Friday, November 29, 2024
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FinanceFrom The Magazine

Fannie, Freddie Shake Off Effects of Pandemic

by Jeff Shaw

After a major drop in seniors housing loan production in 2020 resulting from COVID-19, the agencies nearly hold the line in 2021. By Jeff Shaw After a significant decline in deal volume in 2020, both Freddie Mac and Fannie Mae saw only modest slips in their seniors housing production in 2021, a sign that the industry has stabilized. Freddie Mac’s annual lending volume in the seniors housing sector fell 45 percent year over year in 2020, dropping from $3.8 billion in 2019 to $2.1 billion in 2020, but fell just …

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CaliforniaFinanceNews

Mesa West Capital Funds $67M Refinancing for Westmont of Milpitas in Silicon Valley

by Jeff Shaw

MILPITAS, Calif. — Mesa West Capital has provided a $67 million loan for Westmont of Milpitas, a 199-unit seniors housing community in the Silicon Valley community of Milpitas. The short-term, first-mortgage loan refinances existing debt for the borrower, a joint venture led by SRM Development. Proceeds from the five-year, floating rate, nonrecourse loan pay off the existing construction loan on the property. Developed by SRM, Westmont of Milpitas was completed in late 2020 and began accepting residents in February 2021 in the midst of the pandemic. Although leasing was slow …

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Affordable HousingDevelopmentFinanceFloridaNews

Volunteers of America Plans $16.6M Renovation at Pine Grove Apartments in Gainesville, Florida

by Jeff Shaw

GAINESVILLE, Fla. — Volunteers of America National Services (VOANS) has unveiled plans for a $16.6 million renovation project at Pine Grove Apartments in Gainesville. Utilizing non-competitive Low Income Housing Tax Credits to refinance and rehabilitate the property, the work is slated for completion in summer 2023. Volunteers of America of Florida will continue to provide property management and services for residents. Constructed in 1984 with 97 affordable units for seniors under the HUD Section 202 program, the property will continue to benefit from HUD subsidizing for all units. The tenant-in-place …

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FinanceNewsNorth DakotaSkilled Nursing

Preston Hollow Community Capital Arranges $78M Bond Financing for Skilled Nursing Facility in Bismarck, North Dakota

by Jeff Shaw

BISMARCK, N.D. — Dallas-based Preston Hollow Community Capital (PHCC) has arranged a $78 million, tax-exempt bond transaction for a skilled nursing facility in Bismarck. The borrower is Missouri Slope Lutheran Care Center, which built the property on its existing campus. The bonds were issued through Burleigh County. Colliers Securities underwrote the bonds. The bonds will provide permanent financing for the 192-bed facility. Missouri Slope undertook the project nearly eight years ago following a strategic planning session that identified the need for more private rooms, better parking and additional community services …

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Assisted LivingFinanceNewsSouth Carolina

MidCap Financial Provides $20.6M Recapitalization of Vineyard Bluffton in South Carolina

by Jeff Shaw

BLUFFTON, S.C. — MidCap Financial has provided a $20.6 million financing to recapitalize Vineyard Bluffton, a 96-unit assisted living and memory care community in Bluffton, just inland from Hilton Head Island. The borrower is Valeo Groupe Americas, which recently built the community. This is Valeo Groupe’s first transaction with MidCap Financial. The transaction was arranged through Peter Martz and Noam Kaminetzky of Meridian Capital Group.

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FinanceNew JerseyNewsSkilled Nursing

Cambridge Provides $10.7M HUD Refinancing for Pine Acres in Madison, New Jersey

by Jeff Shaw

MADISON, N.J. — Cambridge Realty Capital Cos. has provided a $10.7 million HUD-insured loan for Pine Acres Healthcare & Rehabilitation Center, a 102-bed skilled nursing facility in Madison, approximately 40 miles west of Manhattan. Pine Acres is a long-term care facility and rehabilitation center offering a variety of post-operative services and amenities, including private and semi-private rooms. The loan refinances existing debt.

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AcquisitionsAlabamaConnecticutFinanceFloridaKentuckyMarylandNew YorkNews

JLL Arranges $145M in Acquisition Financing for 15-Community Portfolio Throughout the East

by Jeff Shaw

NEW YORK CITY — JLL Capital Markets has arranged $145 million in acquisition and capital improvement financing for two seniors housing portfolios. The first portfolio includes six properties throughout the Northeast, and the second comprises nine properties in the Southeast. JLL worked on behalf of the borrowers, Sculptor Real Estate and its operating partners, to secure two separate nonrecourse loans, one for each portfolio, through national banks. Each loan was fully underwritten without a syndication requirement. Additionally, JLL represented the undisclosed seller in the marketing and sale of the portfolios. …

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CaliforniaCCRCFinanceNews

Ziegler Arranges $23.6M Bond Financing for The Redwoods in Mill Valley, California

by Jeff Shaw

MILL VALLEY, Calif. — Ziegler has arranged $23.6 million in bond financing for The Redwoods, a nonprofit continuing care retirement community in Mill Valley, a suburb of San Francisco. The Redwoods features 148 independent living units, 130 assisted living units and a 58-bed skilled nursing facility. The Redwoods will use the proceeds of the bonds, together with an equity contribution of $5 million, to refinance its outstanding 2013 bonds, fund a bond reserve account, pay an insurance premium to the Cal-Mortgage Loan Insurance Program and pay costs of issuance. While …

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AcquisitionsCaliforniaFinanceIndependent LivingNews

CBRE Provides $8.4M in Acquisition Financing for Arbor Senior Living in Lodi, California

by Jeff Shaw

LODI, Calif. — CBRE has provided $8.3 million in financing for the acquisition of Arbor Senior Living in Lodi, approximately 40 miles south of Sacramento. Built in 1985, the community features 96 independent living units on a three-acre site. The borrower is Ray Stone Inc. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing partnered with CBRE Sacramento’s Kevin Randles to arrange the fixed-rate Freddie Mac financing. RSI will take over as operator following the sale.

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Assisted LivingCaliforniaDevelopmentFinanceNews

Monarch Advisors Arranges $4.6M Refinancing for 12-Bed Community in Salinas, California

by Jeff Shaw

SALINAS, Calif. — Monarch Advisors has arranged a $4.6 million refinancing a 12-bed assisted living facility in Salinas, located just south of Silicon Valley. In addition to refinancing existing debt, the loan will fund a 28-bed expansion at the community. The borrower is Songbird Care Homes, a local owner-operator. Monarch arranged a commitment from a national SBA lender for 25 years at a variable interest rate, with an option to convert to a fixed rate upon completion of the expansion project.

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