OJAI, Calif. — Helios has arranged a working capital loan for The Artesian, a 64-unit assisted living and memory care community in the Ventura County city of Ojai. Constructed in 2020, the site consists of four 16-unit buildings, which utilize a universal worker model to provide care and services to residents. A capital infusion was required to cover operating deficits until the community achieved stabilization and to reconfigure additional units to memory care as the market showed a strong demand for this. Through Helios’s extensive network of alternative capital sources, …
MARYLAND — First Citizens Bank has served as lead arranger for a $260 million loan to refinance a portfolio of 12 skilled nursing facilities in Maryland. The borrower is a Midwest-based healthcare real estate investment and management company that invests in a variety of post-acute facilities with investments in over 24 states. The licensed facilities represent more than 1,500 skilled nursing beds.
QUINCY, Mass. — Nixon Peabody LLP has negotiated a Green & Resilient Retrofit Program (GRRP) transaction for Bauer House, a seniors housing community in the Boston suburb of Quincy. Wollaston Lutheran Church owns the property. The transaction also involved a Rental Assistance Demonstration (RAD) conversion and FHA-insured Section 223(f) loan originated by Hampden Park Capital and made by Lument Real Estate Capital. Bauer House, a subsidized residence for independent seniors, will use the GRRP funds and FHA-insured loan proceeds to finance a new energy-efficient HVAC system and to make accessibility …
MARYLAND — Capital Funding Group (CFG) has provided a $20 million bridge-to-HUD loan to refinance debt on a 125-bed skilled nursing facility in Maryland. Tim Eberhardt and Ava Julio led the CFG team. Further details were not disclosed.
By Jason Schwartzberg In 1971, Alka-Seltzer, the two-white-tablet packet that helps relieve heartburn, launched a commercial set in a neighborhood bistro where a waiter persuaded a man to sample a new dish. The actor explains: “Came to this little place. Waiter says, ‘Try this, you’ll like it.’ What’s this? ‘Try it, you’ll like it.’ But what is it? ‘Try it, you’ll like it.’ So, I tried it. Thought I was going to die. Took two Alka-Seltzer.” The actor concludes the spot by declaring: “Alka-Seltzer works. Try it. You’ll like it.” …
By Matt Valley What percentage of existing seniors housing loans are destined for trouble? An audience member posed that question during the closing session of the 2024 NIC Spring Conference in Dallas. The answer appears to be elusive. Titled “Capital Markets and Economic Update: Where We Have Been and Where We Are Going,” the March 7 session featured Joel Mendes, managing director at JLL, as panel moderator. Fellow participants included Jamie Cobb, chief financial officer at Columbia Pacific Advisors LLC; Doug Duncan, chief economist with Fannie Mae; and John Olympitis, …
CLAYTON, Mo. — Berkadia has arranged a refinancing for Clarendale Clayton, a 283-unit continuum-of-care community in the St. Louis suburb of Clayton. Austin Sacco of Berkadia Seniors Housing & Healthcare arranged financing through a national bank on behalf of the borrower, a joint venture between Harrison Street, Ryan Cos. US Inc. and Life Care Services (LCS). The $82.5 million, floating-rate loan features five years of interest-only payments.
MILWAUKEE and WEST FARGO, N.D. — BMO’s Healthcare Real Estate group has provided a $70 million bridge loan for a joint venture between New Perspective Senior Living, Boldt Capital and Fengate Asset Management. The loan is secured by three senior living communities totaling 435 units located in suburban Milwaukee and West Fargo. Loan proceeds include capital allocated for future capital improvements and value enhancement. Further details were not disclosed.
MIAMI — Dwight Capital and its affiliate REIT, Dwight Mortgage Trust, which are both headquartered in Miami, financed $152.5 million in seniors housing during first-quarter 2024. Among the transactions were a $44 million bridge loan for a skilled nursing facility in the Southwest and $26 million in HUD financing for River Towne Center and Etowah Landing, a skilled nursing portfolio in Georgia. This Southeast transaction involves a 369-bed facility which rises seven stories on three acres and totals 117,000 square feet. The bridge loan, which closed in conjunction with a …
FRANKLIN and WAUKESHA, Wis. — BMO’s Healthcare Real Estate group has provided a $70.6 million bridge loan for a joint venture between New Perspective Senior Living, Boldt Capital and Fengate Asset Management as part of a larger programmatic relationship focused on acquiring, developing, and operating senior living communities. The BMO loan is secured by two senior living communities totaling 290 units in Franklin and Waukesha. Loan proceeds include capital allocated for future capital improvements and value enhancement. Further details were not disclosed.