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JLL Hires Jay Wagner, Richard Swartz, Aaron Rosenzweig to Lead National Seniors Housing Capital Markets Team

by Jeff Shaw

BOSTON and SAN DIEGO — JLL Capital Markets has hired three seniors housing experts within its national seniors housing platform. Jay Wagner and Richard Swartz, who will co-lead the team, and Aaron Rosenzweig will focus on investment sales, joint venture equity and financing transactions throughout the United States. All three were hired as senior managing directors. Wagner, Swartz and Rosenzweig join JLL from a full-service capital markets provider where Wagner and Swartz were co-heads and vice chairmen of the firm’s seniors housing group. Rosenzweig served as an executive director within …

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Assisted LivingFinanceIllinoisNews

Greystone Provides $35.7M in HUD Financing for Two Supportive Living Facilities in Illinois

by Jeff Shaw

ILLINOIS — Greystone has provided $35.7 million in HUD-insured loans to refinance two supportive living facilities in Illinois. The two properties consist of a total of 272 units between the two buildings, built in 2004 and 2005. Further details on the properties were not disclosed. Eric Rosenstock originated the financing on behalf of Grand Lifestyles. The non-recourse loans both carry 35-year terms, full-term amortization and fixed rates. Illinois developed the Supportive Living Program as an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed …

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AcquisitionsFinanceNew YorkNewsSkilled Nursing

CFG Provides $32.9M Acquisition Loan for Skilled Nursing Facility in New York State

by Jeff Shaw

NEW YORK STATE — Capital Funding Group (CFG) has provided $32.9 million in bridge-to-HUD financing for the acquisition of a skilled nursing facility. The facility, which is located in New York, supports 200 beds. Further details were not disclosed. Andrew Jones originated the transaction.

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Assisted LivingFinanceIllinoisNews

Greystone Provides $35.7M HUD Refinancing for Two Supportive Living Facilities in Illinois

by Jeff Shaw

ILLINOIS — Greystone has provided a total of $35.7 million in HUD-insured loans to refinance two supportive living facilities in Illinois. The two properties consist of a total of 272 units between the two buildings, built in 2004 and 2005. Eric Rosenstock originated the financing on behalf of Grand Lifestyles. Greystone’s HUD-insured, non-recourse loans both carry 35-year terms, full-term amortization, and low, fixed rates.

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CCRCFinanceFloridaNews

Ziegler Arranges $142.6M Bond Financing for Presbyterian Retirement Communities CCRCs in Florida

by Jeff Shaw

CHICAGO — Ziegler, a Chicago-based specialty investment bank, has arranged $142.6 million in bond financing for Presbyterian Retirement Communities (PRC). PRC is a nonprofit corporation originally chartered in 1954 in the state of Florida and has communities throughout Florida. PRC and its affiliates are a part of Westminster Communities of Florida and constitute the largest group of continuing care communities (CCRCs) in Florida with a total of 3,643 units. According to the 2022 LeadingAge Ziegler 200 Report, PRC and its affiliates are the 11th largest nonprofit operator of senior living …

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Assisted LivingFinanceNew YorkNews

BWE Arranges $26.7M in Refinancing for Village Green in Levittown, New York

by Jeff Shaw

LEVITTOWN, N.Y. — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged a $26.7 million loan to refinance Village Green, an assisted living and memory care community in Levittown, part of the New York City metropolitan area. Taylor Mokris and Ryan Stoll originated the loan through a regional bank on behalf of the borrower, a regional developer and owner of seniors and affordable housing. The loan includes a three-year term with a 30-year amortization, as well as 24 months of interest-only payments and a sub-300 loan spread.

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AcquisitionsAffordable HousingDevelopmentFinanceKeyBankNewsOregon

KeyBank Provides $67M Acquisition Financing for Grace Peck Terrace Apartments in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — KeyBank Community Development Lending and Investment (CDLI) has provided $67 million for the acquisition and rehabilitation of the Grace Peck Terrace Apartments, an affordable seniors housing property in Portland. Grace Peck Terrace features 95 one-bedroom units for residents age 62 and older or disabled persons earning no more than 60 percent of the area median income (AMI). The borrower, Home Forward, is a developer, owner and operator of more than 9,500 affordable units in Portland and its surrounding counties. KeyBank’s CDLI group arranged a $27.2 million construction …

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Affordable HousingFinanceIllinoisNews

Greystone Provides $13.7M HUD-Insured Refinancing for Supportive Living Facility in Crestwood, Illinois

by Jeff Shaw

CRESTWOOD, Ill. — Greystone has provided a $13.7 million HUD-insured loan for the refinancing of The Pointe at Kilpatrick in Crestwood, about 24 miles southwest of Chicago. Built in 2003, the 122-bed supportive living facility features amenities such as a community room, living room, therapy room, barber shop, courtyard, children’s play area, private dining room and resident laundry rooms. Eric Rosenstock of Greystone originated the financing on behalf of the undisclosed borrower. The fixed-rate loan features a 35-year term.

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Assisted LivingFinanceNewsWashington

CBRE Arranges $23.3M Refinancing for Queen Anne Manor in Seattle

by Jeff Shaw

SEATTLE — CBRE National Senior Housing has arranged a $23.3 million refinancing for Queen Anne Manor, a 93-unit assisted living and memory care community in Seattle. Aron Will, Adam Mincberg and Michael Cregan of CBRE National Senior Housing arranged the 10-year bridge loan with three years of interest-only payments through a national bank. The borrower is Capitol Seniors Housing. Originally built in 1908 as Seattle’s Children’s Orthopedic Hospital, the community was converted to seniors housing in 1982. Extensively renovated in 2015, the community is located two miles from downtown Seattle …

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FinanceFrom The MagazineInvestment

Private Investors Pour Capital Into Debt Funds

by Jeff Shaw

Financing vehicle enables private equity firms to open another revenue line while offering borrowers an option when lenders are scarce. By Jeff Shaw The growing popularity of private equity-backed debt funds is a win-win for many of the players involved. Rather than use their capital to buy more properties, private equity investors can lend money as a lower-risk, fixed-income alternative to owning assets. Borrowers have another source of debt, especially at a time when lenders may be scarce. Just as banks, for example, were re-entering the seniors housing fray following …

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