Finance

DevelopmentFinanceMichiganNews

Colliers Arranges $21.6M Construction Loan for Development in Muskegon, Michigan

by Jeff Shaw

MUSKEGON, Mich. — Colliers has arranged $21.6 million in construction financing for a seniors housing project in Muskegon, located west of Grand Rapids and directly across Lake Michigan from Milwaukee. The property will feature 105 units of independent living, assisted living and skilled nursing in a combination of studio, one-bedroom and two-bedroom units.   The term of the loan is 48 months with one twelve-month extension option. Christopher Fenton and Catherine Eby of the seniors housing team of Colliers Mortgage, in conjunction with Nick Skarich and Kevin McMahon of Colliers Funding …

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FinanceMinnesotaNews

JLL Provides $18.7M HUD Financing for Elk River Senior Living in Minnesota

by Jeff Shaw

ELK RIVER, Minn. — JLL Capital Markets has provided $18.7 million in financing for Elk River Senior Living in Elk River, approximately 30 miles northwest of Minneapolis. The community offers independent living, assisted living and memory care services. The HUD/FHA 232/223(f) loan equates to $173,151 per unit. The community was built in 2018. The loan consolidates five debt obligations from the project’s construction into a single, HUD-insured loan. Jeff Lepley and Alex Sheaffer led the JLL team.

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CCRCDevelopmentFinanceIndependent LivingNewsNorth Carolina

Ziegler Arranges $67.2M Bond Financing for United Methodist Retirement Homes

by Jeff Shaw

DURHAM, LUMBERTON and GREENVILLE, N.C. — Ziegler has arranged $67.2 million in bond financing for The United Methodist Retirement Homes (UMRH), a North Carolina-based nonprofit owner-operator of three continuing care retirement communities in the state. The borrower’s portfolio includes Croasdaile Village Retirement Community in Durham, Wesley Pines Retirement Community in Lumberton and Cypress Glen Retirement Community located in Greenville.  In total, the three communities comprise a total of 690 independent living units, 28 memory care units, 112 assisted living units and 194 skilled nursing units, which ranks UMRH as the …

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AcquisitionsAssisted LivingFinanceIowaNews

Jaybird Senior Living Receives $17.9M Acquisition Financing for Two Communities in Iowa

by Jeff Shaw

MASON CITY and INDIANOLA, Iowa — JLL Capital Markets has arranged acquisition financing for two assisted living and memory care communities in Iowa on behalf of affiliates of Jaybird Senior Living. The facilities, Vintage Hills in Indianola and Country Meadow Place in Mason City, total 118 units combined. Jaybird already managed both properties prior to the acquisition. JLL secured two loans totaling $17.9 million, or $151,436/unit, representing greater than 80 percent of the total purchase price. One loan was facilitated through a regional bank, while the other utilized the HUD/FHA …

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Assisted LivingColoradoDevelopmentFinanceNews

Lument Arranges $27M Construction Financing for Mesa Verde Estates in Durango, Colorado

by Jeff Shaw

DURANGO, Colo — Lument has arranged a $27 million debt placement to assist Mission Senior Living with the construction of a 124-unit, 129-bed, two-story assisted living and memory care community to be known as Mesa Verde Estates in Durango.  Lument’s Steve McGee, Rob McAdams, and Sangjin Na led the transaction. The financing structure included a $20.9 million U.S. Department of Agriculture (USDA) guaranteed loan that a community bank provided. The structure also includes approximately $6 million of commercial property assessed clean energy (C-PACE) proceeds, which Lument sourced from an independent …

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Company NewsFinanceNews

Capital Funding Group Finishes 2023 with $1.7B in Lending Volume

by Jeff Shaw

BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, executed or arranged more than $1.7 billion in financing across 50 deals in 2023.  The transactions included 34 healthcare bridge-to-HUD loans, five multifamily bridge loans, and 11 HUD loans. The multifamily bridge-to-HUD loans totaled approximately $49.7 million of the company’s annual financing.

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FinanceNewsWashington

CFG Arranges $15.4M Financing for Truewood by Merrill, First Hill in Seattle

by Jeff Shaw

SEATTLE — Capital Funding Group (CFG) has arranged a $15.4 million bridge loan to refinance debt on Truewood by Merrill, First Hill, a 98-unit independent living, assisted living and memory care community in Seattle.  CFG closed the financing on behalf of the joint-venture ownership. Further details were not disclosed.

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Affordable HousingDevelopmentFinanceNewsPennsylvania

HumanGood Receives $26.5M HUD Financing for Green Retrofit Projects in Philadelphia 

by Jeff Shaw

PHILADELPHIA — The U.S. Department of Housing and Urban Development (HUD) has awarded HumanGood $26.5 million in financing from the Green and Resilient Retrofit Program (GRRP), which provides funding for direct loans and grants to HUD-assisted multifamily properties to make sustainability updates.  The following HumanGood affordable housing communities in Philadelphia were the only properties in Pennsylvania to receive the award in the comprehensive category in its first wave: The funds will help HumanGood meet sustainability goals, assisting in the renovation and preservation of 329 affordable seniors housing units. President Biden’s …

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CaliforniaFinanceNews

BMO Healthcare Real Estate Arranges Refinancing for Two Belmont Village, Harrison Street Properties in Southern California

by Jeff Shaw

ALBANY and CALABASAS, Calif. — BMO Healthcare Real Estate Finance acted as lead arranger and administrative agent on a term loan refinancing for two seniors housing communities located in Southern California. The two Class A communities are Belmont Village Calabasas in Calabasas and Belmont Village Albany in Albany and offer a combined total 315 units. The borrowers are the operator, Belmont Village Senior Living, and its capital partner, Harrison Street.

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FinanceNewsPeople

Emerald Communities Promotes Denisa Feddersen to Chief Financial Officer

by Jeff Shaw

REDMOND, Wash. — Emerald Communities, a Redmond-based nonprofit operator serving Emerald Heights and Heron’s Key, announced the promotion Denisa Feddersen from corporate controller to vice president and chief financial officer.   Feddersen will be responsible for the overall strategic and operational aspects of finance, accounting and IT. She will work closely with the organization president, senior management, board of directors, residents and numerous outside consultants and partners to ensure Emerald Communities meets its financial and business goals. Feddersen has over two decades of experience in accounting and finance with many years …

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