VIRGINIA — Capital Funding Group (CFG) has provided a $19.8 million bridge-to-HUD loan to support the acquisition of a 120-bed skilled nursing facility in Virginia. Loan proceeds represented 100 percent of the acquisition and closing costs. Further details were not disclosed. Andrew Jones originated the transaction for Capital Funding Group.
BURNSVILLE, Minn. — Colliers Mortgage has provided a $1.5 million HUD 241(a) loan for the rehabilitation of Parkway Cooperative of Burnsville. The 102-unit seniors cooperative property features one- and two-bedroom units. Amenities include laundry rooms, community areas, underground parking, an exercise facility, library, craft room and workshop. The loan features a 26.5-year term and amortization. Parkway Cooperative of Burnsville was the borrower.
NEW YORK CITY — Greystone has hired David Young as a managing director for healthcare finance. In this role, Young will focus on originating and structuring senior loans for Greystone’s FHA lending platform as well as other permanent financing options such as bridge, Fannie Mae, and Freddie Mac. Based in the New York area, Young reports to Christopher Clare, managing director for healthcare finance at Greystone. Prior to joining Greystone, Young was a managing director at Locust Point Capital, where he originated and structured over $2 billion in seniors housing …
VENICE, Fla. — Ziegler has arranged $10.5 million in bond financing for Jacaranda Trace, a seniors housing community in the Gulf Coast city of Venice. The borrower is Convivial Life Inc. Jacaranda Trace is part of a multi-phase, master-developed campus originally built in 1998 consisting of 436 independent living residences (apartments and villas), 19 assisted living units, 36 memory care units and a clubhouse on approximately 33 acres. In June of 2022, the borrower used a portion of the proceeds of the issuance of 2022 bonds in the total amount …
DES MOINES, Iowa — LCS, a Des Moines-based senior living operator, has promoted Dan Lahey to executive vice president and chief financial and investment officer. Lahey will direct all financial and real estate operations for the organization and provide leadership for financial planning and analysis, accounting, treasury, tax, community finance, investments, capital markets, and asset and portfolio management for LCS. Lahey established himself as an industry leader in various roles in the finance and real estate teams since joining LCS in 2008. He joined LCS as an accounting and tax …
STOW, Mass. — MassDevelopment has issued $25.7 million in tax-exempt bond financing to fund renovation and expansion of Elizabeth Brook Apartments, an affordable seniors housing community in Stow, approximately 25 miles west of Boston. SEHC Elizabeth Brook Apartments Limited Partnership, an affiliate of Stow Elderly Housing Corp., is developing the project, which includes renovating the existing 50 units while adding a 37 additional units. The new building will be adjacent to the existing apartment complex and will create a campus and continuum of care. Minuteman Senior Services will provide case …
FORT WASHINGTON, Pa. — Ziegler has arranged $68.5 million in bond financing for Acts Retirement-Life Communities, a nonprofit operator based in Fort Washington, a northern suburb of Philadelphia. Of the total, $10.3 million were tax-exempt bonds issued through the Montgomery County Industrial Development Authority and $58.2 million were tax-exempt bonds issued through the Delaware Economic Development Authority. The proceeds will be used to reimburse a line of credit in the amount of $55 million for prior project costs in Delaware and to fund future project costs of $13 million in …
DURANGO, Colo. — Bayview PACE has provided $6 million in C-PACE financing for key improvements for the 124-unit Mesa Verde senior living community in Durango, a small city in the southwest corner of the state. The C-PACE financing helped fund primary building systems including HVAC, electrical, plumbing and roofing. The 105,000 square-foot Mesa Verde will offer 92 assisted/transitional living units spread across studio, one-bedroom and one-bedroom configurations, as well as 32 memory care studio units. Mesa Verde is directly adjacent to Centura Mercy Hospital, the only major hospital in the …
ROCHESTER, N.Y. — KeyBank has arranged a $571.7 million financing package for Andrews Terrace, a 526-unit affordable seniors housing property located along the Genesee River in Rochester. A partnership between Conifer Realty and Community Preservation Partners owns the property and has announced renovation plans. Located at 125 St. Paul St., Andrews Terrace was built in 1975 and consists of two residential buildings, one rising 19 stories and the other 22 stories. The towers offer studio, one- and two-bedroom apartments for seniors and disabled residents. The buildings are connected on the …
PENNSYLVANIA — Capital Funding Group (CFG) has provided a $9.5 million HUD loan, which refinanced an existing bridge loan executed by CFG. The transaction supported a 173-bed skilled nursing facility in Pennsylvania. Further details on the property and borrower were not disclosed.