AUSTIN, Texas; DOUGLASVILLE, Ga.; and MOBILE, Ala. — BWE has arranged $15.3 million in permanent loans to finance three affordable housing communities in Austin, Douglasville and Mobile. Jon Killough and Tony Love originated the loans using HUD’s RAD for PRAC initiative, a new tool designed to preserve existing Section 202 housing as well as create new Section 8 housing across the country. Traditionally, Section 202 PRAC rental assistance could only be used for operating expenses, not debt servicing. The RAD for PRAC process allows borrowers to convert PRAC subsidies to …
PFLUGERVILLE, Texas — Cambridge Realty Capital has provided a $2.1 million first mortgage loan to refinance Wells Point Lodge in Pflugerville, a suburb of Austin. Wells Point Lodge is a 60-bed assisted living community. Anthony Marino of Cambridge reports that the fully amortizing, 35-year loan was provided for the owner, a Texas limited liability company, using the HUD Section 232/223(f) mortgage insurance program. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.
CHICAGO — For veteran lender Aaron Becker, it feels as if the seniors housing industry is working through the five stages of grief in response to the “incredible change” in interest rates since March 2022. “We haven’t seen this in 40 years,” says Becker, senior managing director and head of seniors housing and healthcare production at Lument. He’s referring, of course, to a string of 11 increases in the federal funds rate beginning in March 2022. To combat inflation, the Federal Reserve has aggressively raised the fed funds rate from …
SANDWICH, Mass. — MassHousing has provided $6.2 million in financing to Sandwich Senior Housing Corp. The funds will be used to improve the physical plant of Shawme Heights Apartments, an affordable seniors housing community in the Cap Cod town of Sandwich. The nonprofit Sandwich Senior Housing Corp. refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. MassHousing offers the MAP/Ginnie Mae loan program to the owners of rental housing through the U.S. Department of Housing and Urban Development (HUD). HUD …
YONKERS, N.Y. — Rockabill and BWE have provided a $16.9 million Fannie Mae loan to refinance debt on Monastery Manor, a 147-unit affordable apartment building for seniors just north of New York City in Yonkers. The borrower is nonprofit owner-operator Finian Sullivan Corp. Proceeds from the refinancing will be used to fund renovations at the property and pay off existing debt. The refinancing also includes an extension of the property’s existing PILOT agreement with the Yonkers Industrial Development Agency. BWE’s Jim Gillespie and Ilya Weinstein originated the loan. Units are …
ARIZONA — Capital Funding Group (CFG) has provided a $10.9 million HUD loan, which refinances an existing bridge loan on a 112-bed skilled nursing facility in Arizona. CFG originally arranged the bridge loan as well. Tommy Dillon originated the transaction for CFG. No further details were provided.
GEORGIA — Capital Funding Group (CFG) has provided $22.4 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities. The facilities, which are located in Georgia, total 338 beds. Details on the buyer, seller, price and locations were not disclosed. James Zabel originated the transaction.
WINCHESTER, Va. — Ziegler has arranged $52.5 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC). The continuing care retirement community is located in Winchester, approximately 70 miles west of the Washington, D.C. metro area. SVWC was founded in 1982 and provides housing, healthcare and other services to nearly 400 residents on its 87-acre campus through the operation of 217 independent living units (164 apartments and 53 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. SVWC is completing an independent living villa apartment expansion …
CLEVELAND — KeyBank Community Development Lending and Investment (CDLI) has provided $11.3 million for 9 percent tax credit equity to finance the construction of Garrett Square Apartments, a 49-unit affordable seniors housing project located in the Glenville neighborhood of Cleveland. KeyBank will provide a $9 million construction loan and a $2.3 million permanent loan. Additional permanent financing sources include secondary soft loans of $1.7 million provided through the City of Cleveland’s American Rescue Plan Act, $900,000 from City Home, and $450,000 from the County ERA fund. Garrett Square will be …
SPRING, Texas — JLL Capital Markets has arranged a $28 million senior mortgage for The Landing at Augusta Woods, a 148-unit seniors housing community in Spring. JLL represented Harmony Communities to secure the four-year, fixed-to-floating-rate loan from a life insurance company to refinance an existing construction loan and fund additional expansion of the community. The community comprises a 120-unit apartment-style complex that provides independent living, assisted living and memory care, and 28 to-be-built independent living duplex-style cottage units. Spring is located just outside of The Woodlands, which is one of …