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Seniors Housing Owners Have an Opportunity to Build a Bridge to Stability

by Sarah Daniels

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 …

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Assisted LivingCaliforniaDevelopmentFinanceNews

Blueprint Arranges Construction Financing for Cadence Tracy in Tracy, California

by Jeff Shaw

TRACY, Calif. — Blueprint Healthcare Real Estate Advisors has arranged an undisclosed amount of construction financing for Cadence Tracy, a seniors housing development in the Bay Area city of Tracy. The borrower is a joint venture between Summit Senior Life, a Newport Beach-based developer, and Cadence Living, a Scottsdale, Arizona-based operator. The capital providers were Link Development and Medcore Partners. Cadence Tracy will sit on a 2.8-acre parcel of land and consist of 77 assisted living and 24 memory care units. The site is adjacent to Lennar at Tracy Hills, …

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Active AdultAffordable HousingAssisted LivingFinanceIndependent LivingIndustry ContentInvestmentOperationsVideosWebinars

Webinar: Seniors Housing Valuation Outlook — Fundamental Marketplace Drivers

by Sarah Daniels

  On Sept. 28, Seniors Housing Business and sponsor V&IG hosted the webinar “Seniors Housing Valuation Outlook — Fundamental Marketplace Drivers in Today’s Environment“. Seniors housing experts spoke candidly about factors like labor shortages and the spread of the Delta variant impacting seniors housing valuations and the industry’s struggle to return to pre-pandemic transaction volumes. As the year has progressed, how has the outlook changed for seniors housing professionals to take into account market trends and the activity of buyers and sellers? How are cap rates and cash flow influencing …

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AcquisitionsAssisted LivingFinanceNew JerseyNews

BHI Provides $31.1M Loan for Lionstone Care Acquisition in Southern New Jersey

by Jeff Shaw

NEW JERSEY — BHI’s Healthcare Group has provided $31.1 million to Lionstone Care for the acquisition of an assisted living and memory care facility in Southern New Jersey. The facility has 110 units and is licensed for 130 beds. “Almost completely occupied, [the facility] has historically yielded impressive results,” says Tami Antebi, head of BHI’s Healthcare Group.

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AlaskaAssisted LivingDevelopmentFinanceNews

Live Oak Funds $15M Construction Loan for 68-Unit Community in Fairbanks, Alaska

by Jeff Shaw

FAIRBANKS, Alaska — Live Oak Bank has provided a $15 million construction loan for owner-operator Frontier Partners LLC to support the development of a 68-unit assisted living community in Fairbanks. The community will consist of 50,680 square feet and will be situated on 7.8 acres. The debt was structured into two loans utilizing the SBA 504 program. The interim construction loan will be held by Live Oak Bank in the amount of $10.2 million, and the second bridge loan prior to the 504 Debenture will be in the amount of …

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Affordable HousingDevelopmentFinanceIndianaIowaNews

AHEPA Management Receives HUD Financing for Two Affordable Developments in Midwest

by Jeff Shaw

DES MOINES, Iowa, and SOUTH BEND, Ind. — AHEPA Affordable Housing Management Co. (AMC) has received two HUD Section 202 Supportive Housing for the Elderly program grant awards totaling $16.7 million to support the development of two new affordable seniors housing communities. The award for the 100-unit Des Moines project is $8.9 million. The award for the 80-unit South Bend project is $7.8 million. “The need for affordable housing, especially for very low-income seniors, is great,” says Steve Beck, AMC’s president and CEO. “Each of our existing affordable elderly housing …

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FinanceNewsWisconsin

Grandbridge Arranges $12.6M Refinancing for 100-Unit Community in Menasha, Wisconsin

by Jeff Shaw

MENASHA, Wis. — Grandbridge Real Estate Capital LLC has arranged a $12.6 million loan secured by a three-building, 100-unit, 146-bed seniors housing facility on two sites in Menasha, on the northern end of Lake Winnebago. Artin Anvar originated the permanent, fully amortizing modification loan through HUD’s FHA 232/223(f) Interest Rate Reduction (IRR) loan program. Structured with a 26.3-year term and 26.3-year amortization, the nonrecourse transaction closed with a fixed interest rate of 3.2 percent. The loan proceeds will be used to pay off an existing Grandbridge HUD loan. The borrower …

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FinanceMinnesotaNews

HJ Sims Arranges $132.4M Financing for Benedictine Health System

by Jeff Shaw

MINNEAPOLIS — HJ Sims has arranged $132.4 million in financing for Benedictine Health System, a Minneapolis-based nonprofit healthcare system providing long-term care services, congregate housing, assisted living, rehabilitation, healthcare and social services. Historically, most of Benedictine’s affiliates were financed on a standalone basis, resulting in 36 separate loans for 19 different borrowers. The various series of debt were held by eight different banks or servicers with inconsistent terms, covenants and reporting requirements. Benedictine’s board and executive leadership team sought to actualize a capital framework to ensure growth, transformation of service …

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Affordable HousingCaliforniaDevelopmentFinanceNews

Hunt Capital Partners Negotiates $5.6M LIHTC Financing for St. Stephen’s Retirement Center in San Diego

by Jeff Shaw

SAN DIEGO — Hunt Capital Partners, in collaboration with CRP Affordable Housing and Community Development LLC and its affiliate Castellan Holdings LLC, has arranged $5.6 million in Low-Income Housing Tax Credit (LIHTC) equity financing for St. Stephen’s Retirement Center. Located in San Diego, St. Stephen’s Retirement Center is the acquisition and rehabilitation of 60 affordable housing units for seniors. The development will provide a variety of supportive services. As of the closing date of May 12, 2021, this transaction was the first development in California and the fifth in the …

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FinanceNewsPeople

Berkadia Hires Simona Wilson as Director of Seniors Housing Team

by Jeff Shaw

EL SEGUNDO, Calif. — Berkadia, an El Segundo-based financial services firm, has hired Simona Wilson to its Berkadia Seniors Housing & Healthcare team as a director. She will serve on the investment sales platform helmed by Tim Cobb. Prior to joining Berkadia, Wilson founded Crescent Capital LLC, where she focused on advising seniors housing capital providers and operators on all phases of the investment cycle including capital raising, underwriting, operator identification and selection, development project oversight, asset management and portfolio strategy. Previously, Wilson spent 15 years as part of the …

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