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Active AdultCaliforniaDevelopmentFinanceNews

CBRE Arranges $42M Construction Financing for LGBTQ-Focused Community in Palm Springs, California

by Jeff Shaw

PALM SPRINGS, Calif. — CBRE Senior Housing has arranged $42 million in construction financing for Living Out Palm Springs, a luxury active adult community that will cater primarily to LGBTQ residents. Aron Will, Austin Sacco and Tim Root of CBRE Senior Housing arranged the financing on behalf of a joint venture between KOAR International Inc. and a group of high-net-worth investors. The loan is a non-recourse, four-year loan with full-term interest-only payments and an extension option. A national bank provided the funds. The nine-acre site is located at the northwest …

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CCRCFinanceNewsVirginia

Ziegler Arranges $71.3M Bond Financing for Williamsburg Landing CCRC in Virginia

by Jeff Shaw

WILLIAMSBURG, Va. — Ziegler has arranged $71.3 million in bond financing for Williamsburg Landing, a continuing care retirement community (CCRC) in Williamsburg. Williamsburg Landing is located on 138.6 wooded acres and was founded in 1982. Since opening its doors, the community has grown to include 317 independent living apartments, 72 assisted living units, 24 memory care units and 73 health and rehabilitation units. Over the years, Williamsburg Landing has borrowed for its capital needs with direct bank bonds, resulting in a complex capital structure with 14 separate obligations provided by …

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CCRCDevelopmentFinanceNewsVirginia

Walker & Dunlop Arranges $300M Construction Loan for The Mather in Tysons, Virginia

by Jeff Shaw

TYSONS, Va. — Walker & Dunlop, Inc. has arranged $300 million in construction financing for The Mather, a high-rise continuing care retirement community in the Washington, D.C. suburb of Tysons. A 50/50 partnership between Mather and Westminster Capital is developing the building. The project was announced in 2017, the land acquisition was completed in 2019 and pre-sales began this past summer. The transit-oriented project will comprise two buildings with 300 independent living apartments, 16 assisted living apartments, 20 memory support suites and 42 private nursing suites that will be built …

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FinanceNews

Dwight Capital Provides $171.7M in Seniors Housing Financings in Third Quarter

by Jeff Shaw

NEW YORK CITY — Dwight Capital has provided $171.7 million in seniors housing and healthcare financings during the third quarter of 2021. In highlights from the transactions, the company funded a $23.3 million bridge loan for the acquisition of Lackawanna Health and Rehabilitation Center, a 272-bed skilled nursing facility in Peckville, Pennsylvania. Additionally, Adam Offman originated a $22.2 million bridge refinancing for a portfolio of three skilled nursing facilitiies located across Wisconsin: Edenbrook of Oshkosh, Edenbrook of Wisconsin Rapids and Edenbrook of Edina. Together, the facilities comprise 285 beds across …

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DevelopmentFinanceNewsWisconsin

Ziegler Arranges $38.7M Financing for Construction of Stair Crest in Muskego, Wisconsin

by Jeff Shaw

MUSKEGO, Wis. — Ziegler has arranged $38.7 million in bond financing for PHW Muskego, an affiliate of Presbyterian Homes and Services. The funds will be used for the construction of a new senior living community, Stair Crest  in Muskego, approximately 16 miles southwest of downtown Milwaukee. The bonds are non-rated, tax-exempt, fixed-rate serial and term bonds with a 40-year maturity. The community will feature 80 independent living apartments, 40 assisted living apartments (20 of which are designated for memory care) and a town center. Upon construction completion, the borrower expects …

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FinanceNews

Hudson Realty Capital Arranges $37.8M Bridge Loan for Two Senior Living Properties

by Jeff Shaw

LAKE WORTH, Fla., and TULSA, Okla. — Hudson Realty Capital has originated two bridge loans totaling $37.8 million secured by two senior living and memory care properties located in Lake Worth and Tulsa. The deal comes on the heels of the company’s hire of Ashley Wilkens as its director, deputy chief underwriter, who brings more than a decade of experience in the capital markets, senior living and healthcare industries. The proceeds from Hudson’s financings for the sponsor, Columbia Pacific Advisors, will be used to refinance the existing debt for The …

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FinanceNews

Berkadia Provides $20.6M HUD Financing for Two Communities

by Jeff Shaw

FLATHEAD COUNTY, Mont., and DALLAS — Berkadia Seniors Housing & Healthcare has provided $20.6 million in HUD financing across two transactions. The first transaction was an $11.2 million HUD loan for an affordable assisted living community in Dallas. Jay Healy arranged the financing via the 232/223(f) program for a Texas-based, nonprofit borrower. The loan retired both the construction and mezzanine debt tied to the project. At the time of underwriting, occupancy hovered around 90 percent. The 128-unit assisted living community was constructed in 2015 in partnership with the Dallas Housing …

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CCRCDevelopmentFinanceGeorgiaNews

Ziegler Arranges $170.6M in Bond Financing for Canterbury Court in Atlanta

by Jeff Shaw

ATLANTA — Ziegler has arranged a total of $170.6 million in bond financing for Canterbury Court, a continuing care retirement community (CCRC) in Atlanta’s upscale Buckhead neighborhood. Canterbury Court was founded in the early 1960s by the All Saints Episcopal Church and St. Luke’s Episcopal Church. The community currently features 187 independent living apartments, 18 personal care apartments and 42 nursing care beds. Proceeds from the bonds will be used to implement a phased expansion and renovation project at the community. The first phase includes replacing the existing healthcare facilities …

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Affordable HousingFinanceNew JerseyNews

Berkadia Provides $26M Loan for Refinancing of Affordable Seniors Housing Property in Union City, New Jersey

by Jeff Shaw

UNION CITY, N.J. — Berkadia has provided a $26 million permanent loan for the refinancing of an affordable seniors housing property in the Northern New Jersey community of Union City. Bella Vista Senior Apartments consists of 231 Section 8 housing units in a 24-story building. Laura Smith of Berkadia originated the 35-year loan through HUD’s 223(f) program on behalf of the borrower, Orlando Partners LLC.

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AcquisitionsAffordable HousingFinanceKeyBankNewsNorth Carolina

KeyBank Provides $6.5M Loan for Cotton Street Commons Affordable Community in Monroe, North Carolina

by Jeff Shaw

MONROE, N.C. — KeyBank Community Development Lending and Investment (CDLI) has provided $6.5 million of capital for an affiliate of National Church Residences (NCR). The funds will be used to rehabilitate Cotton Street Commons an affordable senior housing property in Monroe, N.C. Cotton Street Commons is a 72-unit pet-friendly property, originally constructed in 1978, serving households with incomes between 30 percent and 60 percent of area median household income. Its 18 single-story buildings contain 64 one-bedroom and eight two-bedroom units and include accessible units. The $6.5 million construction loan, convertible …

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