PONTIAC, Ill. — Cambridge Realty Capital Cos. has provided a $7.6 million HUD loan to refinance Pontiac Supportive Living, a 60-bed assisted living facility in Pontiac. Located in the central part of the state approximately 100 miles southwest of Chicago, the community features eight one-bedroom units and 52 private studios. The loan is fully amortizing on a 35-year term.
Finance
GENESEO, N.Y. — M&T Realty Capital Corp. has provided a $7.5 million refinancing for a 64-unit assisted living facility in Geneseo, a town in the Finger Lakes region. At a 75 percent loan-to-value ratio, the 10-year, 4.18 percent fixed-rate loan is structured with a 25-year amortization. John Sigeti of M&T Realty Capital’s Buffalo office led the transaction. The name of the borrower and property were not disclosed.
NEW YORK CITY — ORIX Corp. USA, the U.S. and Latin America arm of Tokyo-based ORIX Corp., has completed its acquisition of Hunt Real Estate Capital. The buyer announced it plans to combine Hunt Real Estate Capital with its two other ORIX Real Estate Capital brands, Lancaster Pollard and RED Capital Group. “The combined organization will possess the capital, national presence, servicing capability, and range of debt and investment solutions to address the needs of the entire commercial real estate community,” says Terry Suzuki, ORIX USA president and CEO. Industry …
PLAINFIELD, Conn. — Greystone has provided an $8 million HUD-insured loan to refinance Colonial Health & Rehab Center, a 90-bed skilled nursing facility in Plainfield near the Rhode Island border. The fully amortizing financing features a 35-year term and fixed interest rate. The refinancing replaces a bridge loan that Greystone provided for the acquisition of the property. Lisa Fischman of Greystone originated the transaction. The borrowers were Curtis Rodowicz and Robert Darigan, the property’s co-owners.
M&T Realty Capital Provides $79.5M Financing for Skilled Nursing Facility in New Jersey
by Jeff Shaw
BLACKWOOD, N.J. — M&T Realty Capital Corp. has closed a $79.5 million FHA-insured loan to refinance a 458-bed skilled nursing facility in Blackwood, a suburb of Philadelphia. The 30-year loan is full amortizing and features a fixed interest rate of 3.28 percent. The borrower and name of facility were not disclosed. Paula Quigley and Matthew Pipitone of M&T Realty Capital Baltimore office led the transaction in collaboration with Aaron Anglada of M&T Bank’s Paramus office. Quigley also serves as the FHA/HUD program manager for the company.
Coastal States Bank Funds $13.1M Acquisition Loan for Assisted Living Asset in Connecticut
by Jeff Shaw
STRATFORD, Conn. — Coastal States Bank has provided a $13.1 million senior loan to affiliates of Woodbine Senior Living. The financing will be used for the acquisition of a 100-unit licensed assisted living community in Stratford. Excess funds will be used to help bring the 88,825-square-foot property to stabilization. The name of the property was not released. Woodbine Senior Living partnered with Locust Point Capital, which provided a $5 million preferred equity investment.
NEW YORK CITY — JLL has arranged a $47.5 million loan for the refinancing of The 80th Street Residence, an assisted living facility in Manhattan. The property specializes in enhanced memory care and comprises 61 units and 70 beds. IDB Bank, a New York-based private and commercial bank, provided the loan. Peter Rotchford, Zach Rigby, Jason Skalko and Dillon Donald of JLL arranged the loan on behalf of property owners Wayne Kaplan and Larry Morehead.
LISBON AND MINERAL RIDGE, Ohio — Cambridge Realty Capital Cos. has provided two loans through the U.S. Department of Housing and Urban Development’s LEAN mortgage insurance program. The $24 million will refinance debt on The Vista Care Center and The Ridge Care Center. An Ohio-based limited liability company was the borrower. The Vista Care Center, located in Lisbon, is a 76-bed skilled nursing and assisted living facility. The Ridge Care Center, located in Mineral Ridge, is a 181-bed skilled nursing and assisted living facility. Cambridge provided a fully amortized, 30-year …
GLOVERSVILLE, N.Y. — M&T Realty Capital Corp. has provided a $14.9 million FHA-insured loan to refinance of a 176-bed skilled nursing facility in Gloversville, approximately midway between Albany and Utica. The loan was completed under the FHA 223(f) program. The 35-year loan is fully amortizing and features a fixed interest rate of 3.25 percent. Paula Quigley and Matt Pipitone of M&T Realty Capital’s Baltimore office led the transaction in collaboration with Jennifer Kooney of M&T Bank’s Tarrytown, N.Y., office. Quigley also serves as the FHA/HUD program manager for M&T Realty …
CHATHAM, N.J. — M&T Realty Capital Corp. has provided a $12.1 million FHA-insured loan to refinance of a 108-bed skilled nursing facility in Chatham. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) 223(f) program. The 35-year, fully amortizing loan features a fixed rate of 3.26 percent. The borrower and name of facility were not disclosed. Paula Quigley and Matt Pipitone of M&T Realty Capital’s Baltimore office, in collaboration with Jennifer Kooney of M&T Bank’s Tarrytown, N.Y. office, led the transaction. Quigley also serves as …