BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has announced an expansion from long-term care into the multifamily and seniors housing sectors. To help run the new divisions, CFG has promoted Erik Howard to executive managing director of business development and marketing. During his 17-year career at CFG, Howard has been involved with the financing of more than $7 billion of healthcare and multifamily assets. With the move into seniors housing and apartments, Howard and CFG expect that amount to double in the next three years. Along with the …
LITITZ, Pa. — HJ Sims has arranged $25 million in financing for Landis Place on King (LPK) and $53 million for Landis Homes Retirement Community (LHRC), which operates a continuing care retirement community in Lititz, approximately midway between Philadelphia and Harrisburg. Landis Communities operates a home and community services subsidiary, Landis HCBS, and a middle-market housing subsidiary, Landis Quality Living. As of 2021, LHRC serves 850 residents on its campus with residential living (cottages, apartments, hybrid homes and suites), personal care, skilled nursing and memory support services. The first loan …
TEMPE, Ariz. — Ziegler has arranged $104.1 million in bond financing to fund an expansion project at Friendship Village of Tempe, a continuing care retirement community in Tempe. The property currently features a 554-unit retirement center including garden homes and apartments, a 67-unit assisted living building, 24 memory care beds, a 128-bed skilled nursing center and a 14-bed hospice unit. The expansion, which is Phase II of the campus master plan, will add a five-story building that replaces a former 60-unit apartment building with 64 entrance-fee apartments and a new …
TRAVERSE CITY, Mich. — CBRE Senior Housing has arranged $20.8 million in financing for Cordia at Grand Traverse Commons, a 110-unit independent living and assisted living community in Traverse City. The community is located within the Village at Grand Traverse Commons, one of the largest historic preservation and adaptive reuse developments in the country. Initially built in 1883 as an asylum, a local company began redeveloping the campus into a mixed-use neighborhood development in 2003. Cordia Senior Living and Cypress Partners re-purposed and converted the last section of the campus …
PLEASANTON, Calif. — Ziegler has arranged $120 million in tax-exempt bond financing for HumanGood, a nonprofit owner-operator based in Pleasanton. HumanGood was formed with the merger of American Baptist Homes of the West and be.group in 2017. The company owns and operates 14 continuing care retirement communities (CCRCs throughout California, totaling 2,188 residential living apartments, 477 assisted living apartments, 161 memory support suites and 656 skilled nursing beds. The bonds will be used to fund capital projects and renovations at 13 of its 14 campuses. Projects will include upgrades to …
GLEN ALLEN, Va. — HJ Sims has arranged $93.4 million in financing for LifeSpire of Virginia, a continuing care retirement owner-operator based in Glen Allen. LifeSpire currently owns and operates four life plan communities in Virginia: The Chesapeake, The Culpeper, The Glebe and Lakewood. The financing provided funds for the acquisition The Summit in Lynchburg, for capital projects Lakewood and The Culpeper, and to refinance existing bank debt with permanent bond debt. The seller in the Summit transaction is Centra Health System. The $30.3 millionsale also includes adjacent developable land …
TACOMA, Wash. — Ziegler has arranged $91.9 million in bond financing, issued through the Washington State Housing Finance Commission, for an expansion project at Eliseo, a continuing care retirement community in Tacoma. Eliseo, formerly known as Tacoma Lutheran Retirement Community, is a nonprofit corporation established in 1975 to develop, own and operate senior living facilities. Eliseo comprises 53 independent living apartments, 88 condo-style independent living units, 41 licensed assisted living beds, 14 memory care units and 187 skilled nursing beds. The expansion project will add 91 new independent living units …
WADSWORTH, Ill. — Live Oak Bank has provided a $5 million SBA 7a construction loan with a $3.4 million conventional pari-passu loan for Lotus Senior Living. The funds will be used for the conversion of an existing hotel into a 74-unit assisted living and memory care facility. Located in Wadsworth near the Wisconsin border, and originally built in 1999 as an extended stay hotel, the three-story building consists of 60,066 square feet situated on 1.4 acres overlooking a golf course. Ashbury Healthcare, a regional operator with a current portfolio of …
NEW YORK CITY — Bellwether Enterprise Real Estate Capital LLC, the commercial and multifamily mortgage banking subsidiary of Enterprise Community Investment Inc., has hired Kim Huffstutler as senior vice president of seniors housing and care. Huffstutler will be responsible for executing debt and equity placements for the New York-based company’s National Seniors Housing Group, including bank and debt fund executions, Fannie Mae, Freddie Mac, Life Insurance and HUD loans. She will be based in the Mobile, Alabama, office. Huffstutler brings 12 years of commercial mortgage banking experience. Before joining Bellwether …
Seniors housing owners struggling with low occupancy and maturing debt have found themselves in a state of financing limbo. Preferred lenders that cater to the industry, including FHA/HUD, Fannie Mae and Freddie Mac, won’t consider providing a mortgage to properties that are not stabilized. Operators need time to remedy the problem amid COVID-19’s detrimental influence on resident recruitment and other operations. The situation is particularly challenging for developers who have recently completed projects but are experiencing longer-than-anticipated lease-up periods and may not have qualified for any federal aid programs. What’s …