Thursday, November 28, 2024
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Finance

CCRCDevelopmentFinanceNewsTexas

Ziegler Arranges $197.7M Bond Financing for The Outlook at Windhaven in Plano, Texas

by Jeff Shaw

PLANO, Texas — Ziegler has arranged $197.7 million in bond financing for the Outlook at Windhaven Forefront Living, a seniors housing community in Plano. The property is currently in the development process. Designs call for 153 independent living apartments, 30 independent living cottages, 32 assisted living units and 24 memory care units. The proceeds will be used to refinance the cost of acquiring, developing and constructing the retirement community. The borrower is Forefront Living, formerly known as Presbyterian Communities and Services. The financing comprises $109.5 million of tax-exempt bonds, $88.2 …

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CaliforniaFinanceNewsSkilled Nursing

CareTrust REIT Provides $22.3M Secured Loan for California Skilled Nursing Facilities

by Jeff Shaw

SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based owner, has extended a $22.3 million secured loan in connection with the acquisition of a five-asset skilled nursing portfolio in California. The portfolio includes approximately 600 skilled nursing beds. The names and locations were not disclosed. The loan carries a three-year maturity with two one-year extensions and an annual SOFR-based interest rate with a minimum floor of approximately 8.5 percent. “On the heels of our recent loan funding in the Mid-Atlantic last month, we are excited to support …

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Affordable HousingDevelopmentFinanceIllinoisNews

Associated Bank Provides $6M Construction Loan for Diamond Senior Apartments in Peru, Illinois

by Jeff Shaw

PERU, Ill. — Associated Bank has provided $6 million in financing for construction of the Diamond Senior Apartments, a seniors housing community in Peru, located along the Illinois River approximately midway between Chicago and the Iowa border. The borrower is 3 Diamond Development. The project includes 56 units in 10 single-story residential buildings. All units are restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to households earning less than 30 percent of the area median income (AMI), and the remaining 44 units will …

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Active AdultFinanceFrom The Magazine

More Empirical Data on Active Adult Sector is Needed to Woo Lenders, Says InterFace Panel

by Jeff Shaw

By Matt Valley The pandemic raised the profile of the active adult sector, which anecdotally experienced healthy rent growth and stable occupancy during the health crisis due to “sticky tenants” who tend to stay anywhere from three to seven years. What’s more, the sector hasn’t had to contend with the workforce challenges facing the more operationally intensive skilled nursing and private-pay seniors housing segments. Despite that positive storyline, arranging financing for active adult properties remains a tall order, said Ari Adlerstein, senior managing director at Meridian Capital Group and head …

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FinanceIndustry Voices

Question of the Month: Inflation’s Impact

by Jeff Shaw

What impact is inflation having on seniors housing and how are operators and owners adjusting? Give residents more options By Chuck Hastings Chief Financial Officer Juniper Communities With wages, food, utilities and other costs still rising, we at Juniper have been adding new price options for residents, and new ways of paying for them, to ease the pain for our customers. We’re also thinking about focusing price increases on level of care. With all that said, it seems the odds of a recession this year are rising, so we need …

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ArizonaAssisted LivingFinanceNews

JLL Provides $10.6M Refinancing for Countryside Living in Queen Creek, Arizona

by Jeff Shaw

QUEEN CREEK, Ariz. — JLL Capital Markets has provided a $10.6 million refinancing for Countryside Living in Queen Creek, approximately 35 miles southeast of downtown Phoenix. Opened in 2020, the property features 40 units and 42 beds of assisted living and memory care on 2.5 acres. The one- and two-bedroom units range from 344 to 515 square feet. The property is just a few miles from Banner Ironwood Medical Center, The Links Queen Creek Golf Course and Ocotillo Trails Marketplace. The 75-plus population within a five-mile radius of the community …

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Affordable HousingCaliforniaFinanceNews

BRIDGE Housing Receives $19.4M Refinancing for Magnolia Plaza in San Francisco

by Jeff Shaw

SAN FRANCISCO — BRIDGE Housing has received a $19.4 million refinancing for Magnolia Plaza Senior Apartments, a 125-unit affordable seniors housing community in San Francisco. CPC Mortgage Co. provided the Freddie Mac Targeted Affordable Housing loan. Built in 1988, the property is age restricted to seniors age 62 and over. While there is a current requirement that 63 units be restricted to residents with incomes at or below 80 percent of area median income (AMI), BRIDGE has restricted 84 of the units and plans to increase this number going forward. …

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FinanceNewsWashington

JLL Capital Markets Arranges $29.6M Refinancing for Mirror Lake Village Seniors Housing Community Near Seattle

by Jeff Shaw

FEDERAL WAY, Wash. — JLL Capital Markets has arranged a $29.6 million refinancing for Mirror Lake Village, a Class A seniors housing community situated on three acres at 3100 9th Place in SW in Federal Way. Mirror Lake Village features 30 assisted living units, 66 memory care units and 18 independent living cottages averaging 378 square feet. The community also features an outdoor courtyard with covered patio, common dining room, commercial kitchen, hair salon, theater, library and exercise room. Alanna Ellis of JLL Capital Markets represented the borrower, Mirror Lake …

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FinanceMichiganNewsOhioSkilled NursingWisconsin

Lument Provides $87M in HUD-Insured Loans for Refinancing of Midwest Skilled Nursing Portfolio

by Jeff Shaw

OHIO, MICHIGAN and WISCONSIN — Lument has provided $87 million in HUD 232/223(f) loans for the refinancing of a portfolio of nine skilled nursing facilities located in Ohio, Michigan and Wisconsin.  The properties total 691 beds. The operator, Atrium Centers Inc., provides short-term, post-acute rehabilitation and long-term nursing care. Each of the nine loans features a fixed interest rate.  HUD 232/223(f) loans allow for the purchase or refinancing of nursing homes and assisted living facilities.

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CCRCDevelopmentFinanceIndependent LivingNewsVirginia

Ziegler Arranges $71M Bond Financing for Shenandoah Valley Westminster-Canterbury in Winchester, Virginia

by Jeff Shaw

WINCHESTER, Va. — Ziegler has arranged $71 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a continuing care retirement community (CCRC) in Winchester, approximately 75 miles west of Washington, D.C. SVWC was founded in 1982 and provides housing, healthcare and other services to nearly 400 residents on its 87-acre campus through the operation of 218 independent living units (164 apartments and 54 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. SVWC is completing an independent living unit expansion project known as the Hackwoods, …

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