NAPLES, Fla. — Live Oak Bank and Renasant Bank have provided an undisclosed amount of financing for construction of a 158-unit assisted living and memory care community in Naples. The borrower is a joint venture between investment management firm Heitman and NexCore Group. Experience Senior Living, NexCore’s operating subsidiary, will manage the property.
UTAH — Live Oak Bank has arranged a $16.1 million loan for a Utah-based owner and operator of nursing homes. Berkadia Commercial Mortgage’s Seniors Housing & Healthcare Group assisted on the transaction. This financing provided bridge-to-HUD debt for a 38-bed transitional care skilled nursing facility that opened in 2019 and caters to individuals in need of short-term rehabilitation.
COLUMBIA, S.C. — Greystone has arranged $27.1 million in financing for Merrill Gardens at Columbia, a seniors housing community in Columbia. The regional bank loan for the 120-unit independent living and assisted living community was executed as a floating-rate financing carrying a five-year term and 30-year amortization. The loan featured three years of interest-only payments and a mid-200 basis point loan spread. Tyler Armstrong, managing director at Greystone, worked with the client in placing the bank loan for AEW Capital Management and Merrill Gardens.
LAWRENCEVILLE, Ga. — Live Oak Bank has arranged a $13 million loan to refinance debt on Mansions at Gwinnett Park, a seniors housing community in Lawrenceville, a northeastern suburb of Atlanta. The property, which opened in 2019, features 94 units of assisted living and memory care. The borrower is Mansions Senior Living, an Oklahoma-based operator. The property was still leasing up when the COVID-19 pandemic began, and the loan will allow additional time for the property to complete its lease-up, according to Live Oak.
MARYSVILLE, Ohio — Walker & Dunlop has provided $10.9 million HUD loan to refinance debt on Monarch Skilled Nursing & Rehab, a 75-unit skilled nursing and assisted living community in Marysville, a suburb of Columbus. Frank Cassidy led the Walker & Dunlop team on behalf of Janet Harris and Holland Management. Monarch Skilled Nursing was originally built in 1967 and underwent a rehabilitation of the existing units as well as added assisted living units, which recently stabilized.
OGDEN, Utah — Greystone has arranged a $22.5 million loan to refinance debt on TREEO South Ogden, a seniors housing community in Ogden, approximately 30 miles north of Salt Lake City. Tyler Armstrong, managing director at Greystone, placed the bank loan for Leisure Care, which owns the 143-unit independent living community. The regional bank loan was executed as a floating-rate financing carrying a five-year term and 30-year amortization. The loan featured 12 months of interest-only payments and a mid-200 basis points loan spread.
LEAGUE CITY and WACO, Texas — Greystone has provided a $40.4 million Fannie Mae loan to refinance debt on The Delaney at South Shore in League City, a suburb of Houston. The company also arranged a $30 million bank loan to refinance debt on The Delaney at Lake Waco in Waco, approximately midway between Dallas and Austin. The borrower in both transactions was LCS. Tyler Armstrong of Greystone originated both loans. The Fannie Mae loan for the 204-unit League City community was executed as fixed-rate, nonrecourse financing carrying a 10-year …
WESTMINSTER, Colo. — Lument has provided a $31.6 million Freddie Mac loan to refinance Keystone Place at Legacy Ridge. The 160-unit seniors housing community is located in Westminster, a northern suburb of Denver. Built in 2011, Keystone Place at Legacy Ridge features independent and assisted living units. The community has maintained strong occupancy throughout 2022. Eric Mestemaker, Doug Harper and Casey Moore led the transaction for Lument. The Freddie Mac loan features a 10-year term, five years of interest-only payments, 30-year amortization and a fixed interest rate. The loan refinanced …
LINCOLN and ASHLAND, Neb. — Walker & Dunlop has provided HUD refinancings for Fallbrook Assisted Living and Memory Care in Lincoln and Oxbow Living Center in Ashland. Walker & Dunlop’s Kevin Giusti and Mikko Erkamaa led the teams in both deals on behalf of MJ Senior Housing. Both transactions refinanced floating-rate debt and provided cash proceeds. Fallbrook Assisted Living and Memory Care received a $13.3 million loan. The property is a 71-unit assisted living and memory care facility. It was built in 2018 and opened in 2019. Oxbow Living Center …
LAKE WALES and HAINES CITY, Fla. — Lument has provided a $6.1 million bridge loan to facilitate the acquisition of two assisted living communities in Florida totaling 90 units. Innovation Senior Living, a middle-market provider founded in 2016, acquired Savannah Court of Lake Wales, a 45-bed community, and Savannah Court of Haines City, a 45-bed community. The two properties are approximately 15 miles apart in small cities south of Orlando and east of Tampa. Casey Moore, Conner Girdley and Chris Mauger led the transaction for Lument. Lument’s M&A team, led …