BEAVERTON, ORE. — Walker & Dunlop has arranged a $15.2 million loan for the refinancing of Waterhouse Ridge Memory Care in Beaverton, just west of Portland. Located at 1115 NW 158th Ave., Waterhouse Ridge features 68 memory care beds. Onelife Senior Living developed, owns and operates the facility, which is currently 88 percent occupied. Kevin Giusti and Daniel Barone of Walker & Dunlop led the origination team that placed the loan through one of its lending partners. Loan proceeds were utilized to refinance existing debt and provide cash to the …
ARIZONA — Capital Funding Group (CFG) has provided a $15.5 million refinancing for a 118-bed skilled nursing facility in Arizona. The transaction represents converting a bridge loan, which CFG also provided, into HUD financing. Through this transaction, CFG also refinanced an additional debt associated with a full-facility remodel the borrower completed prior to submitting to HUD. Further details on the property and borrower were not disclosed. CFG’s Tommy Dillon originated the transaction.
REDMOND, Wash. — Ziegler has arranged $118.3 million in bond financing for Emerald Heights, a continuing care retirement community in Redmond. Located approximately 17 miles northeast of Seattle, the 38-acre campus consists of 333 independent living units, including both apartments and cottages, 40 licensed assisted living beds, 16 memory care units and 61 skilled nursing beds. The bonds will be used to refinance 2013 bonds and fund an expansion project at the community. The first phase of the expansion, announced last week, will add 54 assisted living units and a sky …
OHIO — Capital Funding Group (CFG) has provided a $7.2 million refinancing, which supported the turning an existing bridge loan executed by CFG into a HUD loan. The refinancing supported a 75-bed skilled nursing facility in Ohio. Further details on the property and buyer were not disclosed. Tim Eberhardt of CFG originated the transaction.
MUSKEGO and OAK CREEK, Wis. — Walker & Dunlop has arranged HUD acquisition loans for a portfolio of two seniors housing communities in the suburbs of Milwaukee. Kevin Giusti and Daniel Barone led the finance team that secured the $16 million HUD acquisition loan on behalf of the borrower, a well-versed developer, and the lender, the U.S. Department of Housing and Urban Development. The first community is Caring Alternatives of Muskego, a 34-bed/30-unit assisted living facility in Muskego. Walker & Dunlop arranged a $7.2 million loan for the transaction. The …
ROLLING MEADOWS, Ill. — Greystone has provided a $16.8 million HUD LEAN 232/223(f) green loan to refinance a 102-unit supportive living facility in Rolling Meadows, approximately 25 miles northwest of Chicago. Plum Creek at Rolling Meadows is a three-story facility on 1.46 acres, which was constructed in 1986 as a hotel property and converted to a supportive living facility in 2006. The Supportive Living program in Illinois is an alternative to nursing home care for low-income older persons requiring mid-range care needs as opposed to skilled nursing. With the 35-year …
ST. PETERSBURG, Fla. — First Citizens Bank has provided a loan to refinance American House St Petersburg, a senior living community in St. Petersburg. The borrower is a joint venture between American House, Harrison Street and Prevarian Senior Living, which opened the community in 2021. This community features 66 independent living units, 66 assisted living units and 33 memory care units. Terms of the loan were not released.
PORT ST. LUCIE, Fla. — Concord Summit Capital has arranged a total of $122 million in construction financing for the development of Encore at Tradition, a 415-unit active adult community underway in Port St. Lucie. David Larson, Daniel Eidson and Keegan Burger of Concord Summit arranged the financing, which comprised a $95 million principal loan and $27 million in mezzanine debt. The lenders were not disclosed. The borrower is America Walks at Port St Lucie LLC, a partnership between Pride One Construction, Brokaw Development Services and Riley Hotel Group that …
BROCKTON, Mass. — MassHousing has provided $12.9 million in financing, which will extend affordability and fund improvements at the 106-unit Bixby Brockton Apartments in the Boston suburb of Brockton. Affordable Housing and Services Collaborative Inc. (AHSC), which owns Bixby Brockton, refinanced the property through MassHousing’s Multifamily Accelerated Processing (MAP)/Ginnie Mae Joint Venture program with partner lender Rockport Mortgage Corp. Of the 106 apartments, 104 are subsidized by two federal Section 8 Housing Assistance Payment contracts. As part of the transaction, AHSC has executed two new 20-year HAP contracts, which will …
HUNT VALLEY, Md. — Omega Healthcare Investors (NYSE: OHI), a Hunt Valley-based REIT, has entered into a new two-year, $400 million senior unsecured term loan. The loan matures on Aug. 8, 2025, with two options by the company to extend the maturity by 12 additional months for each option, subject to certain conditions. The loan includes an “accordion feature” that permits the company to expand its borrowing capacity to an aggregate of up to $500 million. A syndication of 14 financial institutions is providing the capital. BofA Securities Inc. is …