TUCSON, MESA and PHOENIX, Ariz. — Berkadia has secured a cross-collateralized pool financing on behalf of Arizona-based Christian Care Cos.’ Fellowship Square affordable senior living portfolio in Arizona. The 10-year, $92.8 million loan pool features a 65 percent loan-to-value ratio and three years of interest-only payments. Steve Ervin, Richard Price, Chris Cain and Rafael Nobo of Berkadia collaborated to secure the Freddie Mac permanent refinancing for the borrower. Nearly $89 million in high-interest-rate, first lien, tax-exempt bonds were redeemed with proceeds from the financing. The portfolio includes: Fellowship Square Tucson, …
FORT WAYNE, Ind. — Lument has provided a $12.7 million FHA Sec. 232 note modification to refinance the existing debt on Park Place Senior Living, a 172-unit seniors housing community in Fort Wayne. David Boitano, managing director for Lument based in Seattle, led the transaction. The borrower is Sabra Health Care REIT. Park Place Senior Living consists of 158 assisted living beds in 132 units and 40 memory care beds/units. Traditions Management operates the community. “The FHA seniors housing note modification program proved to be an ideal solution that allowed …
CHARLOTTESVILLE, Va. — Ziegler has arranged $53 million in bond financing for Westminster-Canterbury of the Blue Ridge (WCBR), a continuing care retirement community in Charlottesville. WCBR is located 4.6 miles from the main campus of the University of Virginia and 5.4 miles from Thomas Jefferson’s Monticello. Since opening in 1990, WCBR has seen continual growth and expansion, currently offering 281 independent living units (221 apartments and 60 cottages), 45 assisted living units, 12 memory care beds and 52 nursing beds. The financing included two series of bonds, which will refund …
By Matt Valley Time is running short for operators of underperforming properties trying to shake off the negative impact of COVID-19 on occupancy and revenue, said Chuck Hastings, vice president of finance and business development for Juniper Communities. “In 2022, lenders are going to want to see us all getting back to pre-pandemic levels [of performance]. So, as operators the pressure is on.” Bloomfield, New Jersey-based Juniper operates 28 senior living communities in four states: New Jersey, Pennsylvania, Texas and Colorado. Hastings, who knows firsthand that lenders are growing increasingly …
ST. PETERSBURG, Fla. — KeyBank Community Development Lending and Investment and KeyBank Real Estate Capital have provided a total of $69.8 million for the redevelopment of Jordan Park Apartments in St. Petersburg. Norstar Development USA-CDL, a Buffalo, N.Y.-based affordable housing developer, and the St. Petersburg Housing Authority are working together on the project, the timeline of which was not disclosed. Jordan Park Apartments was originally built in 1939 on land donated by businessman Elder Jordan Sr. The 24-acre site contains single-family, duplex, triplex and quadplex buildings. The property’s former residents …
CHICAGO — Cambridge Realty Capital Cos. has provided a $5.8 million HUD-insured loan for Morris Senior Living, a 76-unit assisted living facility near Chicago. The loan was underwritten by Cambridge Realty Capital Ltd. of Illinois, the lender’s specialists in HUD loans.
If there were one phrase to summarize the attitude of seniors housing investors and lenders in 2022, it would be “cautiously optimistic.” How quickly can the seniors housing industry hope to recover in the face of continued difficulties? What is likely to drive the financing and investment market? While difficulties due to COVID and labor shortages continue to create challenges in terms of immediate occupancy, strong demand fundamentals and a healthy appetite for seniors housing investments indicate a return to normality is possible in 2022, according to Brandon Taseff, senior …
NAPERVILLE, Ill. — Bellwether Enterprise Real Estate Capital LLC (BWE) has provided a $21 million Freddie Mac loan for the refinance of HarborChase of Naperville, an assisted living and memory care community in the Chicago suburb of Naperville. Ryan Stoll and Taylor Mokris originated the loan on behalf of the borrowers, affiliates of Bourne Financial Group and HRA Senior Living. HRA operates the 101-unit, two-story property. The loan refinanced the construction debt of the recently developed property, which maintains prepayment flexibility along with a significant interest savings. The loan term …
DENVER — Lument has provided a $5.9 million Fannie Mae affordable loan to fund the construction of Lynwood Senior Apartments. The property will feature 62 units of affordable housing for seniors in a three-story building on nearly an acre. Construction of the community will be facilitated via a 30-month taxable forward commitment Fannie Mae affordable loan structured as a 9 percent Low-Income Housing Tax Credit (LIHTC) mortgage-backed securities (MBS) exchange. The Fannie Mae loan features a fixed interest rate, 15-year term and 35-year amortization. Additional funding sources include a construction …
BATON ROUGE, La. — Live Oak Bank has closed a $33.5 million loan for Claiborne Senior Living. The financing facilitated a partner buyout for a Class A, 213-unit independent living, assisted living and memory care community, built in 2017 and located in Baton Rouge. Claiborne Senior Living took over management of the property at the beginning of 2021, and has since added net 41 residents through November 2021. Locust Point Capital partnered with Claiborne to complete the capital stack, providing a preferred equity investment. Approximately $1.8 million in loan proceeds …