FAIRFIELD, Conn. — HJ Sims, a Fairfield-based lender, has provided an undisclosed amount of refinancing for a senior living community in the Mountain West. A well-established owner, operator and developer of seniors housing communities, operates the assisted living and memory care community. The ownership group currently operates more than 25 communities across the Western United States. The Fannie Mae loan was structured with a 12-year term versus the standard 10-year term, which provides additional flexibility for the borrower in pushing out any need to refinance or exit the investment. The …
BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, closed more than $840 million in the first quarter of this year. The transactions include 10 bridge loans and 11 HUD loans for CFG’s long-term care and assisted living industry clients, plus 13 bridge loans for the company’s multifamily industry clients. Among the deals closed in the first quarter of 2022, CFG executed: a $316.9 million bridge loan for the refinancing of a nationwide skilled nursing facility portfolio; an $18.8 million HUD loan for a 152-bed skilled nursing facility in Florida; …
MILAN, Ohio — Cambridge Realty Capital Cos. has provided a $6.1 million HUD-insured loan for Continuing Healthcare of Milan, a 92-bed skilled nursing facility in Milan, a small village of fewer than 1,500 residents between Cleveland and Toledo. The loan refinances existing debt on the property. “The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, our specialists in FHA-insured HUD loans,” says Jeffrey Davis, Cambridge’s chairman.
HARTFORD, Conn. — M&T Realty Capital Corp. has closed $51.6 million in Fannie Mae Seniors Housing loans for the acquisition financing of a seniors housing portfolio located in the Hartford MSA. The borrowers are White Oak Healthcare REIT and Everbrook Senior Living. The 10-year, floating-rate loans are structured with three years of interest-only payments followed by a 30-year amortization. Matt Pipitone of M&T’s Baltimore office led the transaction. Further details on the properties were not disclosed.
ST. PETERS, Mo. — Blueprint Healthcare Real Estate Advisors has arranged an undisclosed amount of development financing for The Bluffstone Senior Living, a ground-up seniors housing development in St. Peters, just across the Missouri River from St. Louis. Upon completion, Arrow Senior Living will operate the community, which features 91 independent living, 44 assisted living and 18 memory care units. The borrower is O’Reilly Development Co., an established regional seniors housing developer. Kayne Anderson Real Estate. Though Kayne has purchased two prior O’Reilly properties, this marks the first ground-up development …
CHARLESTON, S.C. — Lument has arranged a $24.5 million bridge loan to refinance construction debt for an assisted living and memory care community in Charleston. Kevin Oakley and Steve McGee led the transaction for Lument. The community opened during the pandemic, which caused the lease-up to proceed slower than anticipated. The bridge loan, placed with a national bank via Lument’s debt syndications group, refinanced high-cost construction debt that was nearing maturity and allowed the borrower time and flexibility to focus on operations. “Completing this refinance via the bridge loan resulted …
LIVERMORE and SOQUEL, Calif. — JLL Capital Markets has arranged $16.3 million in acquisition financing for two land sites totaling 12.7 acres for the development of seniors housing communities in the Bay Area municipalities of Livermore and Soquel. JLL worked on behalf of the borrower, Calson Management, to secure the $10.5 million and $5.8 million one-year, fixed-rate loans through Barnett Capital Limited. The first site totals nine acres and will be developed into a 128-unit seniors housing community offering assisted living and memory care. The property is near local retail, …
SCOTTSDALE, Ariz. — Greystone has arranged a $140 million loan package for both the refinancing and expansion of Maravilla Scottsdale, a seniors housing community in Scottsdale. Phase I of the community comprises a fully stabilized, 217-unit independent living, assisted living and memory care property. Opened in 2012, the community has received multiple awards, including being named Best 50+ CCRC Community by the National Association of Home Builders (NAHB), Best Multi-Family Project by Arizona Commercial Real Estate (AZRE), and Ten Best Places to Live by Arizona Foothills Magazine. Phase II of …
WEST PALM BEACH, Fla. — Greystone has provided a $17.5 million HUD-insured loan for the redevelopment of Christian Manor Apartments, a 200-unit affordable seniors housing community in West Palm Beach. Jon Morales of Greystone arranged the loan on behalf of the borrower, Phase Housing Corp. Inc. Christian Manor includes four three-story buildings that offer studio and one-bedroom units. Originally built in 1972, the property will provide affordable housing for low-income residents, which is classified as below 60 percent of area median income (AMI), and “extremely low-income” residents (below 28 percent …
SUNNYVALE and MENLO PARK, Calif. — JLL Capital Markets has arranged a $21.5 million loan for two memory care communities totaling 48 units in California’s Bay Area. The portfolio includes Crescent Oaks in Sunnyvale and Silver Oaks in Menlo Park. JLL worked on behalf of the borrower, Calson Management, to secure an 18-month, fixed-rate loan through Thorofare Capital. Crescent Oaks offers 22 one- and two-bed units with a total of 33 beds. The community is located near a variety of retail, dining and entertainment amenities. In addition, the property is …