Finance

AcquisitionsAffordable HousingFinanceMontanaNews

PGIM Provides $16.1M HUD Loan for South Forty Apartments in Billings, Montana

by Jeff Shaw

BILLINGS, Mont. — PGIM Real Estate has provided $16.1 million in fixed-rate FHA financing to Lincoln Avenue Capital (LAC) for the acquisition and rehabilitation of South Forty Apartments, an affordable seniors housing community in Billings. The property features 101 units and is 100 percent subsidized by the Housing Choice Voucher Program, also known as Section 8, the federal government’s program for assisting low-income families, the disabled, and the elderly afford housing. In order for the property owner to receive tax credits in the future, a land use restrictive agreement (LURA) …

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CaliforniaCCRCFinanceNews

Ziegler Arranges $61.3M in Bond Financing for Aldersly in San Rafael, California

by Jeff Shaw

SAN RAFAEL, Calif. — Ziegler has arranged $61.3 million in bond financing for Aldersly Garden Retirement Community, a continuing care retirement community in San Rafael, a northern suburb of San Francisco. The community was originally founded and incorporated in 1921 by Danish organizations as a retirement home serving the Danish-American communities in California and Nevada. The property is situated on an approximately 3.5-acre campus. Life Care Services LLC has provided management and marketing services since 2004. The borrower will use the proceeds of the bonds, together with an equity contribution, …

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Assisted LivingFinanceNewsOklahoma

Berkadia Arranges $16.7M Financing for Prairie House in Broken Arrow, Oklahoma

by Jeff Shaw

BROKEN ARROW, Okla. — Berkadia has arranged $16.7 million in financing for Prairie House, a 105-unit assisted living and memory care community in Broken Arrow, a suburb of Tulsa. Chris Cain and Rafael Nobo of Berkadia Seniors Housing & Healthcare secured the acquisition financing through Fannie Mae on behalf of the buyer, Wichita-based Legend Senior Living. The 10-year loan features a 5.68 percent interest rate, 30-year amortization schedule and 65 percent loan-to-value ratio. Prairie House was built in 2016 and features 73 assisted living units and 32 memory care units.

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FinanceNewsPeople

Berkadia Adds David Fasano, Ross Sanders to Seniors Housing Team

by Jeff Shaw

DALLAS and ST. LOUIS — Berkadia has hired David Fasano and Ross Sanders as managing directors to its seniors housing and healthcare platform. Fasano will be based in Dallas and Sanders will be based out of St. Louis. They both will report to Mike Miner. Both Fasano and Sanders join Berkadia from Newmark, where they served as senior managing directors and were responsible for seniors housing-related investment advisory throughout the United States.

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FinanceNewsSkilled NursingVermont

CFG Provides $13.4M HUD Refinancing for Skilled Nursing Facility in Vermont

by Jeff Shaw

VERMONT — Capital Funding Group (CFG) has provided $13.4 million in financing for a 144-bed skilled nursing facility in Vermont. CFG worked to replace the bridge-to-HUD loan, which it also provided, into HUD financing. The name, location and borrower were not disclosed. Tim Eberhardt and Ava Julio originated the transaction for CFG.

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ColoradoFinanceNews

Ziegler, M&T Partner on $105.6M Freddie Mac Refinancing for The Ridge Pinehurst in Lakewood, Colorado

by Jeff Shaw

LAKEWOOD, Colo. — Ziegler, in partnership with M&T Realty Capital Corp., advised on a $105.6 million Freddie Mac refinancing on behalf of The Ridge Senior Living. The loan is for The Ridge Pinehurst, a luxury independent living, assisted living and memory care community in Lakewood, a suburb of Denver. Ridge began opening the 371-unit community in phases starting in September 2020. The original 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30-year amortization. The refinancing provided The Ridge with a long-term, fixed-rate loan to replace …

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Content PartnersFinanceIndustry ContentInvestmentKeyBank

Disrupted Lending Environment Reveals FHA Opportunity

by Sarah Daniels

Seniors housing owners that stabilized their properties after the pandemic are now faced with a new challenge: a spike in interest rates and a disrupted lending environment. The challenge arrives at a time when many borrowers need capital for maturing loans to escape variable-rate debt or to finance growth. The good news is that loans insured by the Federal Housing Administration (FHA) remain available and are giving eligible borrowers an attractive solution, say Lee Delaveris and John Randolph, seniors housing and healthcare specialists at KeyBank Real Estate Capital. Available in …

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FinanceIndianaNewsSkilled Nursing

Northland Networks Arranges Refinancing for 100-Bed Skilled Nursing Facility in Gary, Indiana

by Jeff Shaw

GARY, Ind. — Northland Networks has arranged an undisclosed amount of financing for a 100-bed skilled nursing facility in Gary, just across the state border from Chicago. The loan will refinance existing debt on the property. Further information on the borrower, loan and property was not disclosed.

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AcquisitionsFinanceIllinoisNews

CBRE Arranges Acquisition Financing for 348-Unit Lexington Square of Elmhurst in Illinois

by Jeff Shaw

ELMHURST, Ill. — CBRE has arranged an undisclosed amount of financing for the sale of Lexington Square of Elmhurst, a 348-unit independent living and assisted living community in Elmhurst, approximately 17 miles west of Chicago. The property was built in 1990. The borrower, Focus Healthcare Partners LLC, has purchased the asset and rebranded it as The Roosevelt at Salt Creek. Focus plans to execute a significant capital improvement plan and convert the existing entrance-fee CCRC model to rental units. Aron Will, Matt Kuronen and Michael Cregan of CBRE National Senior …

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FinanceMarylandNewsNorth CarolinaSkilled NursingVirginia

CFG Arranges $207M Refinancing for 10-Property Skilled Nursing Portfolio

by Jeff Shaw

BALTIMORE — Baltimore-based Capital Funding Group (CFG) has arranged $207 million in financing to support the refinancing of 10 skilled nursing facilities. The facilities, which span Maryland, Virginia and North Carolina, total over 1,200 beds. The borrowers are affiliates of The Portopiccolo Group. The transaction represents the largest deal closed by CFG this year to date. The financing also allowed for an equity recapture at closing, a transition to third-party tenants for eight of the 10 facilities as part of the closing and an earn-out structure to provide access to …

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