JACKSONVILLE, Fla. — Grandbridge Real Estate Capital has arranged $19.5 million in financing for Starling at San Jose, a seniors housing community in Jacksonville. The financing retired a bridge loan with Grandbridge’s parent company, Truist Bank. The community was built in 2017. Further details about the property were not disclosed. Richard Thomas and the Grandbridge’s Atlanta-based Seniors Housing and Healthcare Finance team arranged the financing.
EAST PROVIDENCE, R.I. — Lument has arranged a $45.9 million FHA Sec. 232/223(a)(7) loan to refinance Tockwotton on the Waterfront. The 156-unit seniors housing community is located in East Providence. Aaron Becker led the transaction for Lument. “By leveraging our FHA expertise, we were able to significantly lower Tockwotton’s interest rate to generate nearly $250,000 in annual debt service savings, augmenting the $1.1 million in savings initially obtained when we helped with the prior FHA refinance in 2016,” says Becker. “The additional cash flow freed up by this transaction will …
NEW YORK CITY — Dwight Capital, a New York City-based finance and investment firm, arranged $291.5 million in seniors housing and healthcare financings during fourth-quarter 2021. Featured among these transactions are bridge loans for Certus Portfolio, Solaris Portfolio and Epic Portfolio, which were funded through the firm’s commercial mortgage REIT, Dwight Mortgage Trust. Dwight provided a $89 million bridge acquisition loan for a 1,352-bed portfolio of 15 skilled nursing facilities located across Ohio. The borrower, Certus Healthcare Management, plans to invest in a capital expenditures plan to complete interior improvements …
By Barbara Morrison, founder and president, TMC Financing According to the Centers for Disease Control and Prevention (CDC), there are around 28,900 residential care and assisted living facilities in the U.S.. The majority of the facilities are well established and contribute greatly to the country’s social and economic fabric. However, despite the importance of these facilities in our society, they often struggle to find affordable financing to expand or improve their services. Fortunately, the Small Business Administration (SBA) 504 loan program provides an affordable way to obtain funding for building …
LAKE OSWEGO, Ore. — CBRE National Senior Housing has arranged a refinancing for The Springs at Lake Oswego, a 216-unit independent living, assisted living and memory care community in Lake Oswego. The borrower is a joint venture between Harrison Street and The Springs Living. Aron Will, Austin Sacco and Tim Root arranged the non-recourse, four-year, floating-rate loan with three years of interest-only payments through a national bank CBRE previously arranged construction financing for the community in 2017. The amount was not disclosed. The community opened in 2019 in a highly …
CHARLESTON, S.C. — Berkadia Seniors Housing & Healthcare has arranged $47 million in financing for five skilled nursing facilities across the country. Jay Healy secured the financing on behalf of multiple borrowers. In the first loan, Berkadia arranged the HUD refinancing of a 40-bed, Medicare-only skilled nursing facility in Sacramento. The $14.5 million, 48 percent loan-to-value financing retired the construction debt and covered transaction costs for the California-based client. The facility was constructed in June 2018, but did not receive its Medicare certification until August 2019. Occupancy at the time …
MESA, Ariz. — Cushman & Wakefield, as exclusive advisor to EverWest Real Estate Investors, Ryan Cos. US Inc. and Cadence Living, has arranged the acquisition and recapitalization of Acoya Mesa, a Class A seniors housing community in the Mesa suburb of Phoenix. The property was purchased for $46.3 million by a global real estate investment manager that will retain Ryan and Cadence Living to continue operating the community. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Aaron Rosenzweig, Dan Baker and Jack Griffin represented the seller and procured the buyer. The …
BALTIMORE — In an expansion of its current leadership team, Baltimore-based M&T Realty Capital Corp. has promoted Michael Edelman, previously group vice president, to president of the organization. In this new role, Edelman will report directly to CEO Michael Berman. He will be responsible for external customer and capital relationships, including continuing his previous work leading the organization’s relationships with Fannie Mae and Freddie Mac. Edelman, a six-year veteran of M&T, will also focus on growing the FHA and life co-placement platforms as well as enhancing M&T Realty Capital Corp.’s …
HONOLULU — Ziegler has arranged a bridge loan placement totaling $52 million for Kalakaua Gardens, a continuing care retirement community in Honolulu. The property features 164 units of independent living, assisted living, memory care and skilled nursing. The borrower is Island Paradise Investments (IPI). IPI opened Kalakaua Gardens in late 2016. The community is situated at the gateway to Waikiki within the lively Ala Moana enclave and in close proximity to several hospitals and medical clinics. The community was built for ohana-style living, where residents are encouraged to live and …
MICHIGAN — Northland Networks, a debt placement agent that finances senior living projects through a network of community banks, has arranged financing for a portfolio of three skilled nursing facilities in Southeast Michigan. The communities total 250 beds, which the loan represents a 65 percent loan-to-value ratio. “Community banks across the country are sitting on record sums of cash with nowhere to put it,” says Seth Kahn, managing director of Northland Networks. “Participating in senior living loans is an attractive option for many of these banks who, in the past, …