NEW YORK CITY — Monticello and its affiliates have provided $89 million in first-lien debt financing for the refinancing of 10 skilled nursing facilities and one assisted living facility. Totaling 1,188 beds, the portfolio is located in California, Colorado and Iowa. Further details were not disclosed.
DURHAM, N.C. — Ziegler has arranged $130.8 million in bond financing for United Methodist Retirement Homes (UMRH). Based in Durham, UMRH operates three communities in North Carolina: Croasdaile Village in Durham, Cypress Glen in Greenville and Wesley Pines in Lumberton. The portfolio totals nearly 1,000 units. The bonds comprise both public, fixed-rate bonds and direct bank-held bonds that enable UMRH to lock in cash flow savings while borrowing $32.6 million of new money capital with its maximum annual debt service unchanged. In addition, the financing will fund a 54-unit independent …
BETHESDA, Md. — Walker & Dunlop Inc. has arranged $43.2 million in financing for six skilled nursing facilities located across the state of Illinois. The financing included: $3.9 million for Aperion Care Bridgeport in Bridgeport. $6.9 million for Aperion Care Burbank in Burbank. $6.3 million for Aperion Care Dekalb in Dekalb. $3.6 million for Aperion Care Litchfield in Litchfield. $16.2 million for Aperion Care Wilmington in Wilmington. $6.4 million for Rock River Health Care in Rockford. Bethesda-based Walker & Dunlop’s Joshua Rosen and Brad Annis used Department of Housing and …
NEW YORK CITY — Berkadia has provided a $22.6 million HUD loan for the permanent refinancing of Scheuer House of Manhattan Beach, a 149-unit Section 8 seniors housing property in Brooklyn. The property consists of one eight-story building and two five-story buildings that were respectively constructed in 1964 and 1932. Laura Smith of Berkadia originated the loan through HUD’s 223(f) program. The borrower, New York-based nonprofit JASA, will use a portion of the proceeds to fund capital improvements and preserve affordability.
Deal volume of nearly $4 billion in FY 2021 helped fill void during pandemic. By Matt Valley Amid an extremely challenging operating environment for the seniors housing industry and a difficult underwriting situation for lenders due to the pandemic, one source of debt financing has stood tall. Lenders in the U.S. Department of Housing and Urban Development’s Section 232 healthcare mortgage insurance program used to finance nursing homes, assisted living and board and care facilities closed $3.94 billion in loans in fiscal year (FY) 2021, which ended Sept. 30. Total …
CELEBRATION, Fla. — JLL Capital Markets has arranged a $57.5 million refinancing for Windsor at Celebration, a 239-unit seniors housing community near Orlando in Celebration. JLL worked on behalf of the borrower, a partnership between Square Mile Capital Management and Big Rock Partners, to secure the five-year, floating-rate, non-recourse loan through a large debt fund. Built in 2018, Windsor at Celebration features 133 independent living, 73 assisted living and 33 memory care units in a mix of studio, one- and two-bedroom suites averaging 853 square feet. Joel Mendes, Chris Drew …
PLANO, Texas, and NORTH BETHESDA, Md. — NewPoint Real Estate Capital LLC, a Plano-based finance company, has acquired North Bethesda-based Housing & Healthcare Finance (HHC Finance), including its FHA multifamily and healthcare origination business and its loan servicing portfolio. With a specialized focus on healthcare and seniors housing lending, HHC Finance will augment NewPoint’s existing suite of agency lending solutions. HHC Finance founders Erik Lindenauer and Rich Lerner will join NewPoint as co-presidents of the FHA housing business unit and lead the integration of HHC Finance’s team of approximately 50 …
Where are seniors housing valuations today and what might 2022 hold for the industry? These were the most pressing topics of the “Seniors Housing Valuation: What’s Ahead for 2022?” webinar, hosted by Seniors Housing Business and sponsored by V&IG. With alternative sources of capital, a clearer look at what deals may work or not and an expectation of rebounding occupancy and construction starts, seniors housing is starting to garner investor interest across the board. What trends might the coming year bring for industry players? Part of the appeal of the asset class …
WESTLAKE VILLAGE, Calif. — LTC Properties Inc. (NYSE: LTC) has provided a $52.5 million unitranche loan for the purchase of a 13‑property seniors housing portfolio located in North and South Carolina. An existing operator partner will manage the communities. The loan provides for additional commitments of $6.1 million for capital improvements and $650,000 for working capital, for a total investment commitment of approximately $60 million.
GAINESVILLE, Ga. — JLL Capital Markets has arranged an $18.5 million refinancing for Manor Lake Gainesville, a 88-unit, recently constructed assisted living and memory care community in Gainesville, approximately 50 miles northeast of Atlanta. JLL worked on behalf of the borrower, Manor Lake Development LLC, to secure the non-recourse, floating-rate loan through a debt fund. Manor Lake Gainesville was completed in 2019. The property offers studio, one-bedroom and companion suites ranging from 421 to 558 square feet. Joel Mendes and Trent Niederberger led the JLL Capital Markets Debt Advisory team …