paul. The community was stabilized at the time of the acquisition and originally developed by the borrower in partnership with a Chicago-based private equity firm. Prior to the financing, the borrower leased the community from the seller. The financing was sourced through …
WISCONSIN — Helios has structured the sale and recapitalization of an assisted living and memory care provider in Wisconsin. A publicly traded regional lender provided the funds. Helios arranged the sale of non-performing assets assets in the portfolio to regional operators, including behavioral health providers in Wisconsin. The broker then repackaged the remaining performing assets, brought in a new operator, and arranged the debt to recapitalize the portfolio keeping the existing financial partner involved and retiring the operating partner and lender.
