GLENDALE, Ariz. — JLL Capital Markets has arranged financing for Inspira Arrowhead, a newly constructed seniors housing asset in Glendale, Arizona. The borrowers are funds managed by affiliates of Fortress Investment Group LLC and COGIR Senior Living. The amount of the financing was not disclosed. Inspira Arrowhead is a 187,393-square-foot, Class A community featuring 165 seniors housing units across three stories. Alanna Ellis and Alex Sheaffer led the JLL Capital Markets team.
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE:CTRE), a San Clemente-based REIT focused on skilled nursing properties, has funded a $26.7 million mortgage loan in connection with the borrower’s acquisition of a two-asset skilled nursing portfolio in Tennessee. The properties feature a combined total of 276 licensed beds. The borrower group under the loan is a regional healthcare real estate owner and investor. Affiliates of The Ensign Group Inc. (NASDAQ: ENSG) took over operations on May 1 pursuant to a new, long-term, triple-net master lease with the borrower. The loan …
OHIO — Capital Funding Group (CFG) has provided a $65 million bridge loan to support the refinancing of a nine-facility senior living portfolio in Ohio. The portfolio includes one independent living facility, one assisted living facility and seven skilled nursing facilities totaling 709 beds. Craig Casagrande and Catherine Mansel of CFG originated the transaction. Further details were not disclosed.
OHIO — Capital Funding Group (CFG) has arranged a bridge-to-HUD loan totaling $13.5 million for a skilled nursing facility in Ohio. The property features 120 beds. Further details were not disclosed. Tim Eberhardt and Ava Julio originated the transaction for CFG.
ALGONQUIN, Ill. — Cambridge Realty Capital Cos. has provided a $15.5 million HUD Lean loan to refinance The Pointe at Eastgate in Algonquin, approximately 45 miles northwest of Chicago. The borrower is a limited liability company in Illinois. The community is an assisted living community that specializes in the transition between independent living and skilled nursing. The undisclosed number of units are all private. Brent Holman-Gomez led the financing for Cambridge. The loan features a fully amortizing, 35-year term.
MICHIGAN — EBSC Lending has provided $26.2 million in financing for a 41-unit affordable seniors housing complex in Michigan. The borrower, a nonprofit owner-operator, will use the proceeds to refinance existing debt and fund capital improvements. Specific upgrades will target unit interiors, building exteriors, elevators, common areas and building systems like security, backup electricity and medical alert. The community features a mix of predominantly one-bedroom units, with some studios and two-bedroom units. The redevelopment of the property will create new loft-style apartments. All 41 apartments will be reserved for low- …
ILLINOIS — Greystone Monticello has arranged a $16.7 million bridge loan for the acquisition of a seniors housing property in Illinois. The property comprises independent living, assisted living and memory care units. The bridge financing carries a two-year term with two six-month extensions. Karina Davydov originated the loan.
GIG HARBOR, Wash. — Northmarq has arranged $35 million in refinancing for The Lodge at Mallard’s Landing, a seniors housing property in Gig Harbor, across the Puget Sound from Tacoma. The Lodge at Mallard’s Landing offers 147 private-pay independent living, assisted living and memory care units. Stuart Oswald of Northmarq’s Seattle office arranged the six-year, fixed-rate loan through a correspondent life insurance company. The financing features an earn-out component allowing the borrower to draw additional dollars as NOI improves. Built in two phases from 2010 to 2015, the development consists …
MAPLEWOOD, Minn. — Colliers Mortgage has provided a $20.9 million HUD loan for the construction of The American Cooperative on Lake Phalen in Maplewood, an eastern suburb of the Twin Cities. The 56-unit cooperative is designed for residents age 62 and older. The property will be built on the north shore of Lake Phalen between Keller and Phalen regional parks and golf courses. Units will range from 1,200 to 1,900 square feet. The loan features a 40-year term and amortization.
CHEVY CHASE, Md. — Forbright Bank’s healthcare lending team closed three new loans in the first quarter of 2024. The loans helped finance the acquisition of two assisted living and two skilled-nursing facilities in the Southeast and Midwest. In total, more than $50 million of bridge and bridge-to-HUD lending financed about 500 beds for seniors across the four facilities. Further details were not disclosed.
