Tuesday, November 26, 2024
Read the Magazine Subscribe

Finance

Affordable HousingDevelopmentFinanceKeyBankNew YorkNews

KeyBank Arranges $571.7M Financing Package for Affordable Seniors Housing Property in Rochester, New York

by Jeff Shaw

ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the …

Continue Reading
0 FacebookTwitterLinkedinEmail
FinanceNewsPennsylvaniaSkilled Nursing

CFG Provides $9.5M HUD Refinancing for Skilled Nursing Facility in Pennsylvania

by Jeff Shaw

PENNSYLVANIA — Capital Funding Group (CFG) has provided a $9.5 million HUD loan, which refinanced an existing bridge loan executed by CFG.  The transaction supported a 173-bed skilled nursing facility in Pennsylvania. Further details on the property and borrower were not disclosed.

Continue Reading
0 FacebookTwitterLinkedinEmail
CCRCDevelopmentFinanceNewsVirginia

Ziegler Arranges $76.9M Bond Financing for Williamsburg Landing Expansion in Virginia

by Jeff Shaw

WILLIAMSBURG, Va. — Ziegler has arranged $76.9 million in bond financing for an expansion project at Williamsburg Landing, a continuing care retirement community in Williamsburg. Williamsburg Landing is located on 138.56 acres. It was founded in 1982 and since opening its doors has grown to include 317 independent living apartments, 73 assisted living units, 36 memory care units and 58 health and rehabilitation units. In 2018, Williamsburg Landing acquired 15.3 acres of undeveloped land adjacent to the existing campus, on which the owners plan to develop an expansion known as …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingFinanceFloridaNews

CREI Holdings Receives $41M Refinancing for Li’l Abner Affordable Community in Sweetwater, Florida

by Jeff Shaw

SWEETWATER, Fla. — CREI Holdings, a development firm, has received a $41 million loan for the refinancing of Li’l Abner II apartments in Sweetwater, just west of Miami. Marc Suarez led the Lument team, which provided the funds. The project was completed in April 2023. Designed by Burgos Lanza Architects and Planners, an architectural firm based in Coral Gables, the eight-story building is situated adjacent to its 87-unit sibling, Li’l Abner I. Li’l Abner II consists of 244 one- and two-bedroom units dedicated to affordable and workforce housing. Among these, …

Continue Reading
0 FacebookTwitterLinkedinEmail
Jason Smeck Lument Seniors Housing Borrowing
AcquisitionsAffordable HousingContent PartnersFeaturesFinanceIndustry ContentInvestment

FHA, Agency Financing Still Beat Banks for Seniors Housing Borrowers

by Sarah Daniels

     Seniors housing acquisition and development is a costly business these days. Inflation has increased the price of construction materials, and wage pressures are driving up personnel costs. And after nearly two years of interest rate hikes to slow inflation, debt service on short-term construction and bridge loans is straining borrowers’ budgets and potentially threatening their ability to qualify for take-out financing when their properties reach stabilization. That is, if they can even source a long-term mortgage from increasingly risk-averse regional banks distracted by today’s market volatility, says Jason …

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsFinanceMinnesotaNews

JLL Arranges Acquisition Financing for 321-Unit Portfolio in Metro Minneapolis

by Jeff Shaw

MINNEAPOLIS, PLYMOUTH and EDINA, Minn. — JLL Capital Markets it arranged the acquisition financing for three independent living, assisted living and memory care communities in the greater Minneapolis-St. Paul metro. JLL represented the borrower, an affiliate of The Inland Real Estate Group of Companies. The Waters Senior Living will continue to manage the communities for Inland and this transaction expands their relationship to four communities together. The portfolio comprises The Waters of Edina in Edina, The Waters of Plymouth in Plymouth and The Waters on 50th in Minneapolis. The three properties …

Continue Reading
0 FacebookTwitterLinkedinEmail
FinanceNews

BWE Originates $26M in Financing for Four Communities

by Jeff Shaw

CULVER CITY, Calif.; NORTH ATTELBORO, Mass.; EAST CANTON, Ohio; and VERO BEACH, Fla. — BWE has arranged four financing transactions totaling over $26 million to refinance, build and preserve four seniors and affordable housing properties. In the first transaction, BWE arranged an $11 million refinancing for Palm Court Senior Independent Living in Culver City. The property is a 99-unit, age-restricted apartment complex. Max Sauerman originated the loan on behalf of Goldrich and Kest. The apartment building was completed in 1991.  In the second transaction, BWE arranged a $13.2 million acquisition …

Continue Reading
0 FacebookTwitterLinkedinEmail
Company NewsFinanceNews

Brookdale Extends Debt Maturities with Two Financing Transactions, Sells Stake in Home Health Company

by Jeff Shaw

NASHVILLE, Tenn. — Brookdale Senior Living Inc. (NYSE: BKD), the massive, Nashville-based seniors housing operator, has completed two transactions that refinanced all of its remaining 2024 debt maturities. After giving effect to these transactions, the company’s next debt maturity without extension options is September 2025. The company has also made significant progress on a financing transaction involving 11 of its currently unencumbered owned communities, which it expects to complete in the coming months. Additionally, in December, the company sold its remaining 20 percent equity interest in its Health Care Services …

Continue Reading
0 FacebookTwitterLinkedinEmail
FinanceNewsPeople

LCS Promotes Ross Kelderman to Controller, Jason Victor to Treasurer 

by Jeff Shaw

DES MOINES, Iowa — LCS, the nation’s third-largest senior living provider, has promoted Ross Kelderman to controller to oversee and provide leadership to the Des Moines-based organization’s corporate accounting, financial reporting, audits and finance technology.  Kelderman joined the company in 2015 as director, accounting and financial reporting, and was promoted to senior director of accounting and reporting in 2020. Kelderman holds both a bachelor’s and master’s degree in accounting from Iowa State University. He is also a certified public accountant with an active license in the state of Iowa. LCS …

Continue Reading
0 FacebookTwitterLinkedinEmail
CCRCDevelopmentFinanceNewsVirginia

Ziegler Arranges $423.5M Bond Financing for Westminster-Canterbury on Chesapeake Bay in Virginia Beach

by Jeff Shaw

VIRGINIA BEACH, Va. — Ziegler has arranged $423.5 million in bond financing for Westminster-Canterbury on Chesapeake Bay (WCCB), a continuing care retirement community in Virginia Beach. The community is located on a 12-acre property fronting the Chesapeake Bay and currently includes 424 independent living units, 66 assisted living units, 14 memory care units and 108 skilled nursing beds. In addition, WCCB owns and operates a 172-unit rental independent living community called Opus Select, located a half mile away from the community. WCCB is carrying out an expansion to the community, …

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts