Thursday, November 21, 2024
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Finance

CCRCFinanceNewsTexas

Ziegler Arranges $72.6M Bond Financing for Trinity Terrace in Fort Worth, Texas

by Jeff Shaw

FORT WORTH, Texas — Ziegler has arranged $72.6 million in bond financing for Trinity Terrace, a continuing care retirement community (CCRC) in Fort Worth. The Tarrant County Cultural Education Facilities Finance Corp. issued the bonds. The borrower is The Cumberland Rest Inc., a nonprofit corporation incorporated in 1902 for the purpose of providing housing for aged and indigent Christian women. Trinity Terrace opened on a 3.5-acre campus in February 1983. The community currently features 316 independent living apartments, 12 assisted living apartments, 17 memory care apartments and 42 skilled nursing …

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DevelopmentFinanceNew YorkNewsSkilled Nursing

Largo Arranges $11.6M in Financing for Skilled Nursing-to-Multifamily Conversion in Buffalo, New York

by Jeff Shaw

BUFFALO, N.Y. — Ned Perlman of Largo Real Estate Advisors Inc. has arranged $11.6 million in construction/renovation financing for a former nursing home that will be transformed into an upscale 84-unit multifamily property with luxury amenity spaces.  The property will undergo extensive interior and exterior renovations and feature 57-one-bed, one-bath units; four two-bed, one-bath units; and 23 studios.  The property is located in downtown Buffalo with access to the city’s major attractions and interstate highway system. 

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ArkansasDevelopmentFinanceNews

IPA Capital Markets Arranges $25.5M Construction Financing for Meadowview of Fayetteville in Arkansas

by Jeff Shaw

FAYETTEVILLE, Ark. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $25.5 million in construction financing for Meadowview of Fayetteville, a 117-unit senior living complex in Fayetteville. Frank Montalto, managing director in IPA Capital Markets’ Chicago office, secured the financing with a local bank on behalf of a private developer.  Terms of the construction loan include a floating rate, five-year term and 70 percent loan-to-cost ratio.  The ground-up development will feature 60 independent living apartments and 57 assisted living apartments.

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CCRCFinanceNewsWashington

Ziegler Arranges $13.3M Financing for Bayview Retirement Community in Seattle

by Jeff Shaw

SEATTLE — Ziegler has arranged $13.3 million in bond financing for Bayview Retirement Community in Seattle. The Washington State Housing Finance Commission issued the bonds. Bayview Manor Homes, which owns and operates Bayview Retirement Community, is a Washington nonprofit corporation and 501(c)(3) organization that was established in 1961 to care for the elderly residents of Seattle’s Queen Anne neighborhood and beyond. The community features 133 independent living apartments and 44 assisted living apartments (which includes 10 memory care units). Bayview also operates an intergenerational childcare center located at the community …

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AcquisitionsAssisted LivingFinanceIdahoNews

VIUM Capital Provides $7M Acquisition Loan for Community in Idaho

by Jeff Shaw

IDAHO — VIUM Capital has provided a $7 million bridge loan for the acquisition of a 79-unit assisted living and memory care community in Idaho. Representing 75 percent leverage, the initial advance was $6.4 million with a $510,000 earn-out that can be advanced at HUD submission.  The borrower already owned three senior living communities in Idaho, and this project presented an opportunity to acquire at a solid basis and stabilize operations. The plan is to submit a HUD application 12 months post-closing. Further details were not disclosed.

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DevelopmentFinanceIndependent LivingNewsWashington

Ziegler Arranges $62.4M Financing for Parkshore Juanita Bay in Kirkland, Washington

by Jeff Shaw

KIRKLAND, Wash. — Ziegler has arranged $62.4 million in bond financing for Parkshore Juanita Bay, a 50-unit independent living community in the Seattle suburb of Kirkland. The borrower was originally founded in 1932 to provide housing and care for German seniors. In 1977, the organization constructed an assisted living retirement home known as The Gardens at Juanita Bay in Kirkland’s historic Juanita Bay neighborhood on the shores of Lake Washington.  In December 2018, the community affiliated with Presbyterian Retirement Communities Northwest, now known as Transforming Age. In 2021, management announced …

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Town Village Vestavia Hills
AlabamaFinanceIndependent LivingMichiganNewsOklahomaTennessee

JLL Arranges $115M Bridge Financing for Town Village Independent Living Portfolio 

by Jeff Shaw

DUBLIN, Ohio — JLL Capital Markets has secured a $115 million bridge financing for a portfolio of four Town Village independent communities totaling 852 units spanning across Alabama, Tennessee, Oklahoma and Michigan. JLL represented the borrowers, Chicago Pacific Founders and Grand Park Capital, in arranging the three-year, nonrecourse loan through Ally Bank. The properties were built between 2000 and 2002 and have all undergone renovations by the borrowers.  Jay Wagner, Rick Swartz, Joel Mendes, Dan Kearns, Jim Dooley and Robert Tonnessen led the JLL team.

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FinanceNewsOhioSkilled Nursing

CFG Provides $12.5M Bridge Loan for Skilled Nursing Facility in Ohio

by Jeff Shaw

OHIO — Capital Funding Group (CFG) has provided a $12.5 million bridge-to-HUD loan, which supported the refinancing of an existing bridge loan.  The subject property is a 175-bed skilled nursing and assisted living facility in Ohio. Further details were not disclosed.  Craig Casagrande of CFG originated the transaction.

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FinanceMinnesotaNews

Berkadia Arranges Refinancing for 283-Unit The Pillars of Prospect Park in Minneapolis

by Jeff Shaw

MINNEAPOLIS — Berkadia has arranged the refinancing of The Pillars of Prospect Park, a 283-unit seniors housing community in Minneapolis.  Austin Sacco and Steve Muth of Berkadia Seniors Housing & Healthcare secured bridge financing through a national bank on behalf of Harrison Street and Oppidan. The amount of the financing was not disclosed. The three-year bank loan features three years of interest-only payments. The property affords convenient access to downtown Minneapolis, the University of Minnesota Medical Center and Midland Hills Country Club. The Pillars of Prospect Park was built in …

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