Monday, November 25, 2024
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Finance

Affordable HousingDevelopmentFinanceFloridaNews

CREI Holdings Receives $67M Construction Loan for Affordable Project in Metro Miami

by Jeff Shaw

SWEETWATER, Fla. — CREI Holdings has received a $67 million construction loan from Centennial Bank to build an affordable and workforce housing mid-rise building in Sweetwater, just west of Miami.  Construction of Li’l Abner III is set to begin in the second quarter of this year, with completion expected in the second quarter of 2026.  Coral Gables-based Burgos Lanza Architects and Planners designed the eight-story project, which features 328 one- and two-bedroom apartments. Of these, 40 percent will be designated for households with an income up to 80 percent of …

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FinanceIllinoisNewsSkilled Nursing

CFG Funds $13.6M Refinancing for Two Skilled Nursing Facilities in Illinois

by Jeff Shaw

ILLINOIS — CFG, a subsidiary of CFG Bank, has provided two HUD loans totaling $13.6 million to refinance debt on two skilled nursing facilities in Illinois.  The facilities accommodate a total of 173 beds. Further details were not disclosed. Tim Eberhardt and Ava Julio originated the transaction for CFG.

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Assisted LivingCaliforniaFinanceNews

G Capital Markets Arranges $15.5M Recapitalization for Bethany Home in Livermore, California

by Jeff Shaw

LIVERMORE, Calif. — G Capital Markets (GCap), a capital advisory firm based in Carmel, has arranged a recapitalization for Bethany Home, a 59-bed assisted living community in Livermore on the eastern edge of the Bay Area.  Built in 2021 by a regional owner-operator, the property leased up in 2022 and has shown consistently strong performance for several years with cash flow margins well over 40 percent and occupancy of 90 percent, according to GCap. The bridge-to-HUD loan was structured with a large equity-out component and sized to maximize the takeout …

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AcquisitionsCaliforniaFinanceNews

Cambridge Arranges $6M Acquisition Loan for Twilight Haven in Fresno, California

by Jeff Shaw

FRESNO, Calif. — Cambridge Realty Capital Cos. has arranged a $6 million acquisition loan for Twilight Haven Senior Living in the San Joaquin Valley city of Fresno.  Twilight Haven comprises 60 independent living units, 116 assisted living beds and 50 skilled nursing beds. A California-based LLC was the borrower. A Utah-based industrial bank provided the capital. The seller was a nonprofit operator facing bankruptcy. The 25-year loan is fully amortizing.

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FinanceFrom The Magazine

Lenders on Pins and Needles, Awaiting Turnaround

by Jeff Shaw

By Matt Valley Until there is a greater sense of stability in the marketplace and clarity from the Federal Reserve on the timing and extent of interest rate cuts, underwriting deals will remain a challenge for lenders, believes Jason Clouet, vice president of Bayview Asset Management.  “I think if we polled everybody in this room, half of you would say that we’re going to see a 200 basis points drop, and half of the room would say 50 basis points. There’s not real clarity right now as far as where …

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CCRCDevelopmentFinanceNewsOhio

EBSC Lending Provides $51.8M in Financing for Community Expansion in Garfield Heights, Ohio

by Jeff Shaw

GARFIELD HEIGHTS, Ohio — EBSC Lending has provided a $51.8 million loan for the expansion of a senior living and skilled nursing community located in Garfield Heights, a suburb of Cleveland.  The 294,083 square-foot project will add a four-story independent and assisted living building featuring 86 units. The expansion also includes a two-story skilled nursing building and a two-story health center with a physical and occupational therapy gym and memory care suites. Construction began in June 2021, and the new expanded spaces are slated to open in January 2025. The …

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AcquisitionsFinanceNewsSkilled NursingUtah

CFG Provides $16.3M Acquisition Financing for Two Skilled Nursing Facilities in Utah

by Jeff Shaw

UTAH — CFG, a subsidiary of CFG Bank, has provided $16.3 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities.  The properies, which are in Utah, support a total of 220 beds.  The deal allowed the undisclosed borrower to expand its footprint into a new state. Further details were not disclosed. Tommy Dillon of CFG originated the transaction.

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Company NewsFinanceNewsPeople

Dwight & Co. Affiliate Expands Healthcare Team, Capital Solutions

by Jeff Shaw

NEW YORK CITY — Dwight & Co. has expanded its seniors housing and healthcare financing solutions by successfully launching working capital revolving lines of credit, investing in new technology and broadening the depth of its healthcare team.  The new team members include Paige Ela as managing director of healthcare finance and Itay Silverberg as director of analytics. Ela has over 20 years of experience working in healthcare at both public and privately held institutions, including SEC and FDIC-regulated firms. She joined Dwight following five years at Forbright Bank, serving as …

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FinanceIndustry Voices

A Rebound in Seniors Housing Is Underway, But We’re Not Out of the Woods Just Yet

by Jeff Shaw

Interest rates have more than doubled and capital market activity is down all while operations seem to be improving. By Alex Loo, director of originations, Hudson Realty Capital It’s now been four years since the COVID-19 pandemic first swept the globe.  The seniors housing and healthcare industry has since experienced many substantial transformations after having endured the government-imposed move-in bans, difficulties in hiring permanent staff, and the reluctance of older adults to transition to assisted living facilities. Recent data from NIC MAP Vision shows that in October, the occupancy rate for primary markets …

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FinanceIllinoisNewsSkilled NursingWisconsin

Walker & Dunlop Originates $65.7M in HUD Loans for Seven Midwestern Skilled Nursing Communities

by Jeff Shaw

ILLINOIS and WISCONSIN — Walker & Dunlop Inc. has originated $65.7 million in 232/223(f) and 241(a) HUD loans for seven skilled nursing facilities and memory care centers across Illinois and Wisconsin. Walker & Dunlop’s Midwest FHA Finance team, led by Joshua Rosen, Brad Annis, and Johnny Rice, arranged the construction loan and refinancings on behalf of five clients. The loans included: Elevate Care Waukegan Location: Waukegan, Illinois Amount: $21.2 million Walker & Dunlop arranged a 232/223(f) HUD loan to refinance existing commercial debt, partnership debt, and fund recent capital improvements …

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