METAIRIE, La. — Sims Mortgage Funding (SMF), a subsidiary of HJ Sims, has arranged a $10.8 million loan for Metairie Manor in the New Orleans suburb of Metairie. In 2012, SMF refinanced Metairie Manor, a 287-unit, Section 8, affordable seniors housing community owned and managed by affiliates of the Archdiocese of New Orleans. That refinancing, which paid off its HUD Section 202 direct loan, produced approximately $250,000 in annual debt service savings that have been used to fund wellness and affordable nutrition programs, resident units deep-cleaning services and enhanced transportation …
Finance
FARMINGTON, Conn., CHELSEA, Mass. and OREGON — The M&T Realty Capital Corp. (MTRCC) Seniors Housing Team has provided three financing transactions for seniors housing communities totaling $36 million. In the first transaction, M&T provided a $7.1 million FHA-insured loan for the refinance of a 73-unit assisted living facility located in Farmington. The loan was completed under the 232/223(a)(7) program. In the second transaction, M&T provided a $11.4 million bridge-to-HUD loan for the acquisition of a 95-unit assisted living and memory care community located in Southern Oregon. In the final transaction, …
Lument Closes $28M Loan for Affordable, Age-Restricted Apartment Community in Sacramento
SACRAMENTO, Calif. — Lument has closed a $28 million bridge loan to facilitate the refinancing and limited partner buyout of Greenfair Apartments, an age-restricted, low-income apartment property located in Sacramento. Aaron Wooler of Lument led the transaction on behalf of the borrower, Western America Properties, an affordable housing owner/developer. The firm specializes in acquiring, rehabilitating, preserving and managing HUD-insured, Section 8 apartment communities. Western America Properties originally acquired Greenfair Apartments in 2001 and subsequently renovated the 386-unit property. All units at the property benefit from project-based Section 8 housing assistance …
PLANO, Texas — A partnership between Meridian Capital Group and Barings has launched NewPoint Real Estate Capital. The new company, based in Plano, will focus on multifamily finance options, including seniors housing. The company replaces Barings Multifamily Capital, which the joint venture recently acquired. The company has not unveiled its full staff yet, but in an email to clients CEO David Brickman suggested it will include “a slew of industry veterans.” NewPoint will operate as an independent company, separate from Meridian and Barings.
ILLINOIS — Dwight Capital has provided a $56 million bridge loan for the refinancing of a portfolio of eight skilled nursing facilities located across Illinois. The properties include Lexington Health Center Bloomingdale, Lexington of Schaumburg, Lexington of Orland Park, Lexington of Lombard, Lexington of Chicago Ridge, Lexington of Elmhurst, Lexington of La Grange and Lexington of Lake Zurich. Together, the facilities comprise 1,550 beds across a total of 25 acres. Cross River Bank served as co-lender and participant in the transaction. The term loan refinanced the portfolio’s existing capital structure …
ARKANSAS — Monticello has provided a $70 million, five-year loan to refinance a portfolio of seven skilled nursing facilities totaling 953 beds throughout Arkansas. The borrower is a regional operator. Further details on the loan and properties were not disclosed.
BOSTON — Berkadia has hired Stephanie Anderson as senior vice president and head of Berkadia’s seniors housing and healthcare operations. Anderson will work alongside head of FHA and Berkadia’s seniors housing finance, Steve Ervin. She will be based out of Boston. Prior to Berkadia, Anderson served as the national sales director for Housing & Healthcare Finance. She has held executive-level roles with Health Care REIT (now known as Welltower), GE Healthcare Finance and Ventas. She has been on the board of Genesis as well as both the American Seniors Housing …
Ziegler, M&T Partner on $4.4M Fannie Mae Refinancing for The Regency in Kearney, Nebraska
KEARNEY, Neb. — Ziegler, in partnership with M&T Realty Capital Corp., served as financial advisor in a $4.4 million Fannie Mae refinancing on behalf of Essex Communities. The loan will finance the existing debt on The Regency, an independent living community in Kearney, located along the Platte river in the southern portion of the state. The 10-year, fixed-rate loan was structured at a 75 percent loan-to-value ratio with two years of interest only payments, followed by 30 years of amortization. The loan also carries a declining prepayment schedule. The deal …
Occupancy issues create underwriting headaches, slower approval process, but pipeline remains active. By Matt Valley The emerging consensus among lenders in HUD’s Section 232 mortgage insurance program for healthcare properties is that total deal volume in fiscal year (FY) 2021 will fall short of the nearly $4.4 billion in loan closings recorded the prior year. In fact, some lenders expect the total dollar amount of loans closed will decrease 10 to 20 percent on a year-over-year basis. Despite low interest rates, lenders cite an extremely challenging operating environment for …
Despite a pandemic-induced pullback in lending volume, the agencies remain committed for the long term to borrowers in need of debt financing. By Jeff Shaw Many parts of the seniors housing industry slowed as a result of the COVID-19 pandemic, including the lending market. Fannie Mae and Freddie Mac, the two giant government-sponsored enterprises (GSEs), experienced a significant pullback in deal volume in 2020, but remained two of the larger capital sources in the sector. “We are the predominant lender in the space,” says Steve Schmidt, national director of seniors …