CALIFORNIA — Capital Funding Group (CFG) has provided a $30.3 million loan for the acquisition of three skilled nursing facilities. The facilities, which are located in California, support 396 beds. The buyer was identified only as “a nationally recognized borrower.” The transaction marks one of the first acquisitions since the inception of a new approval process with the California Attorney General. Under the new state law, any transaction involving the sale or transfer of control of a nonprofit healthcare facility is required to secure the approval of the attorney general. …
ARIZONA — Capital Funding Group (CFG) has provided a $10.3 million HUD loan for a 94-bed skilled nursing facility in Arizona. The new loan refinances an existing bridge loan, executed by CFG, both for “a nationally recognized borrower.” Further details were not disclosed.
SMITHTOWN, N.Y. — JLL Capital Markets has arranged $29 million in financing for Whisper Woods of Smithtown, a 101-unit, 136-bed assisted living and memory care community in Smithtown. JLL represented the borrowers, Sculptor Real Estate and Benchmark Senior Living. A regional bank, a new lending partner for both groups, provided the three-year loan. Built in 2018, Whisper Woods of Smithtown is a Class A community located in Long Island’s Suffolk County, approximately 50 miles from Manhattan, which is accessible by a 90-minute train ride from Smithtown. The JLL Capital Markets …
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What’s to Come: An Optimistic Outlook for Seniors Housing
By Berkadia Seniors Housing & Healthcare Like many sectors within the commercial real estate (CRE) industry, the seniors housing market faced headwinds over the past year, largely due to tightening financing conditions and widespread economic uncertainty. However, based upon research and anecdotal evidence from the clients and companies we serve in the seniors housing space, we believe the sector is well positioned to bounce back and generate positive operating results for the remainder of 2023 and into 2024. View a higher resolution version of the construction trends graph above here. Fundamentals …
SARASOTA, Fla. — Cambridge Realty Capital has provided a $29.2 million first mortgage loan to refinance Aravilla Sarasota in Sarasota. The loan is fully amortizing with a 35-year term. Tony Marino of Cambridge arranged the financing for a Florida-based limited liability company. Cambridge’s early rate lock program was utilized, which allowed the owner to avoid the recent run-up in interest rates.
FLORIDA — Capital Funding Group (CFG) has provided a $3.3 million bridge-to-HUD mezzanine loan, which supported a dividend recapitalization for a 120-bed skilled nursing facility in Florida. The borrower was identified only as “a well-recognized sponsor” and the location and name of the property were not disclosed. Andrew Jones originated the transaction for the CFG.
MORRO BAY, Calif. — Cambridge Realty Capital has provided a $15.4 million first mortgage loan to refinance Casa de Flores and Bayside Care Center. Located in Morro Bay, a seaside city approximately midway between Los Angeles and San Francisco, Casa de Flores and Bayside Care Center form a single campus offering assisted living and skilled nursing services. Hymie Barber, Cambridge’s national originations manager, led the refinancing team. The fully amortizing, 34-year loan was provided for the owner, a California limited liability company, through the HUD Section 232/223(f) mortgage insurance program. …
NEWARK and WASHINGTON TOWNSHIP, N.J. — The New Jersey Economic Development Authority (NJEDA) has approved two additional senior residential development projects for Aspire funds. The two projects, one located in Newark and the other in Washington Township, will include 164 housing units for seniors, all of which will be affordable. To date, the board has now approved a total of $294 million in Aspire funds for residential projects, leading to the creation and preservation of over 1,500 housing units, nearly 70 percent of which will be affordable. With the development …
LONGMEADOW, Mass. — MassDevelopment has issued $5 million in tax-exempt bond financing on behalf of Glenmeadow Inc., a nonprofit life plan community. The borrower will use proceeds to complete several projects at its campus in Longmeadow, located along the Connecticut border just south of Springfield. Projects include completing the demolition of the existing natatorium building and constructing a new building to house a natatorium and a wellness center; renovating dining venues; upgrading electric, plumbing and HVAC systems; installing rooftop solar panels; and buying equipment, fixtures and furniture. This financing complements …
BOSTON — 2Life Communities has received more than $7.6 million from the U.S. Department of Housing and Urban Development’s (HUD) Office of Multifamily Housing Programs. The funding is part of HUD’s recent announcement of $160 million in grants awarded to nonprofit organizations across the country that support the development of new or redeveloped affordable multifamily rental housing and ongoing project-based rental assistance for low- and very-low-income seniors. The Section 202 Supportive Housing for the Elderly grant funding for 2Life will go towards creating 127 new affordable apartments for seniors with …