NEWFANE, N.Y. — Contemporary Healthcare Capital has provided a $2.1 million mezzanine loan to refinance a skilled nursing facility in Newfane, located along Lake Ontario north of Buffalo.
Finance
CBRE Arranges Acquisition Loan for 120-Unit Assisted Living, Memory Care Asset in Near West Palm Beach
by Jeff Shaw
PALM BEACH GARDENS, Fla. — CBRE National Senior Housing has secured financing for the acquisition of HarborChase of Palm Beach Gardens, an assisted living and memory care facility in Palm Beach Gardens, 15 miles north of West Palm Beach, Fla. The borrower is a joint venture between Silverstone Senior Living and Crescent Real Estate. An affiliate of Silverstone, in partnership with an institutional equity partner, developed the 120-unit property, which opened in 2017. On-site amenities include a virtual bowling alley, doctor’s office and an art studio. Harbor Retirement Associates will continue …
BMO Harris Healthcare Funds $21M Credit Facility to Finance Acquisition of Assisted Living, Memory Care Asset in Arizona
by Jeff Shaw
MARANA, Ariz. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $21 million credit facility for the acquisition of Watermark at Continental Ranch, an assisted living and memory care community in Marana. The borrowers are Kayne Anderson Real Estate and Watermark Retirement Communities. Completed this year by Link Development and Watermark, the 96,000-square-foot asset features 108 assisted living and memory care beds. The property is situated on four acres in the Silverbell Corridor of Marana.
Greystone Provides $8M in Refinancing for Age-Restricted Community in Hemet, California
by Jeff Shaw
HEMET, Calif. — Greystone has provided an $8 million Fannie Mae loan for the refinancing of Casa Del Rey Mobile Homes Estates, a manufactured housing property that is age-restricted to residents 55 years old and older in Hemet. Situated on 30.6 acres in San Jacinto Valley, Casa Del Rey Mobile Homes Estates features 267 single- and double-wide pads. The community also features two clubhouses, two pools and spas, recreational and exercise facilities, as well as on-site parking, laundry facilities and a carwash area. Matt Stevens in Greystone’s San Diego office, on …
Bellwether Enterprise Funds $3M Loan for Affordable Seniors Housing Property in Metro Atlanta
by Jeff Shaw
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 …
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, …