Thursday, January 30, 2025
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Finance

Discovery Village at the West End in Richmond, Va.
FeaturesFinanceFrom The MagazineOperations

Expect Liquidity Issues to Persist into 2025, Says InterFace Panel

by Jeff Shaw

By Matt Valley As a bridge lender across the full spectrum of seniors housing, Live Oak Bank has been able to capitalize on the limited liquidity in today’s market that has resulted in stalled transactions and refinancing challenges in this niche property sector.  “Trust me, I have a certain advantage right now with the lack of lenders [active in the space], and I enjoy that because it enables me to be very strategic on relationships and the people that I choose to partner with and grow. But having liquidity back …

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Garden Spot Village in New Holland, Pennsylvania
FinanceNewsPennsylvania

Ziegler Closes $67.3M Tax-Exempt Bond Financing for Garden Spot Village in Southeast Pennsylvania

by Channing Hamilton

NEW HOLLAND, Pa. — Specialty investment bank Ziegler has closed on an approximately $67.3 million tax-exempt bond financing for Garden Spot Village in New Holland, located about 14 miles northeast of Lancaster, Pa. Ziegler served as underwriter in the transaction. The obligated group consists of Garden Spot Village (the “Corporation”) and its subsidiary, GSV LLC. Garden Spot Village is a not-for-profit Pennsylvania corporation that owns and operates a life plan community, known as Garden Spot Village, located on an approximately 220-acre campus in New Holland.  The community includes 621 independent living homes …

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CaliforniaDevelopmentFinanceNews

EBSC Arranges $31.2M in Construction Financing for Luxury Senior Living Facility in Los Angeles

by Channing Hamilton

LOS ANGELES — EBSC Lending has arranged $31.2 million in construction financing for a new 172,163-square-foot luxury senior living community under development in Los Angeles. The borrower operates senior living facilities in the Southeast, with a primary focus on Florida. Brian Stark, manager of information technology at EBSC Lending, led the transaction. The facility will offer a total of 198 catered living, assisted living and memory care units in three buildings spread over a 7.8-acre campus. It will also feature gourmet restaurant-style dining, boutique hotel décor, and a variety of …

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Creating Value in Seniors Housing panel
AcquisitionsActive AdultAssisted LivingCCRCDevelopmentFeaturesFinanceIndependent LivingIndustry ContentInvestmentMemory CareOperationsWebinars

Webinar: Creating Value in Seniors Housing — The Economics of Dealmaking in This Cycle

by Sarah Daniels

The Sept. 5 webinar “Creating Value in Seniors Housing — The Economics of Dealmaking in This Cycle,” sponsored by CBRE, brought together industry leaders to discuss the current trends shaping the seniors housing market, including occupancy rates, strategic investments and the evolving landscape of assisted living, memory care and independent living communities. This discussion covered innovative technologies, economic factors influencing cap rates, considerations about the future of care and analysis of increasingly sophisticated operations strategies. Expert panelists shared their experiences and projections for the sector, including the increasing demand for seniors housing …

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FinanceNews

Berkadia Arranges $66M Financing for Four Communities

by Jeff Shaw

CHARLESTON, S.C. — Berkadia has arranged $66 million in four separate transactions for a set of seniors housing communities. Jay Healy of Charleston-based Berkadia Seniors Housing & Healthcare completed the financings on behalf of the borrowers.  Healy closed a $20 million bridge-to-HUD loan to refinance a maturing construction loan for PruittHealth. The three-year loan, structured in partnership with a publicly traded REIT, features interest-only payments and isprepayable at any time. The property is a 90-bed skilled nursing facility located in North Tampa, Florida. Atlanta-based PruittHealth developed the community in 2022 …

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CCRCFinanceNewsTexas

Ziegler Arranges $72.6M Bond Financing for Trinity Terrace in Fort Worth, Texas

by Jeff Shaw

FORT WORTH, Texas — Ziegler has arranged $72.6 million in bond financing for Trinity Terrace, a continuing care retirement community (CCRC) in Fort Worth. The Tarrant County Cultural Education Facilities Finance Corp. issued the bonds. The borrower is The Cumberland Rest Inc., a nonprofit corporation incorporated in 1902 for the purpose of providing housing for aged and indigent Christian women. Trinity Terrace opened on a 3.5-acre campus in February 1983. The community currently features 316 independent living apartments, 12 assisted living apartments, 17 memory care apartments and 42 skilled nursing …

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DevelopmentFinanceNew YorkNewsSkilled Nursing

Largo Arranges $11.6M in Financing for Skilled Nursing-to-Multifamily Conversion in Buffalo, New York

by Jeff Shaw

BUFFALO, N.Y. — Ned Perlman of Largo Real Estate Advisors Inc. has arranged $11.6 million in construction/renovation financing for a former nursing home that will be transformed into an upscale 84-unit multifamily property with luxury amenity spaces.  The property will undergo extensive interior and exterior renovations and feature 57-one-bed, one-bath units; four two-bed, one-bath units; and 23 studios.  The property is located in downtown Buffalo with access to the city’s major attractions and interstate highway system. 

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ArkansasDevelopmentFinanceNews

IPA Capital Markets Arranges $25.5M Construction Financing for Meadowview of Fayetteville in Arkansas

by Jeff Shaw

FAYETTEVILLE, Ark. — IPA Capital Markets, a division of Marcus & Millichap, has arranged $25.5 million in construction financing for Meadowview of Fayetteville, a 117-unit senior living complex in Fayetteville. Frank Montalto, managing director in IPA Capital Markets’ Chicago office, secured the financing with a local bank on behalf of a private developer.  Terms of the construction loan include a floating rate, five-year term and 70 percent loan-to-cost ratio.  The ground-up development will feature 60 independent living apartments and 57 assisted living apartments.

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CCRCFinanceNewsWashington

Ziegler Arranges $13.3M Financing for Bayview Retirement Community in Seattle

by Jeff Shaw

SEATTLE — Ziegler has arranged $13.3 million in bond financing for Bayview Retirement Community in Seattle. The Washington State Housing Finance Commission issued the bonds. Bayview Manor Homes, which owns and operates Bayview Retirement Community, is a Washington nonprofit corporation and 501(c)(3) organization that was established in 1961 to care for the elderly residents of Seattle’s Queen Anne neighborhood and beyond. The community features 133 independent living apartments and 44 assisted living apartments (which includes 10 memory care units). Bayview also operates an intergenerational childcare center located at the community …

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AcquisitionsAssisted LivingFinanceIdahoNews

VIUM Capital Provides $7M Acquisition Loan for Community in Idaho

by Jeff Shaw

IDAHO — VIUM Capital has provided a $7 million bridge loan for the acquisition of a 79-unit assisted living and memory care community in Idaho. Representing 75 percent leverage, the initial advance was $6.4 million with a $510,000 earn-out that can be advanced at HUD submission.  The borrower already owned three senior living communities in Idaho, and this project presented an opportunity to acquire at a solid basis and stabilize operations. The plan is to submit a HUD application 12 months post-closing. Further details were not disclosed.

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