WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC), a Westlake Village-based REIT that primarily invests in seniors housing and health care properties, has made a $36 million investment for the refinancing of debt on four assisted living communities and a land parcel. The four assisted living communities located in North Carolina have a combined total of 217 units and are operated by an existing LTC partner. The communities are newly constructed with an average age of under four years. The land parcel includes approximately 7.6 acres adjacent to one …
SPRINGFIELD, Ill. — Cambridge Realty Capital Cos. has provided a $7.4 million HUD-insured loan for the Springfield Supportive Living Center, a 127-bed assisted living facility in Springfield, Illinois. Cambridge Realty Capital Ltd. of Illinois, Cambridge’s specialists in FHA-insured HUD loans, underwrote the loan. Further details were not disclosed.
BOCA RATON, Fla. — Kayne Anderson Real Estate, the real estate investment arm of private equite firm Kayne Anderson Capital Advisors, has closed its latest at an oversubscribed level of nearly $1.9 billion. The fund, Kayne Anderson Real Estate Debt IV (KARED IV), is run through the company’s debt platform KA Real Estate Debt. The fundraise, having received strong support from a diverse group of existing and new investors, surpassed its original target of $1.5 billion. KARED IV seeks to generate risk-adjusted returns in structured real estate finance, leveraging KA …
RICHMOND, Va. — Ziegler has arranged $193.2 million in bond financing for Westminster Canterbury Richmond, a continuing care retirement community (CCRC) in Richmond. Opening in 1975 as one of the first CCRCs in Virginia, Westminster Canterbury Richmond has become one of the largest single-site campuses with 809 total units (487 independent living, 164 assisted living and 158 skilled nursing). In 2019, Westminster Canterbury Richmond announced the Vibrancy! Project, an expansion designed to enrich the community in all aspects. The project will be constructed in two major areas on the campus: …
KANSAS — Monarch Advisors has arranged $6.1 million in financing for the acquisition of two seniors housing communities in Kansas. The buyer is a long-time owner-operator in Kansas senior care. The seller, price and location details were not disclosed. A regional bank provided the funds. The three-year, floating-rate loan is structured with no financial covenants and interest-only payments for the first 18 months, converting to a 25-year amortization schedule thereafter.
NEW YORK CITY — A partnership between multifamily owner-operator Asland Capital Partners and locally based investment firm Pembroke Residential Holdings has received $100 million in financing for the development of a 154-unit affordable housing project in the Soundview neighborhood of The Bronx. Apartments will be reserved for renters age 62 and above with income levels that represent various percentages of the area median income. In addition, 30 percent of the units will be set aside for seniors who were formerly homeless. Completion of the 14-story building is scheduled for fall …
WEST ST. PAUL, Minn. — Colliers Mortgage has provided a $25.2 million HUD 223(f) loan for the refinancing of The Winslow in West St. Paul. The 172-unit affordable seniors housing community rises four stories. Units are restricted to persons age 62 and above and who earn up to 60 percent of the area median income. WSP Senior Housing I LLLP was the borrower. The fixed-rate loan is fully amortized over 35 years. Colliers Mortgage previously provided a construction loan for the property in 2018.
EVERETT, Wash. — Greystone has arranged $15 million in financing for Washington Oakes, a 152-unit seniors housing property in Everett, a northern suburb of Seattle. Tyler Armstrong of Greystone originated the transaction on behalf of Lytle Enterprises LLC. Washington Oakes features studio, one-, two- and three-bedroom units and offers independent living and assisted living services. Leisure Care LLC is the operator. A life insurance company provided the nonrecourse, fixed-rate loan, which carries a seven-year term, 30-year amortization and 60 percent loan-to-value ratio. In addition to refinancing existing debt, loan proceeds …
ARIZONA — Capital Funding Group (CFG) has provided $17.2 million in Bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The facilities, which are located in Arizona, support 232 beds. The buyer is the operator of the two communities, and is now purchasing the real estate. Tommy Dillon originated the transaction. Further details on the seller and communities were not disclosed.
LOS ANGELES — JLL Capital Markets has provided a $30.3 million loan to refinance Nantucket Creek, a 172-unit, garden-style, age-restricted apartment community in the Chatsworth neighborhood of Los Angeles. JLL worked on behalf of the borrower, Universe Holdings, to secure the 10-year, fixed-rate loan through Freddie Mac. JLL Real Estate Capital LLC will service the loan. Proceeds from the loan also provided a return of equity to Universe’s balance sheet, which the company plans to use toward future acquisitions. Nantucket Creek comprises one- and two-bedroom units ranging from 623 to …