PENNSYLVANIA — VIUM Capital has provided a $14.3 million bridge-to-HUD loan for a 144-unit independent living, assisted living and memory care community in Pennsylvania. The transaction refinances the recapitalizes the asset for a future repositioning to change the unit mix. Further details were not disclosed.
OHIO — VIUM has provided a $20 million bridge-to-HUD loan for a 120-bed skilled nursing facility in Ohio. The borrower acquired the property in August 2021. Seeking higher leverage on the community, the transaction increases the debt load from $9 million. Further details were not disclosed.
Cushman & Wakefield Arranges Equity, Construction Debt for $70M Avenida Folsom Project in California
FOLSOM, Calif. — Cushman & Wakefield has arranged $70 million in a joint venture equity and construction financing for Avenida Folsom in the Sacramento suburb of Folsom. Avenida Partners is leading the development of the active adult community. Blue Mountain Enterprises provided general partner equity, and Argosy Real Estate Partners provided limited partner equity. Comerica Bank provided the construction loan. The property will rise four stories and feature 154 units in an affluent neighborhood in Folsom. The site is adjacent to The Palladio, an open-air lifestyle shopping and entertainment center …
PLANO, Texas — Ziegler has arranged $197.7 million in bond financing for the Outlook at Windhaven Forefront Living, a seniors housing community in Plano. The property is currently in the development process. Designs call for 153 independent living apartments, 30 independent living cottages, 32 assisted living units and 24 memory care units. The proceeds will be used to refinance the cost of acquiring, developing and constructing the retirement community. The borrower is Forefront Living, formerly known as Presbyterian Communities and Services. The financing comprises $109.5 million of tax-exempt bonds, $88.2 …
SAN CLEMENTE, Calif. — CareTrust REIT Inc. (NYSE: CTRE), a San Clemente-based owner, has extended a $22.3 million secured loan in connection with the acquisition of a five-asset skilled nursing portfolio in California. The portfolio includes approximately 600 skilled nursing beds. The names and locations were not disclosed. The loan carries a three-year maturity with two one-year extensions and an annual SOFR-based interest rate with a minimum floor of approximately 8.5 percent. “On the heels of our recent loan funding in the Mid-Atlantic last month, we are excited to support …
PERU, Ill. — Associated Bank has provided $6 million in financing for construction of the Diamond Senior Apartments, a seniors housing community in Peru, located along the Illinois River approximately midway between Chicago and the Iowa border. The borrower is 3 Diamond Development. The project includes 56 units in 10 single-story residential buildings. All units are restricted to low-income seniors age 55 and older. Twelve of the units will be restricted to households earning less than 30 percent of the area median income (AMI), and the remaining 44 units will …
By Matt Valley The pandemic raised the profile of the active adult sector, which anecdotally experienced healthy rent growth and stable occupancy during the health crisis due to “sticky tenants” who tend to stay anywhere from three to seven years. What’s more, the sector hasn’t had to contend with the workforce challenges facing the more operationally intensive skilled nursing and private-pay seniors housing segments. Despite that positive storyline, arranging financing for active adult properties remains a tall order, said Ari Adlerstein, senior managing director at Meridian Capital Group and head …
What impact is inflation having on seniors housing and how are operators and owners adjusting? Give residents more options By Chuck Hastings Chief Financial Officer Juniper Communities With wages, food, utilities and other costs still rising, we at Juniper have been adding new price options for residents, and new ways of paying for them, to ease the pain for our customers. We’re also thinking about focusing price increases on level of care. With all that said, it seems the odds of a recession this year are rising, so we need …
QUEEN CREEK, Ariz. — JLL Capital Markets has provided a $10.6 million refinancing for Countryside Living in Queen Creek, approximately 35 miles southeast of downtown Phoenix. Opened in 2020, the property features 40 units and 42 beds of assisted living and memory care on 2.5 acres. The one- and two-bedroom units range from 344 to 515 square feet. The property is just a few miles from Banner Ironwood Medical Center, The Links Queen Creek Golf Course and Ocotillo Trails Marketplace. The 75-plus population within a five-mile radius of the community …
SAN FRANCISCO — BRIDGE Housing has received a $19.4 million refinancing for Magnolia Plaza Senior Apartments, a 125-unit affordable seniors housing community in San Francisco. CPC Mortgage Co. provided the Freddie Mac Targeted Affordable Housing loan. Built in 1988, the property is age restricted to seniors age 62 and over. While there is a current requirement that 63 units be restricted to residents with incomes at or below 80 percent of area median income (AMI), BRIDGE has restricted 84 of the units and plans to increase this number going forward. …