BROCKTON, Mass — Lument today has provided a $15 million HUD Sec. 232/223(f) loan to refinance Alliance Health at West Acres, a 130-bed skilled nursing facility (SNF) in Brockton, approximately 20 miles south of Boston. Alliance Health owns and operates seven communities consisting of 807 skilled nursing and 54 residential care beds. Alliance Health at West Acres was originally built in 1965 and consists of a two-story building featuring 116 semi-private beds and 14 private beds. The community was substantially renovated in 2017 using bank debt, which the $15 million …
SIMI VALLEY, Calif. — Bayview PACE has arranged $13 million in Commercial Property Assessed Clean Energy (C-PACE) financing for the Varenita of Simi Valley seniors housing community in the Ventura County city of Simi Valley. The Class A property which opened in February 2022, totaling 97,000 square feet of space with 102 units of assisted living and memory care. Its location in the heart of Griffin Plaza, an active shopping center, provides opportunities for residents to explore and socialize in nearby retail shops and restaurants. The C-PACE loan is being …
AUSTIN, Texas — CBRE National Senior Housing has arranged an $18.2 million refinancing for Village on the Park Onion Creek, a Class A seniors housing community in Austin. The borrower is Bridgewood Property Co. Located in the established neighborhood of Onion Creek, the 124-unit, majority independent living community sits on a nine-acre campus. The property is near Austin’s Interstate 35 growth corridor, south of downtown, providing access to retail and the surrounding area. Aron Will, Tim Root and Michael Cregan of CBRE National Senior Housing arranged the 10-year, floating rate …
DALLAS — MedCore Partners, a Dallas-based healthcare and senior living commercial real estate company, has hired Angela Dreiske as chief financial officer (CFO). Dreiske will design and manage all aspects of MedCore’s accounting division and help enhance and refine the company’s financial strategy and operations. Prior to joining MedCore, Dreiske was the senior vice president of accounting for the investment management team at Stream Realty Partners in Dallas. While at Stream she managed five discretionary funds and separate account mandates totaling over $1.7 billion in equity and three of Stream’s …
NASHVILLE, Tenn., and BALTIMORE and PIKESVILLE, Md. — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged three loan deals totaling nearly $25 million to refinance and preserve three affordable senior living communities in Nashville, Baltimore and Pikesville. Jon Killough and John Roberts originated the Nashville deal and Victor Agusta originated the Maryland loans. Bellwether arranged a $21 million bridge loan for Nashville Christian Towers. The loan will allow Envolve Communities to acquire and finance the 175-unit affordable seniors housing development. Envolve plans to redevelop the property utilizing proceeds from …
LAWRENCE, N.Y. — Harborview Capital Partners, a commercial real estate finance, equity and advisory firm, has arranged a $110 million bridge-to-HUD refinance on behalf of a long-time client on the West Coast. The conventional bank loan contains a large cash-out component, as well as an additional credit facility to take on pro-forma turnarounds that do not cover debt service as-is. Eli, Jonathan and Ephraim Kutner originated the transaction.
DAVIE, Fla. — BHI, a full-service commercial bank, has provided a $30 million refinancing for The Alomar, a 199-bed seniors housing community in Davie, a northern suburb of Miami. The borrower is Royal Senior Care, which owns and operates senior living facilities in the Southeast with a primary focus in South Florida. The facility, which opened in 2017, is spread over a three-building campus and includes independent living, assisted living and memory care. “Healthcare is a highly strategic vertical within BHI and Royal Senior Care has a robust track record …
SAN DIEGO — After eight consecutive interest rate hikes by the Federal Reserve since March 2022, borrowers and lenders are wondering when the central bank will reverse its tight monetary policy stance. Don’t hold your breath. “There had been an anticipation that the Fed would pivot, so to speak, by June. I don’t think that’s going to happen,” said Beth Mace, chief economist and director of capital markets outreach for the National Investment Center for Seniors Housing & Care (NIC). “When I say pivot, I mean when the Fed is …
BETHESDA, Md. — MidCap Financial, a Bethesda-based lender focused on middle-market transactions, has acquired a “significant portion” of Sector Financial’s managed healthcare asset-based lending portfolio, totaling over $500 million in commitments and over $300 million in funded assets. “We are pleased to expand our portfolio and forge meaningful new partnerships with borrowers in one of our core verticals, serving as a leading capital provider to the healthcare industry and the middle market overall,” says Garrett Fletcher, product head of asset-based lending at MidCap Financial.
The Fed’s aggressive push to tamp down inflation through higher interest rates has temporarily sidelined some lenders, while creating opportunities for others. By Jeff Shaw A lot has changed in a year, especially when it comes to the capital markets for seniors housing. “If you look back just a year ago, you had banks that were awash in deposits, had strong liquidity levels, strong capital positions and were really focused on robust loan growth. The bank balance sheet growth at that time was near historical levels,” said Zach Shulkin, vice …