Finance

CaliforniaCCRCDevelopmentFinanceNews

Ziegler Arranges $29M Financing for Ensō Verde Development in Simi Valley, California

by Jeff Shaw

SIMI VALLEY, Calif. — Ziegler has arranged $29 million in bond financing for Ensō Verde, a seniors housing currently under development in Simi Valley. The borrower is Kendal Corp., which began developing the continuing care retirement community in 2022. Locate don 21 acres, plans call for 237 independent living units, 24 assisted living units, 24 memory care units and related amenities and common areas. The California Public Finance Authority issued the unrated bonds, which are a mix of tax-exempt and taxable. The bonds will be used to purchase the development …

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FinanceMemory CareNewsTexasWisconsin

Lument Closes Four Bridge Loans Totaling $78M for Acquisition, Refinancing of Memory Care Portfolio

by Jeff Shaw

TEXAS and WISCONSIN — Lument has closed a series of bridge loans totaling more than $78 million to acquire or refinance four memory care facilities totaling 311 beds in Texas and Wisconsin. The borrower is Silverado, a large memory care operator with communities throughout California, Kansas, Nevada, Maryland, Texas, Illinois, Virginia, Washington, and Wisconsin. Doug Harper, Chris Mauger, and Casey Moore led the transaction for Lument. The four loans were underwritten with a 36-month initial term and one-year extension, with earn-outs for each loan and variable interest rates. The deal …

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CaliforniaFinanceIndependent LivingNews

CBRE Arranges $38.4M Refinancing for The Plaza at Lantern Crest in Santee, California

by Jeff Shaw

SANTEE, Calif. — CBRE has arranged a $38.4 million refinancing for The Plaza at Lantern Crest, a 113-unit independent living community in Santee, a northeastern suburb of San Diego. The borrower is The Grant Cos. Aron Will, Bill Chiles, Matt Kuronen and Michael Cregan of CBRE National Senior Housing, arranged the financing. Built in 2021, the four-story community is situated on 3.8 acres within a larger 34-acre campus that provides a full continuum of care to its residents. The collection of Lantern Crest communities represents one of the highest quality …

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FinanceIndustry VoicesOperations

Operators Can Forge a Strong Financial Year in 2023

by Jeff Shaw

By Matt Caine, Managing Director, SOLIC Capital Advisors As 2023 kicks off, seniors housing operators are looking for ways to find optimism regarding the market’s outlook. While there are ways operators can counteract the damages of the past couple of years (more on that below), unfortunately many may find themselves at risk of default as they continue to grapple with labor shortages, higher wages, occupancy rates that have not quite recovered to pre-pandemic levels, and a lack of any new or ongoing government stimulus funding programs. According to data compiled …

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AcquisitionsAssisted LivingCaliforniaFinanceNews

BWE Arranges Financing for Harrison Street Acquisition of Three-Property Oakmont Portfolio in California

by Jeff Shaw

AGOURA HILLS, LODI and SAN JOSE, Calif. — Bellwether Enterprise Real Estate Capital LLC (BWE), has arranged the financing for Harrison Street’s acquisition of three Class A seniors housing communities in California. Oakmont Management Group operates all three communities: Oakmont of Agoura Hills in Agoura Hills, Oakmont of Lodi in Lodi and Oakmont of Silver Creek in San Jose. The luxury properties offer assisted living and memory care services. Ryan Stoll, BWE’s national director of seniors housing and care, and Taylor Mokris, senior vice president for seniors housing and care, …

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FinanceNews

CFG Completes $2.7B in Financing in 2022

by Jeff Shaw

BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has released its year-end seniors housing financing numbers. The company provided more than $2.7 billion in financing across 112 deals. The loan portfolio included 24 HUD loans, in excess of $250 million, and 88 healthcare and multifamily bridge-to-HUD loans, in excess of $2.5 billion. “Although rising interest rates have created some uncertainty, we’re leaning in — and will continue to lean in — and getting creative in how we execute financing to help our clients grow,” says Erik Howard, CFG’s executive …

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Affordable HousingCaliforniaDevelopmentFinanceNews

Alameda Housing Authority Receives $20.6M for North Housing Affordable Community in California

by Jeff Shaw

ALAMEDA, Calif. — The Alameda Housing Authority (AHA) has received $20.6 million from the State of California Department of Housing and Community Development. The funds will support development of North Housing Senior Apartments, an affordable housing community in the island city, located just south of Oakland in San Francisco Bay. North Housing is the first phase of a long-planned community development project. Plans call for 40 studio apartments, 23 one-bedroom units and a two-bedroom residence for the onsite manager. The land, which AHA originally owned in the 1940s, was granted …

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Active AdultDevelopmentFinanceNewsVirginia

Northmarq Arranges $38.1M Construction Financing for 176-Unit Active Adult Community in Midlothian, Virginia

by Jeff Shaw

MIDLOTHIAN, Va. — Northmarq’s debt and equity team of Keith Wells, Hunter Wood, Reina Abboud, and Mike Lowry have arranged a $38.1 million loan for the construction of Lake Forest at Swift Creek in Midlothian, approximately 15 miles west of Richmond. The Holladay Corp. is developing the four-story, 176-unit active adult community on 11.7 acres. Sandy Spring Bank provided the funds. The development is scheduled for completion in 2024.

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FinanceNewsPeople

Berkadia Adds Sacco, Tremper, Garbers to Seniors Housing Platform

by Jeff Shaw

NEW YORK CITY — Berkadia, a New York City-based financial services firm, has added three managing directors to its seniors housing and healthcare team: Austin Sacco, Cody Tremper and Mike Garbers. Garbers has over 20 years of experience in the seniors housing industry and has been involved in developing, acquiring and selling over $8 billion in seniors housing properties throughout the United States and Canada. He specializes in brokering seniors housing, age-restricted and long-term care properties. He joins Berkadia from JLL, where he served as a managing director. Tremper also …

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Assisted LivingCaliforniaFinanceIllinoisNews

Bellwether Arranges $47M Refinancing for Communities in Chicago, San Jose

by Jeff Shaw

CHICAGO and SAN JOSE — Bellwether Enterprise Real Estate Capital LLC (BWE) has arranged two separate transactions totaling over $47 million to refinance two assisted living and memory care communities. The first is a $28.8 million loan to refinance an assisted living and memory care community in the Chicago metropolitan area on behalf of affiliates of a senior housing-focused private equity firm. The second is an $18.6 million loan to refinance an assisted living and memory care community in San Jose on behalf of affiliates of Westmont Living. Ryan Stoll …

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