Finance

Affordable HousingCaliforniaFinanceNews

Grandbridge Funds $30.4M Loan for Sunset at Normandie Towers Affordable Community in Los Angeles

by Jeff Shaw

LOS ANGELES —Grandbridge Real Estate Capital has provided a $30.4 million first mortgage loan secured by Sunset at Normandie Towers, a 148-unit Section 8 senior living facility in Los Angeles. Artin Anvar originated the refinancing transaction through HUD’s 223(f) loan insurance program. The loan features a 35-year term and 35-year amortization. “The owners of Sunset Normandie were able to lock a very low fixed rate for 35 years allowing for the preservation of the much-needed affordable housing in Los Angeles,” says Anvar. “As a repeat HUD borrower they were able …

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FinanceNews

BMO Harris Arranges $380M Credit Facility for 15-Property Seniors Housing Portfolio

by Jeff Shaw

CHICAGO — BMO Harris Bank’s Healthcare Real Estate Finance group acted as the lead arranger and administrative agent on a portfolio term loan refinancing facility in excess of $380 million for 15 seniors housing communities throughout the U.S. Five five premier regional operating partners operate the communities, which total over 1,700 units of independent living, assisted living and memory care. The borrower was not disclosed. Chicago-based BMO partnered with Capital One to form the syndicate for the facility.

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DevelopmentFinanceIndustry ContentInvestmentOperationsSkilled NursingVideosWebinars

Webinar: Seniors Housing Policy Outlook: Operations, Investment & Development

by Sarah Daniels

  Occupancy trends, the impact of the Omicron variant, development, investment, vaccine mandates and labor shortages were just some of the pressing topics panelists discussed during the “Seniors Housing Policy Outlook: What Will Impact Operations, Investment & Development in 2022?” webinar, hosted by Seniors Housing Business. Industry experts weighed in on the policies and priorities shaping the future of senior living communities, as well as their own legislative agendas for 2022. Regarding investment and development, Dave Schless, president of American Seniors Housing Association (ASHA), explains Capital markets have remained committed and robust …

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Affordable HousingArizonaFinanceNews

Berkadia Arranges $92.8M in Financing for Affordable Senior Living Portfolio in Arizona

by Jeff Shaw

TUCSON, MESA and PHOENIX, Ariz. — Berkadia has secured a cross-collateralized pool financing on behalf of Arizona-based Christian Care Cos.’ Fellowship Square affordable senior living portfolio in Arizona. The 10-year, $92.8 million loan pool features a 65 percent loan-to-value ratio and three years of interest-only payments. Steve Ervin, Richard Price, Chris Cain and Rafael Nobo of Berkadia collaborated to secure the Freddie Mac permanent refinancing for the borrower. Nearly $89 million in high-interest-rate, first lien, tax-exempt bonds were redeemed with proceeds from the financing. The portfolio includes: Fellowship Square Tucson, …

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Assisted LivingFinanceIndianaNews

Lument Provides $12.7M HUD Refinancing for Park Place Senior Living in Fort Wayne, Indiana

by Jeff Shaw

FORT WAYNE, Ind. — Lument has provided a $12.7 million FHA Sec. 232 note modification to refinance the existing debt on Park Place Senior Living, a 172-unit seniors housing community in Fort Wayne. David Boitano, managing director for Lument based in Seattle, led the transaction. The borrower is Sabra Health Care REIT. Park Place Senior Living consists of 158 assisted living beds in 132 units and 40 memory care beds/units. Traditions Management operates the community. “The FHA seniors housing note modification program proved to be an ideal solution that allowed …

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CCRCFinanceNewsVirginia

Ziegler Arranges $53M Bond Financing for CCRC in Charlottesville, Virginia

by Jeff Shaw

CHARLOTTESVILLE, Va. — Ziegler has arranged $53 million in bond financing for Westminster-Canterbury of the Blue Ridge (WCBR), a continuing care retirement community in Charlottesville. WCBR is located 4.6 miles from the main campus of the University of Virginia and 5.4 miles from Thomas Jefferson’s Monticello. Since opening in 1990, WCBR has seen continual growth and expansion, currently offering 281 independent living units (221 apartments and 60 cottages), 45 assisted living units, 12 memory care beds and 52 nursing beds. The financing included two series of bonds, which will refund …

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FeaturesFinanceFrom The Magazine

Lenders’ Patience Wears Thin as Pandemic Drags On

by Jeff Shaw

By Matt Valley Time is running short for operators of underperforming properties trying to shake off the negative impact of COVID-19 on occupancy and revenue, said Chuck Hastings, vice president of finance and business development for Juniper Communities. “In 2022, lenders are going to want to see us all getting back to pre-pandemic levels [of performance]. So, as operators the pressure is on.” Bloomfield, New Jersey-based Juniper operates 28 senior living communities in four states: New Jersey, Pennsylvania, Texas and Colorado. Hastings, who knows firsthand that lenders are growing increasingly …

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Affordable HousingDevelopmentFinanceFloridaKeyBankNews

KeyBank Provides $69.8M Financing for Redevelopment of Affordable Housing Community in Tampa

by Jeff Shaw

ST. PETERSBURG, Fla. — KeyBank Community Development Lending and Investment and KeyBank Real Estate Capital have provided a total of $69.8 million for the redevelopment of Jordan Park Apartments in St. Petersburg. Norstar Development USA-CDL, a Buffalo, N.Y.-based affordable housing developer, and the St. Petersburg Housing Authority are working together on the project, the timeline of which was not disclosed. Jordan Park Apartments was originally built in 1939 on land donated by businessman Elder Jordan Sr. The 24-acre site contains single-family, duplex, triplex and quadplex buildings. The property’s former residents …

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Taseff seniors housing Keybank sponsored
Content PartnersFeaturesFinanceIndustry ContentInvestmentKeyBank

Investment, Financing in Seniors Housing Driven by Property Performance

by Sarah Daniels

If there were one phrase to summarize the attitude of seniors housing investors and lenders in 2022, it would be “cautiously optimistic.” How quickly can the seniors housing industry hope to recover in the face of continued difficulties? What is likely to drive the financing and investment market? While difficulties due to COVID and labor shortages continue to create challenges in terms of immediate occupancy, strong demand fundamentals and a healthy appetite for seniors housing investments indicate a return to normality is possible in 2022, according to Brandon Taseff, senior …

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