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Finance

CaliforniaFinanceNews

JLL Arranges $52M Refinancing for Atria Newport Beach in California

by Jeff Shaw

NEWPORT BEACH, Calif. — JLL has arranged $52 million in refinancing for Atria Newport Beach, a seniors housing community located at 393 Hospital Road in Newport Beach. The borrower is a partnership between a national REIT and Atria Senior Living. Aaron Rosenzwieg and Dan Baker of JLL Capital Markets arranged the financing. MidCap Financial provided the floating-rate, first-mortgage loan. Built in two phases with the north building fully renovated in 2023 and the south building purpose-built and opened in 2021, the three-story buildings offer a total of 168 studio, one- …

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FinanceMarylandNews

Berkadia Arranges $47.4M Financing for Modena Reserve at Kensington in Maryland

by Jeff Shaw

KENSINGTON, Md. — Berkadia has arranged a $47.4 million loan for Modena Reserve at Kensington, a 135-unit seniors housing community in Kensington, a suburb north of Washington, D.C.  The borrowers are Solera Senior Living, McCaffery and an institutional investor. A debt fund provided the capital. Steve Muth and Austin Sacco of Berkadia Seniors Housing & Healthcare led the transaction. The three-year, nonrecourse loan features interest-only payments throughout the term. The loan refinances a maturing construction loan.  The community opened in late 2021 and reached stabilized occupancy within 24 months.

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AcquisitionsFinanceNewsSkilled NursingTexas

Oxford Finance Provides $47M Credit Facility to Creative Solutions in Healthcare Inc.

by Jeff Shaw

FORT WORTH, Texas — Oxford Finance LLC has provided a $47 million senior credit facility to Creative Solutions in Healthcare Inc., a Fort Worth-based seniors housing investor. Funds drawn at closing were used to finance the acquisition of two skilled nursing facilities in Texas, totaling 228 beds. Additionally, the credit facility includes a substantial delayed draw commitment, providing the company with the flexibility to finance future acquisitions. Creative Solutions in Healthcare is a family-owned company with more than 170 long-term care communities throughout the state of Texas.

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Manor & Villages, Jenison, Mich.
FinanceMichiganNews

Ziegler Arranges $52.1M Bond Financing for Sunset Manor Owner-Operator in Michigan

by Jeff Shaw

JENISON, Mich. — Ziegler has arranged $52.1 million in bond financing for Sunset Manor Inc., a nonprofit owner-operator based in the West Michigan city of Jenison. Sunset Manor was established in 1973 to care for the elderly residents of West Michigan and beyond. Sunset owns and operates four facilities in Jenison, Grandville and Grand Haven. Per the 2023 LeadingAge Ziegler 200, Sunset Manor is the 138th largest nonprofit senior living provider in the nation with a total of 696 units consisting of 384 independent living units and 312 assisted living units. …

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FinanceNewsPeople

Cushman & Wakefield Hires Matthew Yance as Director in Senior Living Practice

by Jeff Shaw

NEW YORK CITY — Cushman & Wakefield has hired Matthew Yance as a director for the firm’s valuation and advisory group as part of the senior living and care specialty practice. Based out of the firm’s New York office, Yance will focus on institutional valuations and market studies across the United States. Yance has nine years of experience focusing on the senior living sector. Previously, he was at Newmark, where he co-led the senior housing and healthcare team. In that position he oversaw a team of appraisers focused on the …

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Affordable HousingDevelopmentFinanceIllinoisNews

HUD Provides $28M for Redevelopment of Ravine Terrace Affordable Community in Waukegan, Illinois

by Jeff Shaw

WAUKEGAN, Ill. — The U.S. Department of Housing and Urban Development has completed a $28 million Rental Assistance Demonstration (RAD) transaction with the Waukegan Housing Authority (WHA) to expand affordable housing options for low-income seniors in Waukegan, a suburb north of Chicago. Constructed in 1964, Ravine Terrace is a 98-unit, eight-story building that is in extensive need of repair and improvements due to its advanced age. The transaction funds the rehabilitation and reconfiguration of 56 studio apartments into 28 larger, one-bedroom homes; and the renovation of 42 one-bedroom homes.  Additionally, …

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AcquisitionsFinanceNews

CareTrust REIT Funds $378M in Acquisition Financing for 37-Property Seniors Housing Portfolio

by Jeff Shaw

SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a publicly traded healthcare REIT based in San Clemente, funded approximately $378 million in new investments last week. The transactions include the funding of a $260 million senior mortgage loan and a $43 million preferred equity investment in connection with the borrower’s acquisition of a 37-facility skilled nursing and seniors housing portfolio located in the Pacific Northwest. The $378 million in investments was funded using cash on hand. The portfolio consists of 2,713 operating beds/units with 21 skilled nursing facilities and …

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AcquisitionsAssisted LivingFinanceNewsPennsylvania

Ziegler Arranges $6.4M Acquisition Financing for Silver Springs at East Norriton in Pennsylvania

by Jeff Shaw

EAST NORRITON, Pa. — Ziegler has arranged $6.4 million in financing for the acquisition of a 114-unit assisted living and memory care community in East Norriton, a suburb northwest of Philadelphia. The buyer is Comprehensive Care Capital, which plans to rebrand the property from Brandywine Living at Senior Suites to Silver Springs at East Norriton. Christopher Utz of Ziegler Investment Banking arranged and negotiated the transaction. Cura Health will oversee daily operations.

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Company NewsFinanceNews

The Pennant Group Increases Credit Facility to $250M

by Jeff Shaw

EAGLE, Idaho — The Pennant Group Inc. (NASDAQ: PNTG), the Eagle-based parent company of the Pennant group of affiliated home health, hospice and senior living companies, has increased its credit facility by $100 million to an aggregate of $250 million.  The borrowings are supported by a lending consortium arranged by Truist Securities. The new facility expires on July 31, 2029. “This amended facility further strengthens our balance sheet, and together with our strong operating cash flow, creates significant dry powder for future growth,” says Brent Guerisoli, Pennant’s CEO. In addition …

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CCRCDevelopmentFinanceNew YorkNews

Ziegler Arranges $25M Bridge Loan for River’s Edge CCRC in New York City

by Jeff Shaw

NEW YORK CITY — Ziegler has arranged a $25 million bridge financing for RiverSpring Living’s River’s Edge project, a continuing care retirement community (CCRC) development in New York City. RiverSpring Living owns and operates Hebrew Home at Riverdale, a long-term care community founded more than 105 years ago, located on a 32-acre campus overlooking the Hudson River in the Riverdale section of Bronx County. RiverSpring Living enlisted Chicago-based Integrated Development II as its development consultant for the River’s Edge project, and Ziegler as its exclusive financial advisor. The development will …

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