EAGLES PASS, Texas — Berkadia has secured a $13 million bridge-to-HUD loan for the financing of a 104-bed skilled nursing facility located in Eagles Pass on the Mexican border. The name of the lender was not disclosed. The undisclosed borrower has operated the property since 2019 and will use the 18-month, interest-only financing to cover the cost to purchase the leased fee interest. Jay Healy of Berkadia Seniors Housing & Healthcare arranged the loan for a Fort Worth, Texas-based owner and operator of nursing homes. Berkadia also plans to secure the …
NEW YORK CITY — Multifamily and seniors housing bridge lending platform MONTICELLOAM LLC (MonticelloAM) has provided $87 million in bridge and working capital financing for a portfolio of skilled nursing facilities located in Florida. Proceeds from the loan, which features a 24-month term and two six-month extensions, were used to refinance existing debt on the properties. The portfolio comprises 450 skilled nursing beds across four properties. A $7 million working capital revolver will fund day-to-day operational expenses for the facilities. The borrower was not disclosed.
ATLANTA — Newmark has arranged the $140 million recapitalization of Corso Atlanta, a seniors housing community in Atlanta. Located at 3200 Howell Mill Road, the property features 203 units. Sarah Anderson, Chad Lavender, Ryan Maconachy, Mills Poynor and Ben McElroy secured a 10-year Freddie Mac senior loan and a preferred equity investment from the Kayne Anderson Real Estate Debt platform on behalf of the owner, Galerie Living. The Freddie Mac loan features five years of interest-only payments. Amenities at Corso Atlanta include a bistro and creperie, heated pool, fitness center, salon, …
PHILADELPHIA — Berkadia has secured a $13.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the development of Clearfield Apartments, a 48-unit affordable seniors housing community in Philadelphia’s Allegheny West neighborhood. Chris McGraw, senior vice president based in Berkadia’s Charlotte, N.C. office, secured the equity investment on behalf of the sponsor, NewCourtland. When completed, Clearfield Apartments will consist of 48 one-bedroom units in one four-story, elevator-serviced building serving seniors age 62 and above. All 48 units will operate under a project-based rental subsidy through the Faircloth-to-Rental Assistance Demonstration (RAD) program. …
BOSTON — Older adults aspire to be “ageless wonders” and prioritize food and nutrition as the No. 1 factor affecting their health and well-being, according to a newly released survey. The majority of today’s baby boomer population (69 percent) plan to age in place, the “Great Expectations” survey conducted by Age of Majority for Restaura found. A key factor in their desire to stay in their homes could be the significant gap the survey uncovered between how and what they like to eat and the perceived ability of senior living communities …
MONTVALE, N.J. — Mesa West Capital has provided a joint venture entity with a $57 million loan to refinance Thrive at Montvale, a 203-unit seniors housing community in Montvale, an affluent New York City suburb located 30 miles north of the city. The joint venture is comprised of AEW Capital Management, Thrive Senior Living and Pike Construction. The five-year, floating-rate loan is secured by the 11.5-acre community built in 2022 by Thrive, an Atlanta-based senior living development and investment firm, and Pike, a New Jersey-based developer and general contractor. Thrive at Montvale is …
By Charlie Shoop In recent years, our economy has weathered rising interest rates and labor shortages, proving to be tough challenges for the seniors housing sector. Despite these hurdles, two-thirds of seniors housing owners, operators and other professionals responded optimistically to a survey about the current direction of the industry. KeyBank Real Estate Capital surveyed a group of seniors housing owners, operators, investors, investment bankers, lenders and brokers in late 2023 to understand their perspectives on the current state of their businesses and the industry at large. Respondents were most …
ST. PETERSBURG, Fla — Ziegler has arranged $29.4 million in bond financing for Convivial St. Petersburg LLC, which plans to develop a continuing care retirement community (CCRC) on a 5.2-acre site in St. Petersburg. The Series 2024 Revenue Bond Anticipation Notes are comprised of $23.4 million of tax-exempt Series 2024A Notes sold publicly to institutional investors, and $6 million of subordinate tax-exempt and taxable notes purchased by an affiliate of the developer and manager of the project. The borrower will use the proceeds of the revenue bond anticipation notes to fund …
CHICAGO — MonticelloAM and its affiliates have provided $59.2 million in bridge and working capital financing for a portfolio of skilled nursing facilities in metro Chicago. Proceeds from the $52.2 million bridge loan were used for the acquisition of three skilled nursing facilities. The $7 million working capital revolver will be used to support the day-to-day operations across the properties, covering over 700 licensed beds. Karina Davydov, a managing director at MonticelloAM, originated the loan that carries a two-year term with two six-month extensions. “MonticelloAM understands the challenges borrowers are facing …
TAYLOR, Mich. — Bayview PACE has provided $4.3 million in commercial property-assessed clean energy (C-PACE) financing for the 81-unit Hampton Manor of Taylor seniors housing community, located about 17 miles southwest of Detroit. The sponsor was Build Senior Living, the development arm of Hampton Manor Assisted Living. The 81-unit Hampton Manor of Taylor is situated on a six-acre landscaped site that includes 60 parking spaces. Licensed for 102 beds, Hampton Manor-Taylor features 65 assisted living units and 16 memory-care units with extra capacity for second persons and/or additional companion units. …