MASSACHUSETTS — Capital Funding Group (CFG) has provided a $17.3 million in bridge-to-HUD financing for the acquisition of three skilled nursing facilities in Massachusetts. The facilities support 322 beds. The buyer, seller, price and names/locations of the properties were not disclosed. Craig Casagrande and Catherine Mansel originated the transaction for CFG.
FORT MYERS, Fla. — Ziegler has arranged $150 million in bond financing for Shell Point Retirement Community, a nonprofit, faith-based continuing care retirement community (CCRC) in Fort Myers. Shell Point currently consists of 1,334 independent living units, 356 assisted living units and 180 skilled nursing beds located in seven distinctive neighborhoods: The Island, Palm Acres, The Woodlands, Eagles Preserve, The Enclave, The Estuary and Waterside. The property features a wide array of home styles, resort amenities and services. The community is located on 700 acres along the Caloosahatchee River. Shell …
Freddie Mac is in the midst of a transaction rally, while Fannie Mae endures a wave of delinquencies fueled by troubled seniors housing loans. By Jeff Shaw Freddie Mac and Fannie Mae — collectively known as the government-sponsored enterprises (GSEs) — have been on divergent paths in recent years when it comes to lending in the seniors housing sector. The two agencies posted similar deal volumes in 2019 before the onset of the COVID-19 pandemic, with both closing over $3 billion in loans that year. While loan closings fell during …
FREMONT and SAN JOSE, Calif. — Lument has provided $38.8 million in Freddie Mac refinancing loans for Carlton Senior Living, one of Northern California’s largest senior living providers with 11 independent living, assisted living, and memory care communities in operation. The loans are spread across two separate properties — $13.5 million to refinance a 123-unit senior living property in Fremont and $25.3 million to refinance a 126-unit senior living property in San Jose. Both loans feature a fixed interest rate, 10-year term and 30-year amortization. One loan also provides funds …
MassDevelopment Provides $22.2M Bond Financing for Affordable Community in Foxborough, Massachusetts
FOXBOROUGH, Mass. — MassDevelopment has issued a $22.2 million tax-exempt bond on behalf of Walnut Street Phase One 4 LLC to build 80 units of affordable seniors housing at 51 Walnut Street in the Boston suburb of Foxborough. The developer is a joint venture that includes Affordable Housing and Services Collaborative Inc., Peabody Properties Inc. and The Onyx Group. The site, previously owned by the Commonwealth of Massachusetts, was turned over to the Foxborough Housing Authority in 2017. These units represent the first step in a multi-phase project that will …
ST. LOUIS — Midwest Christian Villages, a St. Louis-based operator of Christian Horizons-branded seniors housing communities, has filed for reorganization under Chapter 11 bankruptcy. The company operates 12 communities in Illinois, Indiana, Missouri and Iowa. The nonprofit, faith-based organization owns and operates a portfolio of seven life plan communities and five standalone communities offering a mix of independent, assisted and supportive living; memory care; skilled nursing; and short-term rehabilitation. Chapter 11 bankruptcies in long-term care and healthcare reached a multi-year high in the first quarter, according to the Polsinelli-TrBK Distress …
DELAWARE — Capital Funding Group (CFG) has provided a $23.6 million bridge-to-HUD loan, which supported the refinancing of an existing bridge loan executed by CFG. The deal supported a 169-bed skilled nursing facility in Delaware. Andrew Jones originated the transaction for the CFG. Further details on the property and borrower were not disclosed.
CHAPEL HILL, N.C. — Ziegler has arranged $76.2 million in bond financing for Carolina Meadows, a continuing care retirement community (CCRC) in Chapel Hill, part of the Raleigh-Durham metro area. Carolina Meadows was formed in 1983 to develop, own and manage the community. The property features 476 independent living units, 78 assisted living units (95 beds in operation) and 78 skilled nursing units (86 beds in operation). This ranks Carolina Meadows as the 20th largest nonprofit, single-site CCRC in the country, according to the 2023 LeadingAge-Ziegler 200. Carolina Meadows plans to …
RICHMOND, Va. — BWE has arranged a $47 million loan to refinance Discovery Village at the West End, a 219-unit, Class A independent living, assisted living and memory care community in Richmond. Ryan Stoll and Taylor Mokris arranged the financing on behalf of a large private equity investor. Mesa West Capital provided the funds. Discovery Village at the West End comprises a 124-unit independent living building and a 95-unit assisted living and memory care building. The property is located on 37 acres and was built between 2011 and 2015 Discovery Senior …
STAFFORD, Texas — Hunt Capital Partners has arranged $13.2 million in Low-Income Housing Tax Credit financing for the construction of Oak Lofts Crossing for Seniors, a 60-unit affordable seniors housing community in the Houston suburb of Stafford. Oaklake Community Housing Development Corp. (OCHDC) is the borrower. Comprised of a four-story, elevator-serviced, mid-rise building, the development will offer a mix of one- and two-bedroom affordable homes for those who earn up to 30 percent, 50 percent and 60 percent of the area median income (AMI). Oak Lofts Crossing provides a much-needed …