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Finance

DevelopmentFinanceNewsTennessee

CBRE Arranges Construction Financing for 12-Story Crestmoor at Green Hills in Nashville

by Jeff Shaw

NASHVILLE, Tenn. — CBRE has arranged an undisclosed amount of financing for construction of The Crestmoor at Green Hills in Nashville. A joint venture between Bridgewood Property Co. and Harrison Street are developing the property, which is slated to rise 12 stories on a one-acre plot in the Green Hills neighborhood. The development will feature 117 independent living units, 45 assisted living units and 29 memory care units. Aron Will and Tim Root of CBRE National Senior Housing arranged the five-year construction loan through a regional bank. Bridgewood’s wholly owned …

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Active AdultColoradoFinanceNews

Ziegler, M&T Partner for $19.5M Refinancing of Carmel Oaks Active Adult Community in Lakewood, Colorado

by Jeff Shaw

LAKEWOOD, Colo. — Ziegler and M&T Realty Capital Corp. have acted as financial advisor in a $19.5 million Fannie Mae financing on behalf of Essex Communities. The transaction will refinance the existing debt on Carmel Oaks, an age-restricted independent living community in Lakewood. The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with five years of interest-only payments followed by a 30-year amortization. The loan also carried a declining prepayment schedule, which will provide the borrower with additional flexibility in future years. In addition to refinancing the …

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AcquisitionsFinanceFloridaNewsSkilled Nursing

VIUM Funds $5.4M Acquisition Loan for 60-Bed Skilled Nursing Facility in Florida

by Jeff Shaw

FLORIDA — VIUM Capital has provided a $5.4 million acquisition loan for a 60-bed skilled nursing facility in Florida. Elevation Group was the borrower, and the total purchase price was $6.8 million. The seller, name of the property and location of the property were not disclosed.

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AcquisitionsFinanceFloridaNewsSkilled Nursing

VIUM Capital Funds $61.6M Acquisition Financing for Three-Property Skilled Nursing Portfolio in Florida

by Jeff Shaw

FLORIDA — VIUM Capital has provided a $61.6 million loan for the acquisition of a three-property skilled nursing portfolio in Northeast Florida. The portfolio totals 357 beds. The financing features a potential earn-out of $6.7 million. Further details were not disclosed.

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FinanceKeyBankNewsNorth Carolina

KeyBank Provides $53.1M Agency Loan for Waltonwood Lake Boone in Raleigh

by Jeff Shaw

RALEIGH, N.C. — KeyBank Real Estate Capital has provided a $53.1 million Fannie Mae loan from Fannie Mae for Waltonwood Lake Boone, a 181-unit seniors housing community in Raleigh. The property offers independent living, assisted living and memory care units. Charlie Shoop of KeyBank arranged the 10-year, fixed-rate loan on behalf of the borrower, Singh Development, a real estate developer with offices in Raleigh and West Bloomfield, Mich. The financing recapitalizes a loan that KeyBank’s Healthcare Group originated in 2019, a year after Waltonwood Lake Boone opened.

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CCRCFinanceNewsOregon

Ziegler Arranges $42.4M Refinancing for Rose Villa in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — Ziegler has arranged a $42.4 million Cinderella bank placement, as well as a $7 million taxable revolving line of credit, for Rose Villa, a continuing care retirement community in Portland. Situated on 21.5 acres, the community currently features 261 independent living homes, 16 nursing beds and 16 residential care beds. In addition, Rose Villa’s Phase III project adding 41 new independent living homes and a replacement supportive care neighborhood has come online with move-ins beginning in July 2022. Phase III was fully presold. Truist Bank will provide …

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FinanceKansasNews

Lument Provides $21.6M Fannie Mae Loan for Eaglecrest Retirement Community in Salina, Kansas

by Jeff Shaw

SALINA, Kan. — Lument has provided a Fannie Mae DUS loan to refinance Eaglecrest Retirement Community in Salina. Located approximately 180 miles west of Kansas City and 90 miles north of Wichita, the community features 102 units of independent living and assisted living. The operator is Midwest Health and it was built in 2004. Lument Managing Directors Bill Wilson, Doug Harper and Casey Moore led the transaction.

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CCRCFinanceNewsWashington

Ziegler Arranges $74.6M Financing for Heron’s Key CCRC in Gig Harbor, Washington

by Jeff Shaw

GIG HARBOR, Wash. — Ziegler has arranged $74.6 million in financing for Heron’s Key, a continuing care retirement community located across Puget Sound from Tacoma in Gig Harbor. Currently, the community consists of 194 independent living units, 30 skilled nursing beds and 51 assisted living units. Heron’s Key is a subsidiary of Emerald Communities, which is based in Redmond. Emerald Communities will use proceeds of the Cinderella bank placement with other available funds to advance refinance its 2015 bonds, which financed the original construction of the community. The loan was …

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CaliforniaFinanceNews

CBRE Provides $16.2M Refinancing for 97-Unit The Oaks at Nipomo in California

by Jeff Shaw

NIPOMO, Calif. — CBRE National Senior Housing has provided a $16.2 million refinancing for The Oaks at Nipomo, approximately midway between Los Angeles and San Francisco. The borrower is Westmont Living, along with a group of individual investors. The Oaks at Nipomo sits on a 4.2-acre parcel and feature 97 units of independent living, assisted living and memory care. Westmont opened the community in 2017, and it was over 95 percent occupied at the time of the refinancing. Aron Will, Adam Mincberg, Andrew Behrens and Jesse Weber of CBRE arranged …

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