Finance

FinanceNewsWashington

JLL Capital Markets Arranges $29.6M Refinancing for Mirror Lake Village Seniors Housing Community Near Seattle

by Jeff Shaw

FEDERAL WAY, Wash. — JLL Capital Markets has arranged a $29.6 million refinancing for Mirror Lake Village, a Class A seniors housing community situated on three acres at 3100 9th Place in SW in Federal Way. Mirror Lake Village features 30 assisted living units, 66 memory care units and 18 independent living cottages averaging 378 square feet. The community also features an outdoor courtyard with covered patio, common dining room, commercial kitchen, hair salon, theater, library and exercise room. Alanna Ellis of JLL Capital Markets represented the borrower, Mirror Lake …

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FinanceMichiganNewsOhioSkilled NursingWisconsin

Lument Provides $87M in HUD-Insured Loans for Refinancing of Midwest Skilled Nursing Portfolio

by Jeff Shaw

OHIO, MICHIGAN and WISCONSIN — Lument has provided $87 million in HUD 232/223(f) loans for the refinancing of a portfolio of nine skilled nursing facilities located in Ohio, Michigan and Wisconsin.  The properties total 691 beds. The operator, Atrium Centers Inc., provides short-term, post-acute rehabilitation and long-term nursing care. Each of the nine loans features a fixed interest rate.  HUD 232/223(f) loans allow for the purchase or refinancing of nursing homes and assisted living facilities.

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CCRCDevelopmentFinanceIndependent LivingNewsVirginia

Ziegler Arranges $71M Bond Financing for Shenandoah Valley Westminster-Canterbury in Winchester, Virginia

by Jeff Shaw

WINCHESTER, Va. — Ziegler has arranged $71 million in bond financing for Shenandoah Valley Westminster-Canterbury (SVWC), a continuing care retirement community (CCRC) in Winchester, approximately 75 miles west of Washington, D.C. SVWC was founded in 1982 and provides housing, healthcare and other services to nearly 400 residents on its 87-acre campus through the operation of 218 independent living units (164 apartments and 54 cottages), 48 assisted living units, 12 memory care units and 51 skilled nursing beds. SVWC is completing an independent living unit expansion project known as the Hackwoods, …

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Assisted LivingFinanceNew YorkNews

Greystone Provides $7M in Bridge Financing for Assisted Living Community in Wellsville, New York

by Jeff Shaw

WELLSVILLE, N.Y. — Greystone has provided a $7 million bridge loan to refinance acquisition debt for a 137-bed assisted living facility in Wellsville. Willow Ridge Senior Living LLC, led by principals Michael and Cayelan Morris, acquired the Allegany County facility in August 2021. Formerly known as Manor Hills, the property also includes 22 memory care beds in a separate wing. Greystone intends to pursue HUD-insured financing as a long-term permanent exit of the bridge financing. This nonrecourse, interest-only bridge loan includes an initial 24-month term with two six-month extensions.

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Assisted LivingConnecticutFinanceNews

Cushman & Wakefield Arranges Refinancing for The Residence at Summer Street in Stamford, Connecticut

by Jeff Shaw

STAMFORD, Conn. — Cushman & Wakefield has arranged the refinancing of The Residence at Summer Street, a newly developed assisted living community in Stamford. The borrowers are Virtus and LCB Senior Living LLC. The amount of the financing was not disclosed. Cushman & Wakefield’s Richard Swartz, Jay Wagner, Jim Dooley and Joseph Carbone represented the borrowers in the transaction. VIUM Capital and its affiliate Merchants Bank of Indiana provided the funds. LCB, a senior living operator and developer in New England and the Mid-Atlantic, completed the community in 2018 with …

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Assisted LivingCaliforniaFinanceNews

Meridian Capital Group Arranges $40M Financing for Varenita of Simi Valley in California

by Jeff Shaw

SIMI VALLEY, Calif. — Meridian Capital Group has arranged a $40 million loan to refinance Varenita of Simi Valley, an assisted living and memory care facility in Simi Valley.  The borrower is Griffin Living, which opened the property in April. Proceeds from the transaction repaid an existing construction loan and provided a return of capital to the owners while the community was still in lease-up. A finance company provided the funds. Meridian’s Ari Adlerstein, Josh Simpson and Jesse Rauch negotiated the transaction. Varenita of Simi Valley comprises 75 assisted living …

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AcquisitionsFinanceMinnesotaNews

Cushman & Wakefield Secures $16.5M Acquisition Financing for The Waters of Highland Park in St. Paul, Minnesota

by Jeff Shaw

ST. PAUL, Minn. — Cushman & Wakefield has arranged $16.5 million in financing for a joint venture between The Waters Senior Living and an institutional capital partner. The acquisition loan is for the purchase of The Waters of Highland Park, an 84-unit independent living, assisted living and memory care community in the Highland Park neighborhood of St. Paul. Cushman & Wakefield’s Rick Swartz, Jay Wagner, Sam Dylag and Bailey Nygard represented the borrower in the transaction. “We originally developed the community and have managed it since opening but we are …

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Morgin Morris Seniors Housing Interest Rates
Content PartnersFeaturesFinanceIndustry ContentInvestmentKeyBank

Higher Capital Costs are Latest Jolt to Seniors Housing Sector

by Sarah Daniels

As if seniors housing developers and operators did not have enough difficulties rebounding from the pandemic, what with constrained occupancy, elevated expenses and staffing shortages plaguing the sector, they are now navigating an environment where the rising cost of capital is limiting their financial flexibility. While the 10-Year Treasury yield has retraded about 50 basis points from its recent peak of nearly 3.5 percent in mid-June, it is still twice as high as it was at the beginning of the year. Likewise, the secured overnight financing rate (SOFR) has shot …

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ArizonaCCRCFinanceNews

BMO Harris Closes $145M Term Facility for LCS, Westminster Capital

by Jeff Shaw

PHOENIX — BMO Harris Bank’s Healthcare Real Estate Finance group has closed on a $145 million, two-bank term facility for LCS and Westminster Capital. The borrowers will use the funds to recapitalize Sagewood, a continuing care retirement community in Phoenix. The property features 417 independent living, 44 assisted living, 28 memory care and 78 skilled nursing units.

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FinanceNewsOhio

JLL Arranges $73.6M Refinancing for Two Communities Near Cleveland

by Jeff Shaw

NORTH OLMSTEAD and NORTH ROYALTON, Ohio — JLL Capital Markets has arranged a $73.6 million refinancing for two newly built seniors housing communities totaling 328 units in the Cleveland suburbs of North Olmsted and North Royalton. The properties include Vitalia North Olmsted, totaling 160 units, and Vitalia North Royalton, which offers 168 units. Both properties offer independent living, assisted living and memory care units. JLL worked on behalf of the borrower, Omni Smart Living, to secure the three-year, floating-rate loan through a national debt fund. Joel Mendes and Billy Lichtenstein …

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