MILWAUKEE — Vium Capital has provided a $21.3 million bridge loan for Bria of Trinity, a continuing care retirement community in Milwaukee. The loan provides funds for the acquisition of the property. The seller was seeking an exit from a geographic outlier while the buyer was looking to expand its presence in the state. Further details were not disclosed.
LA JOLLA, Calif. — JLL Capital Markets has arranged a $15 million refinancing for Monarch Cottages, a 26-unit, 52-bed, two-story, Class A memory care community in the San Diego suburb of La Jolla, California. JLL represented the borrower, Monarch Senior Living, in arranging the loan. Remodeled in 2016, Monarch Cottages comprises five companion studio and 21 private studio units averaging 370 square feet. Within a three-mile radius, the 75-plus population is over 6,500 and is expected to grow by 13.5 percent over the next five years. Additionally, the property’s surrounding …
URBANA, Ill. — HJ Sims has arranged an $8.8 million taxable note on behalf of Clark Lindsey Village. Established in 1978, Clark Lindsey Village is a nonprofit continuing care retirement community in Urbana. The campus currently features 147 units of independent living, 12 units of memory care and assisted living and 105 beds of skilled nursing. The borrower plans to use the funds to undertake a repositioning project at the community over the next five years. Phase I includes the construction of eight independent living villas, in addition to site …
ENGLEWOOD, Colo. — Ziegler has arranged $32.5 million in bond financing for Christian Living Neighborhoods, a nonprofit owner-operator based in Englewood. The borrower comprises three communities in Colorado — Holly Creek, Someren Glen and Clermont Park — and is one of the largest senior living systems in Colorado with a total of 782 units, according to Ziegler. Bond proceeds, along with other available funds, will refinance bonds from 2011 and 2012, fund $11.8 million of capital expenditures at Someren Glen, fund a deposit to the reserve fund and pay cost …
CLEVELAND — Cleveland-based KeyBank Real Estate Capital, the commercial real estate business unit of KeyCorp (NYSE: KEY), has established a new unitranche loan program with Toledo-based Welltower Inc. The healthcare real estate fund will total $750 million in lending capacity and will provide first mortgage financing on seniors housing and skilled nursing facilities. A unitranche loan blends senior and junior debt pricing and terms into a single first lien debt facility rather than creating two classes of debt and coordinating among multiple lenders. This approach increases certainty of execution, and …
LAKE WORTH, Fla., and TULSA, Okla. — Ziegler has arranged a total of $37.8 million in bridge financing for Columbia Pacific Advisors (CPA), a Seattle-based investment firm. The two loans will refinance existing debt on two of the borrower’s seniors housing properties, The Landing at Lake Worth in Lake Worth and The Linden at Stonehaven Square in Tulsa. Each community offers assisted living and memory care services and consists of 134 total units. CPA developed and opened the Lake Worth Community in late 2018 and opened the Tulsa community in …
GREENSBURG, Pa. — Ziegler has arranged $47.2 million in financing for Redstone Presbyterian SeniorCare, a nonprofit operator based in Greensburg. The borrower operates nearly 500 senior living units on three separate campuses, collectively referred to as Redstone Highlands. Redstone’s three campuses comprise 310 independent living units, 133 assisted living units and 77 skilled nursing beds. Redstone is also the parent company of multiple subsidiaries, including HHH Senior Specialist, which provides home health, home care and hospice services within Redstone Highlands and the surrounding community. Proceeds of the bond financing will …
COLUMBUS, Ohio — HJ Sims has arranged $26.3 million in financing for United Church Homes, a seniors housing provider based in Sandusky. The borrower will use the funds to acquire Polaris Retirement Community in Columbus from Polaris Retirement Living Properties LP. The newly built independent living community features 136 one- and two-bedroom apartments. The Polaris Retirement Community was in the final stages of construction when UCH was invited to bid on acquiring the project. The acquisition was structured to have UCH take possession following the issuance of a Certificate of …
GREELEY, Colo. — Dallas-based Edison Equity Management has received $23 million in construction financing for the development of 55 Resort Apartments, an age-restricted multifamily property located in Greeley. Located on the former site of the Garnsey & Wheeler Ford dealership, 55 Resort Apartments will feature 84 apartments for adults age 55 and above. The property will offer exercise classes, service coordination and social activities, as well as 5,000 square feet of retail space leased to Austin’s American Grill restaurant. The development is slated to open in summer 2022. Dallas-based Hall …
NEWTON, N.C. — Ziegler has arranged $76.1 million in bond financing for EveryAge, a Newton-based nonprofit owner-operator formerly known as United Church Homes and Services. The company was founded in 1961 to develop and manage seniors housing properties in the Southeast. The bonds affect the borrower’s three continuing care retirement communities: Abernethy Laurels in Newton; Piedmont Crossing in Thomasville, North Carolina; and Lake Prince Woods in Suffolk, Virginia. The financing was achieved through four separate bond issues: $22.2 million in fixed-rate bonds to refund a series of 2017 bonds and …