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 …
Finance
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.
VENTURA, Calif. — Venture West Funding Inc. has arranged a $24.7 million loan to refinance Ventura Townehouse in Ventura, a coastal city northwest of Los Angeles. Ventura Townehouse is a luxury seiniors housing community totaling 299 units. Assisted living, memory care and respite care services are available to residents. Jean-Marc Herrouin of Venture West Funding arranged the financing through Walker & Dunlop. The non-recourse, 10-year, fixed-rate loan includes two years of interest-only payments. The borrower was not disclosed.
RANCHO CORDOVA, Calif. — Marcus & Millichap Capital Corp. has arranged the $27 million refinancing of a 137-bed seniors housing asset in Rancho Cordova, a suburb of Sacramento. The 80,000-square-foot property, one of Summerset Senior Living’s two locations, offers assisted living and memory care. It was built in 2016. The new loan replaces $17 million in bridge financing that Marcus & Millichap also arranged. The refinancing features a 10-year term and a fixed rate. The lender was not disclosed.
STRATFORD, N.J. — Cambridge Realty Capital Cos. has provided a $9.8 million HUD loan to refinance Laurel Manor Healthcare and Rehabilitation Center in Stratford. Located about 12 miles southeast of downtown Philadelphia, the skilled nursing facility features 104 beds. The fully amortized, 30-year loan was provided for the owner, a New Jersey limited liability company, using the HUD Section 232/223(f) funding program. Laurel Manor Healthcare and Rehabilitation Center offers short- and long-term stays.
Lancaster Pollard Provides $4.9M HUD Refinancing for Marjorie House Memory Care in Oregon
by Jeff Shaw
MCMINVILLE, Ore. — Lancaster Pollard has arranged a $4.9 million HUD loan to refinance Marjorie House, a 45-bed memory care community in McMinnville, approximately 35 miles southwest of Portland. Senior Development Resources operates the community. The borrower is Giza Development, which used the original bridge loan from OREC Structured Finance Co. to buy out other investors and refinance construction debt. Under HUD rules, the project was immediately available for permanent refinancing, and Giza received long-term rate through the FHA Section 232/223(f). Ross Holland led the transaction for Lancaster Pollard.
MECHANICSBURG and ERIE, Pa. — HJ Sims has arranged a $96.1 million bond refinancing for two seniors housing communities in Pennsylvania. The borrower is Asbury Communities Inc., a nonprofit operator with six communities in Maryland, Tennessee and Pennsylvania. The communities involved in this transaction are Bethany Village in Mechanicsburg, a suburb of Harrisburg, and Springhill in Erie. Bethany Village opened in 1964 and contains an east and west campus. The east campus consists of 95 residential cottages, 94 court apartments, 26 rental apartments, administrative offices and amenities. The west campus …
HEALDSBURG, Calif. — Ziegler has closed a $12.4 million, tax-exempt bond anticipation note for the development of Enso Village, a continuing care retirement community in Healdsburg, a city in Sonoma County’s wine country. A bond anticipation note is a short-term security issued in anticipation of future, larger bond financing for the project. The borrower is Kendal at Sonoma, a nonprofit partnership between The Kendal Corporation, Greenbrier Development and the San Francisco Zen Center. The community will feature 200 market-rate independent living apartments, 20 below-market independent living apartments to accommodate retired …
Walker & Dunlop Funds $11M Bridge Loan for Supportive Living Facility Acquisition in Illinois
by Jeff Shaw
AURORA, Ill. — Walker & Dunlop Inc. has provided $11 million in bridge financing for The Vistas Fox Valley, a 136-bed supportive living facility in Aurora. The borrower was Cascade Capital Group, which used the funds to acquire the community. Supportive living is an Illinois program to offer assisted living services while still allowing for government reimbursement. Walker & Dunlop’s bridge lending program utilizes the company’s own balance sheet to offer short-term, non-recourse loans for properties that are being acquired or repositioned. Joshua Rosen and the bridge lending team structured …
Greystone Provides $71.3M HUD Refinancing for Massapequa Center Rehabilitation on Long Island
by Jeff Shaw
AMITYVILLE, N.Y. — Greystone has provided a $71.3 million HUD-insured loan to refinance Massapequa Center Rehabilitation & Nursing, a 320-bed skilled nursing facility in the Long Island village of Amityville. Fred Levine of Greystone originated the transaction. The financing carries a fixed rate, 30-year term and 30-year amortization. The refinancing enables the borrower to exit initial bridge financing used to acquire the property in November 2017, and to continue with renovations. Originally constructed in 1974, Massapequa Center has undergone $8.5 million in facility upgrades, including the installation of private suites …