Tuesday, November 26, 2024
Read the Magazine Subscribe

Finance

CCRCDevelopmentFinanceNewsWashington

Ziegler Arranges $118.3M Bond Financing for Emerald Heights in Redmond, Washington

by Jeff Shaw

REDMOND, Wash. — Ziegler has arranged $118.3 million in bond financing for Emerald Heights, a continuing care retirement community in Redmond. Located approximately 17 miles northeast of Seattle, the 38-acre campus consists of 333 independent living units, including both apartments and cottages, 40 licensed assisted living beds, 16 memory care units and 61 skilled nursing beds. The bonds will be used to refinance 2013 bonds and fund an expansion project at the community. The first phase of the expansion, announced last week, will add 54 assisted living units and a sky …

Continue Reading
0 FacebookTwitterLinkedinEmail
FinanceNewsOhioSkilled Nursing

CFG Provides $7.2M Refinancing for Skilled Nursing Facility in Ohio

by Jeff Shaw

OHIO — Capital Funding Group (CFG) has provided a $7.2 million refinancing, which supported the turning an existing bridge loan executed by CFG into a HUD loan.  The refinancing supported a 75-bed skilled nursing facility in Ohio. Further details on the property and buyer were not disclosed. Tim Eberhardt of CFG originated the transaction.

Continue Reading
0 FacebookTwitterLinkedinEmail
AcquisitionsFinanceNewsWisconsin

Walker & Dunlop Arranges HUD Acquisition Financing for Two Communities in Metro Milwaukee

by Jeff Shaw

MUSKEGO and OAK CREEK, Wis. — Walker & Dunlop has arranged HUD acquisition loans for a portfolio of two seniors housing communities in the suburbs of Milwaukee. Kevin Giusti and Daniel Barone led the finance team that secured the $16 million HUD acquisition loan on behalf of the borrower, a well-versed developer, and the lender, the U.S. Department of Housing and Urban Development.  The first community is Caring Alternatives of Muskego, a 34-bed/30-unit assisted living facility in Muskego. Walker & Dunlop arranged a $7.2 million loan for the transaction. The …

Continue Reading
0 FacebookTwitterLinkedinEmail
Assisted LivingFinanceIllinoisNews

Greystone Provides $16.8M Loan for Supportive Living Community in Rolling Meadows, Illinois 

by Jeff Shaw

ROLLING MEADOWS, Ill. — Greystone has provided a $16.8 million HUD LEAN 232/223(f) green loan to refinance a 102-unit supportive living facility in Rolling Meadows, approximately 25 miles northwest of Chicago.  Plum Creek at Rolling Meadows is a three-story facility on 1.46 acres, which was constructed in 1986 as a hotel property and converted to a supportive living facility in 2006. The Supportive Living program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing. With the 35-year …

Continue Reading
0 FacebookTwitterLinkedinEmail
Assisted LivingFinanceFloridaNews

First Citizens Bank Provides Loan to Refinance American House St. Petersburg in Forida

by Jeff Shaw

ST. PETERSBURG, Fla. — First Citizens Bank has provided a loan to refinance American House St Petersburg, a senior living community in St. Petersburg. The borrower is a joint venture between American House, Harrison Street and Prevarian Senior Living, which opened the community in 2021. This community features 66 independent living units, 66 assisted living units and 33 memory care units.  Terms of the loan were not released.

Continue Reading
0 FacebookTwitterLinkedinEmail
Active AdultDevelopmentFinanceFloridaNews

Concord Summit Capital Arranges $122M Construction Financing for Active Adult Project in Port St. Lucie, Florida

by Jeff Shaw

PORT ST. LUCIE, Fla. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult community underway in Port St. Lucie.  David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. The lenders were not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that …

Continue Reading
0 FacebookTwitterLinkedinEmail
Affordable HousingFinanceMassachusettsNews

MassHousing Provides $12.9M Financing for Bixby Brockton Apartments in Brockton, Massachusetts

by Jeff Shaw

BROCKTON, Mass. — MassHousing has provided $12.9 million in financing, which will extend affordability and fund improvements at the 106-unit Bixby Brockton Apartments in the Boston suburb of Brockton. Affordable Housing and Services Collaborative Inc. (AHSC), which owns Bixby Brockton, refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. Of the 106 apartments, 104 are subsidized by two federal Section 8 Housing Assistance Payment contracts. As part of the transaction, AHSC has executed two new 20-year HAP contracts, which will …

Continue Reading
0 FacebookTwitterLinkedinEmail
Company NewsFinanceNews

Omega Receives $400M Senior Unsecured Term Loan

by Jeff Shaw

HUNT VALLEY, Md. — Omega Healthcare Investors (NYSE: OHI), a Hunt Valley-based REIT, has entered into a new two-year, $400 million senior unsecured term loan.  The loan matures on Aug. 8, 2025, with two options by the company to extend the maturity by 12 additional months for each option, subject to certain conditions. The loan includes an “accordion feature” that permits the company to expand its borrowing capacity to an aggregate of up to $500 million. A syndication of 14 financial institutions is providing the capital. BofA Securities Inc. is …

Continue Reading
0 FacebookTwitterLinkedinEmail
FinanceNewsPeopleTexas

Newmark Hires Chris McColpin, Andrew Porteous to Texas Team

by Jeff Shaw

AUSTIN and DALLAS, Texas — Newmark has hired Chris McColpin and Andrew Porteous as senior managing directors specializing in debt, equity and structured finance services within the firm’s capital markets practice.  Based in Austin and Dallas, respectively, McColpin and Porteous will join director Josh Francis to lead the commercial debt efforts in Texas while working closely with Newmark’s industrial, office and multifamily capital markets professionals. They will report to Ran Holman, executive vice president and Texas market leader. Prior to joining Newmark, McColpin served as a managing director of JLL …

Continue Reading
0 FacebookTwitterLinkedinEmail
Assisted LivingFinanceFrom The Magazine

Investors Expect Assisted Living to Get Biggest Bump in Rental Rates Over Next Year, Says CBRE Survey

by Jeff Shaw

By Matt Valley More than 75 percent of investors surveyed by CBRE expect rental rate increases of at least 3 percent over the next 12 months across all seniors housing asset classes except skilled nursing. The most bullish outlook is in the assisted living sector where 28.1 percent of survey respondents expect to underwrite rent growth above 7 percent, up from 15 percent in the 2022 survey. No decreases in rental rates are expected for any asset class. Meanwhile, difficulty in maintaining adequate staffing levels ranks as the greatest headwind …

Continue Reading
0 FacebookTwitterLinkedinEmail
Newer Posts
Older Posts