BOCA RATON and LANTANA, Fla. — Ziegler acted as exclusive financial advisor in raising financing of $20.5 million on behalf of Comprehensive Care Capital (CCC) to acquire two seniors housing communities in Boca Raton and Lantana. The communities, Banyan Place – Boca and Banyan Place – Lantana, offer independent living, assisted living and memory care services. Banyan Place – Boca features 130 independent living, assisted living and memory care beds. Banyan Place – Lantana features of 39 licensed memory care beds. CCC’s operating affiliate, Forte Healthcare, led by Yosef Nathan, …
FORT MYERS, Fla. — Ziegler has arranged $68 million in financing for Cypress Cove at HealthPark Florida, a continuing care retirement community in Fort Myers. The community currently features 377 independent living units, 44 assisted living units, 44 memory support units and 64 skilled nursing units on a 48-acre campus. The financing will fund the addition of a 12-acre gated community known as The Oaks at Cypress Cove, which will include 24 independent living villas, 24 independent living apartments and new common areas in a five-story building. The financing comprises …
IRVINE, Calif. — Avanath Capital Management LLC, an Irvine-based multifamily owner and operator that focuses on affordable and workforce housing, including for seniors, has promoted current CFO Wesley Wilson to partner. The move makes Wilson the youngest partner in the firm’s history. In addition, Patricia Gaudin was promoted from senior vice president of human resources to executive vice president of human resources. Wilson will be responsible for managing the firm’s new open-ended fund with over $536 million in equity commitments, serving as the firm’s sole investment vehicle moving forward. Coupled …
Although these funds collectively have raised billions of dollars, they are in no hurry to spend the capital amid dicey market conditions. By Bendix Anderson Talk about patient capital. Many private equity funds, flush with hundreds of millions of dollars, are willing to wait and wait for the right deal at the right price before acquiring a seniors housing property or portfolio. At the same time, private equity investors are spending more than ever before to buy or build conventional apartments. They’re even snapping up alternative niche properties — from …
As lenders look for safe, secure deals in a turbulent environment, strong partnerships are a larger consideration than geography, age or care type. By Jeff Shaw In times of trouble, we look to the people we trust. That’s certainly the approach of many lenders in the seniors housing space. As the recovery from COVID-19 continues, and occupancy rates remain well below pre-pandemic levels, financing has become dangerous terrain. So when looking for who should get favorable rates and terms, lenders are looking to the operators and markets they know can …
By Matt Valley Six lending professionals recently gathered on stage at the Omni Los Angeles to participate in a panel discussion that was both a two-year retrospective on COVID-19 and a deep dive into some of today’s hot-button issues affecting borrowers. “It’s been an interesting two years on the debt side, as it has been in other capacities. To me, one of the more interesting parts has been the contraction and subsequent expansion of capital flows in seniors housing debt and how that impacted large banks and small banks,” said …
MOUNTAIN VIEW, Calif. — JLL Capital Markets has arranged an undisclosed amount of construction financing for the redevelopment of Italian restaurant Frankie, Johnnie & Luigi Too! into Mountain View Memory Care, a Class A, 54-unit, 60-bed, private-pay memory care community in the Bay Area city of Mountain View. JLL worked on behalf of the borrower, the D’Ambrosio Family, and its operating partner, Calson Management, to secure the construction financing through a local bank. The community will also continue be home to the D’Ambrosio Family’s restaurant, Frankie, Johnnie & Luigi Too! …
SPRINGFIELD, Ore. — Ziegler has acted as financial advisor in a debt placement totaling $24 million. The borrower, Onelife Senior Living, will use the funds to develop Esther Assisted Living Community, a 103-unit property in Springfield, a suburb of Eugene. The Esther will be the fifth assisted living/memory care community owned by Onelife in Oregon. The financing provides a construction and bridge term for Onelife to build and stabilize the community prior to placing long-term, permanent, fixed-rate financing via long-term agency debt. The transaction was closed with asset management firm …
ALEXANDRIA, Va. — Oxford Finance’s Healthcare Real Estate Group closed over $280 million of transactions in the first quarter of 2022, providing credit facilities ranging from $5 million to over $110 million. Highlights included: Oxford closed an $80.7 million term loan along with a $8.5 million revolving line of credit to finance the acquisition of four skilled nursing, assisted living and independent living facilities in Ohio. Oxford provided a $70 million term loan to refinance seven skilled nursing facilities and five assisted living facilities containing 1,198 licensed beds/units in Ohio …
NEW YORK CITY — Greystone, a New York City-based commercial real estate finance company, has arranged an $80 million refinancing package for a 10-asset, 941-unit portfolio across five different states. The consolidation and refinancing of various debt obligations was completed by Greystone’s seniors housing capital markets team, led by Cary Tremper, on behalf of Sonida Senior Living. The initial term loan of $80 million, provided by a regional bank, has a four-year maturity with an optional one-year extension. The financing includes up to $50 million of additional capital, including an …