TULSA, Okla. — Berkadia Seniors Housing & Healthcare has arranged $5.6 million in financing for a 54-unit, 111-bed skilled nursing facility located in Muskogee County, located southeast of Tulsa. Jay Healy of Berkadia Seniors Housing & Healthcare secured the loan on behalf of the undisclosed borrower. The loan was refinanced through HUD’s 232/223(f) program. The $50,100-per-bed, 35-year loan represented 50 percent of the property’s value. The project was originally constructed in 1974 and features 58 ventilator beds. Historical occupancy has averaged 75 percent. “The 232/223(f) Program presented the sponsor a …
COLUMBUS, Ohio — VIUM Capital, a Columbus-based capital provider for seniors housing, has hired Scott Tittle as a managing director and the firm’s first head of government relations and external affairs. Tittle was most recently an executive director with The National Center for Assisted Living (NCAL), a position he served for six years. He will start in his new position on Sep. 7. A licensed attorney, Tittle brings over 15 years of experience guiding assisted living and skilled nursing operators with their regulatory, reimbursement and advocacy needs. Prior to his …
ILLINOIS and TEXAS — KeyBank Real Estate Capital has arranged $105.9 million in financing to recapitalize a portfolio of six assisted living and memory care properties. The portfolio features 631 units operating under the Heartis brand. The borrower is Dallas-based Caddis Partners. The financing structure consisted of an $80 million syndicated senior credit facility and a $25.9 million mezzanine loan provided by an institutional partner. The portfolio includes: Heartis Clear Lake in Clear Lake Heartis Longview in Longview Heartis San Antonio in San Antonio Heartis Arlington in Arlington Heartis Waco …
PONTE VEDRA BEACH, Fla. — Ziegler has arranged $115.6 million in bond financing for Vicar’s Landing, a continuing care retirement community in Ponte Vedra Beach, approximately 20 miles southeast of Jacksonville. Vicar’s Landing was developed in 1983. It sits on a 24.3-acre site within Sawgrass, a 4,800-acre private resort and residential community. The larger master-planned Sawgrass community features four adjacent golf clubs, TPC Sawgrass, the Sawgrass Marriott Resort, a shopping center and other residential and recreational amenities. Vicar’s Landing features 227 independent living units, 38 assisted living apartments and 60 …
NEW YORK CITY — Greystone, a New York-based commercial real estate finance company, has hired Karen Ford as a vice president on the FHA lending team. Based in Mississippi, Ford will serve with Lisa Anderson, managing director for FHA lending. She will report to Field Springer, head of operations, FHA multifamily lending at Greystone. Ford has worked in the FHA multifamily and healthcare loan industry for over 30 years. Prior to joining Greystone, she served as executive vice president and chief operating officer at Love Funding. She also previously served …
CHELSEA, Mass. — M&T Realty Capital has provided a $17.6 million FHA-insured loan for the refinancing of a 120-unit skilled nursing facility located in Chelsea, a northeastern suburb of Boston. The loan was completed under HUD’s 232 program, which provides mortgage insurance for residential care properties such as assisted living facilities and nursing homes. The borrower was not disclosed.
CALIFORNIA and KENTUCKY — Capital Funding Group has arranged $40.4 million in bridge-to-HUD financing for the acquisition of two skilled nursing facilities. The facilities, which are located in California and Kentucky, feature 270 beds. The borrower previously operated these facilities, and through this transaction was able to purchase the real estate. Patrick McGovern and Tommy Dillon originated the transaction for Capital Funding Group.
TEXAS — Oxford Finance LLC (“Oxford”) has provided a $27.5 million senior credit facility to Cascades Healthcare, an owner and operator of long-term care facilities. The funds were used for the acquisition of four skilled nursing facilities located in Texas featuring 647 licensed beds. Cascades Healthcare was founded in 2016 to build and coordinate a network of associated senior care. The company currently operates 19 skilled nursing facilities in Utah, Idaho and Texas, as well as providing operational support to three home health and hospice companies and managing a multi-state …
REDMOND, Wash. — BMO Harris Bank’s Healthcare Real Estate Finance group has provided a $19.4 million construction loan for the renovation of a Sunrise Senior Living assisted living and memory care community in Redmond. Originally built in 1999, the asset features 110 units. Further details on the project were not disclosed.
NEW YORK CITY — Locally based private equity firm Madison Realty Capital (MRC) has provided a $29.4 million bridge loan for a multifamily redevelopment project in the Forest Hills neighborhood of Queens. The borrower, a joint venture between multiple New York-based developers, will use the proceeds to acquire the former Parkway Hospital building and fund predevelopment costs. The joint venture plans to convert the site into a multifamily development with affordable seniors housing and condominium uses. A construction timeline was not disclosed.