CHICAGO — KeyBank Community Development Lending and Investment (CDLI) has provided $34.3 million in construction and permanent financing through the HUD 221(d)(4) Mortgage Insurance program to facilitate the rehabilitation of six low-income apartment buildings in the South Shore of Chicago. The 6900 Crandon Apartments provides 151 units for elderly and disabled residents subsidized under a project -based Section 8 contract. The remaining five apartment building provide 126 units for families. The sponsor is Evergreen Real Estate Group. The properties are owned by an LIHTC partnership created by the Housing and …
DALLAS, ATLANTA and NASHVILLE — BWE has arranged three financings totaling over $60 million to build, renovate and provide permanent financing for three affordable multifamily housing properties. Jon Killough and John Roberts originated the Freddie Mac tax-exempt loans on behalf of the borrowers. In the first transcation, BWE arranged a $14.2 million loan for Villages at Carver in Atlanta. The borrower, an Atlanta-based developer and operator, will fund renovations and permanent financing for the 220-unit, mixed-income, garden-style apartment complex. The development houses a mix of one-, two-, three-, and four-bedroom …
VIRGINIA — Capital Funding Group (CFG) has provided a $19.8 million bridge-to-HUD loan to support the acquisition of a 120-bed skilled nursing facility in Virginia. Loan proceeds represented 100 percent of the acquisition and closing costs. Further details were not disclosed. Andrew Jones originated the transaction for Capital Funding Group.
BURNSVILLE, Minn. — Colliers Mortgage has provided a $1.5 million HUD 241(a) loan for the rehabilitation of Parkway Cooperative of Burnsville. The 102-unit seniors cooperative property features one- and two-bedroom units. Amenities include laundry rooms, community areas, underground parking, an exercise facility, library, craft room and workshop. The loan features a 26.5-year term and amortization. Parkway Cooperative of Burnsville was the borrower.
NEW YORK CITY — Greystone has hired David Young as a managing director for healthcare finance. In this role, Young will focus on originating and structuring senior loans for Greystone’s FHA lending platform as well as other permanent financing options such as bridge, Fannie Mae, and Freddie Mac. Based in the New York area, Young reports to Christopher Clare, managing director for healthcare finance at Greystone. Prior to joining Greystone, Young was a managing director at Locust Point Capital, where he originated and structured over $2 billion in seniors housing …
VENICE, Fla. — Ziegler has arranged $10.5 million in bond financing for Jacaranda Trace, a seniors housing community in the Gulf Coast city of Venice. The borrower is Convivial Life Inc. Jacaranda Trace is part of a multi-phase, master-developed campus originally built in 1998 consisting of 436 independent living residences (apartments and villas), 19 assisted living units, 36 memory care units and a clubhouse on approximately 33 acres. In June of 2022, the borrower used a portion of the proceeds of the issuance of 2022 bonds in the total amount …
DES MOINES, Iowa — LCS, a Des Moines-based senior living operator, has promoted Dan Lahey to executive vice president and chief financial and investment officer. Lahey will direct all financial and real estate operations for the organization and provide leadership for financial planning and analysis, accounting, treasury, tax, community finance, investments, capital markets, and asset and portfolio management for LCS. Lahey established himself as an industry leader in various roles in the finance and real estate teams since joining LCS in 2008. He joined LCS as an accounting and tax …
STOW, Mass. — MassDevelopment has issued $25.7 million in tax-exempt bond financing to fund renovation and expansion of Elizabeth Brook Apartments, an affordable seniors housing community in Stow, approximately 25 miles west of Boston. SEHC Elizabeth Brook Apartments Limited Partnership, an affiliate of Stow Elderly Housing Corp., is developing the project, which includes renovating the existing 50 units while adding a 37 additional units. The new building will be adjacent to the existing apartment complex and will create a campus and continuum of care. Minuteman Senior Services will provide case …
FORT WASHINGTON, Pa. — Ziegler has arranged $68.5 million in bond financing for Acts Retirement-Life Communities, a nonprofit operator based in Fort Washington, a northern suburb of Philadelphia. Of the total, $10.3 million were tax-exempt bonds issued through the Montgomery County Industrial Development Authority and $58.2 million were tax-exempt bonds issued through the Delaware Economic Development Authority. The proceeds will be used to reimburse a line of credit in the amount of $55 million for prior project costs in Delaware and to fund future project costs of $13 million in …
DURANGO, Colo. — Bayview PACE has provided $6 million in C-PACE financing for key improvements for the 124-unit Mesa Verde senior living community in Durango, a small city in the southwest corner of the state. The C-PACE financing helped fund primary building systems including HVAC, electrical, plumbing and roofing. The 105,000 square-foot Mesa Verde will offer 92 assisted/transitional living units spread across studio, one-bedroom and one-bedroom configurations, as well as 32 memory care studio units. Mesa Verde is directly adjacent to Centura Mercy Hospital, the only major hospital in the …