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FinanceNewsTexas

JLL Arranges $37.5M Refinancing for Hidden Springs of McKinney in Texas

by Jeff Shaw

MCKINNEY, Texas — JLL Capital Markets has arranged a $37.5 million refinancing for Hidden Springs of McKinney, a 194-unit independent living, assisted living and memory care community in McKinney, a growing submarket in the Dallas-Fort Worth area. The borrower was a joint venture between CREC Real Estate and Madison Marquette. A life insurance company provided the non-recourse, fixed-rate loan, which features a five-year term with extension options. Completed in 2020, Hidden Springs of McKinney is approximately 30 miles northwest of Dallas anf 15 miles west of Frisco. Joel Mendes and …

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FinanceFloridaIndependent LivingNews

CBRE Arranges $37.2M Refinancing for Starling at Nocatee in Ponte Vedra, Florida

by Jeff Shaw

PONTE VEDRA, Fla. — CBRE has arranged a $37.2 million cash-out refinancing for Starling at Nocatee, a 140-unit independent living community in Ponte Vedra, a coastal suburb of Jacksonville. The community was built in 2019 and sits on a 6.5-acre site in the heart of Nocatee, a 15,000-acre master planned. The location is within walking distance of the Nocatee Town Center and directly across from the Splash Water Park, Nocatee’s signature amenity. CBRE originated a seven-year, floating-rate loan with three years of interest-only payments through its Freddie Mac OPTIGO lending …

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FinanceNewsOperationsTexas

Edgemere Dallas, Lifespace Communities Enter Forbearance Agreement

by Jeff Shaw

DALLAS — Continuing care retirement community Edgemere Dallas and its owner-operator Lifespace Communities have entered into a forbearance agreement with UMB Bank as lender and Intercity Investment Properties as lessee. The forbearance is intended to provide the time necessary to proceed with ongoing discussions towards a consensual agreement among the parties designed to strengthen the community’s financial position for the long term and achieve a more sustainable future, according to Lifespace. During the forbearance period, the parties agree to work cooperatively to reach a consensual resolution of the bonds and …

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AcquisitionsAssisted LivingFinanceFloridaNews

Thorofare Capital Provides $15.4M Acquisition Financing for 100-Unit Community in Palm Beach, Florida

by Jeff Shaw

PALM BEACH, Fla. — Thorofare Capital has funded a $15.4 million loan for the acquisition of Tequesta Terrace, an assisted living and memory care community in Palm Beach. Built in 2001, the asset features 100 units. The borrower is Alta Senior Living, a regional owner-operator. The seller was a New England-based owner-operator looking to exit its sole Florida asset. Blueprint Healthcare Real Estate Advisors brokered the transaction. The financing represents a 65 percent loan-to-value ratio and 48-month term with extension options. The transaction features future funding for capital expenditures.

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FinanceNewsWashington

Blueprint Arranges Refinancing of 160-Bed Portfolio in Washington State

by Jeff Shaw

KENNEWICK, Wash. — Blueprint Healthcare Real Estate Advisors has negotiated the cash-out refinancing for a pair of Green Lake Senior Living Communities, located in the tri-cities area of Washington State. The two communities totaling approximately 160 beds were purchased during COVID as value-add communities from a pair of national operators looking to transition away from operating older, Class C communities. Green Lake Senior Living, a Washington-based owner-operator already in this market, was able to quickly and drastically improve performance through hands-on management and presence at the communities, in conjunction with …

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ArizonaFinanceNews

CIT Arranges $34M Financing for Enclave at Chandler in Arizona

by Jeff Shaw

CHANDLER, Ariz. — CIT Group Inc. (NYSE: CIT), through its Healthcare Finance business, served as sole lead arranger of $34 million to refinance the Enclave at Chandler. Opened in 2018 in the Phoenix suburb of Chandler, the community features 89 independent living, 49 assisted living and 24 memory care units. The borrower is Spectrum Retirement Communities. “Demand is strong for senior housing facilities like the Enclave at Chandler that serve a range of needs,” says William Douglass, managing director and group head for CIT’s Healthcare Finance business.

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CCRCFinanceNewsOhio

Ziegler Arranges $40.1M Bond Financing for Ohio Living

by Jeff Shaw

WESTERVILLE, Ohio — Ziegler has arranged $40.1 million in bond financing for Ohio Living, a Westerville-based owner-operator. Ohio Living owns and operates 12 senior living communities located throughout the state of Ohio, nine of which are full-service continuing care retirement communities. Proceeds of the bonds will be used to refinance a previous bond issue from 2013. In order to lock in attractive interest rates, the new bonds were priced on Oct. 13 with a six-month forward delivery for a planned closing on April 6, 2022. As a result of locking …

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FinanceNewsOhio

Ziegler Arranges $24.5M Bond Financing for Otterbein SeniorLife

by Jeff Shaw

LEBANON, Ohio — Ziegler has arranged $24.5 million in bond financing for Otterbein SeniorLife, a nonprofit operator based in the Cincinnati suburb of Lebanon. The borrower’s portfolio totals 1,440 independent living units, 489 assisted living units and 1,020 skilled nursing units across nine SeniorLife communities and nine Neighborhood-branded skilled nursing communities. The bonds were issued through the State of Ohio, acting by and through the Ohio Higher Educational Facility Commission. In addition to these bonds, Ziegler also priced $20.5 million of tax-exempt, forward-delivery bonds that are scheduled to close on …

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CaliforniaColoradoFinanceIowaNews

Monticello Provides $89M Refinancing for 1,188-Bed Portfolio in California, Colorado, Iowa

by Jeff Shaw

NEW YORK CITY — Monticello and its affiliates have provided $89 million in first-lien debt financing for the refinancing of 10 skilled nursing facilities and one assisted living facility. Totaling 1,188 beds, the portfolio is located in California, Colorado and Iowa. Further details were not disclosed.

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CCRCFinanceNewsNorth Carolina

Ziegler Arranges $130.8M Financing for United Methodist Retirement Homes

by Jeff Shaw

DURHAM, N.C. — Ziegler has arranged $130.8 million in bond financing for United Methodist Retirement Homes (UMRH). Based in Durham, UMRH operates three communities in North Carolina: Croasdaile Village in Durham, Cypress Glen in Greenville and Wesley Pines in Lumberton. The portfolio totals nearly 1,000 units. The bonds comprise both public, fixed-rate bonds and direct bank-held bonds that enable UMRH to lock in cash flow savings while borrowing $32.6 million of new money capital with its maximum annual debt service unchanged. In addition, the financing will fund a 54-unit independent …

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