DECATUR, Ga. — Bellwether Enterprise Real Estate Capital has provided a $3 million construction-to-permanent loan for the development of Scott Boulevard Senior Residences, an affordable seniors housing community in Decatur. Located eight miles east of downtown Atlanta, Scott Boulevard Senior Residences will feature 90 one-bedroom apartments for seniors age 62 and older, with 72 units reserved for residents earning less than 60 percent of the area median incomes. Situated on 1.4 acres, the property will feature state-of-the-art amenities including a business and computer center, fitness center, community game room, central laundry …
Finance
Greystone Provides $16.5M Freddie Mac Loan for Age-Restricted Community Acquisition in New Jersey
by Jeff Shaw
MONROE TOWNSHIP, N.J. — Greystone has provided a $16.5 million Freddie Mac Program Plus loan for the acquisition of Waterside Villas, an age-restricted community located in the Concordia neighborhood of Monroe Township. Sela Realty was the borrower and buyer. John Williams and Ephraim Kantor of Greystar’s New York office originated the loan, while Adam Zweibel of Gebroe-Hammer brokered the transaction. The loan carries a 10-year term and 30-year amortization schedule with a low, fixed interest rate and interest-only payments for the first five years. Built in 2009, Waterside Villas is a …
CHC Provides $5M Mezzanine Loan for Acquisition of Four Skilled Nursing Facilities in Florida
by Jeff Shaw
FERNANDINA BEACH, HAINES CITY, ORANGE COUNTY AND NORTH PORT, FLA. — Contemporary Healthcare Capital (CHC) has funded a $5 million mezzanine loan for the acquisition of four skilled nursing facilities in Florida. The borrowers were affiliates of Citadel Care Centers and Cascade Capital Group. Totaling 480 licensed beds, the properties are located in Fernandina Beach, Haines City, Orange County and North Port. The CHC loan was made in conjunction with a senior loan and accounts receivable line provided by SunTrust Bank. Proceeds of the loans were used for the …
BOERNE AND ROUND ROCK, Texas — CBRE Capital Markets has arranged a three-year, floating-rate loan, including 24 months of interest-only payments, on behalf of a joint venture between Harrison Street and Franklin Development Properties for the refinancing of two assisted living and memory care facilities in Texas. The portfolio consists of Franklin Park Boerne and Franklin Park Round Rock, two 76-unit assisted living and memory care community. Both properties were developed by the borrower in 2017. The communities feature a variety of amenities including a full-service hair and nail salon, theatre, …
BMO Harris Healthcare Closes $19.5M Acquisition Loan for 132-Unit Seniors Housing Community in Indiana
by Jeff Shaw
BLOOMINGTON, Ind. — BMO Harris Bank’s Healthcare Real Estate Finance group has closed a $19.5 million acquisition loan for Gentry Park Senior Living, a seniors housing community located at 901 S. Hastings Drive in Bloomington. The owners are an institutional private equity group, and St. Charles, Mo.-based Arrow Senior Living is the new fee-based manager of the facility. Built in 2016, the 132-unit seniors housing facility 32 senior villas, 74 assisted living units and 26 memory care units. Additionally, the 80,611-square-foot property features common areas, concierge services, free chauffeured transportation, spacious …