Finance

CCRCDevelopmentFinanceFloridaNews

Ziegler Arranges $80M Financing for Mayflower Retirement Center Expansion in Winter Park, Florida

by Jeff Shaw

WINTER PARK, Fla. — Ziegler has arranged $80 million in bond financing for an expansion project at Mayflower Retirement Center, a continuing care retirement community in Winter Park, a suburb of Orlando. The community opened in 1989 is situated on approximately 37 acres and currently consists of 220 independent living apartments and 28 villas; 31 private assisted living units with 15 used for memory support services; 60 nursing beds; and associated common areas. The borrower is pursuing a two-phase repositioning of its campus. Phase I was financed in November of …

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Assisted LivingConnecticutDevelopmentFinanceNews

Senior Living Development LLC Arranges $16M Construction Financing for 117-Bed KindCare at Bristol in Connecticut

by Jeff Shaw

BRISTOL, Conn. — Senior Living Development LLC has arranged $16 million in construction financing for KindCare at Bristol, a middle-market, 117-bed assisted living and memory care community. Situated on a one-acre parcel in downtown Bristol, the community is the first of a rollout for KindCare Assisted Living, specializing in bringing assisted living and memory care to the middle class. This urban model utilizes a smaller footprint for the 60,000-square-foot community to drive down costs without sacrificing any amenities, services or quality. Rates average 20 percent less than luxury assisted living, …

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CCRCFinanceMichiganNews

Ziegler Closes $20.7M Financing for Friendship Village Kalamazoo in Michigan

by Jeff Shaw

KALAMAZOO, Mich. — Ziegler has arranged $20.7 million in financing for Friendship Village Kalamazoo, a continuing care retirement community in Kalamazoo. The bonds consist of $8.7 million of Limited Obligation Revenue Refunding Bonds issued through the Michigan Strategic Fund and $12 million of Limited Obligation Revenue and Revenue Refunding Bonds issued through the Economic Development Corp. (EDC) of the City of Kalamazoo. Proceeds will refund outstanding bond issues from 2010 and 2014 along with other debt, and reimburse costs of some improvements to the community.

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FinanceIndianaNewsOhio

Ziegler Arranges $8.5M Financing for Otterbein Homes Portfolio in Ohio, Indiana

by Jeff Shaw

LEBANON, Ohio — Ziegler has arranged $8.5 million in financing for Otterbein Homes, a Lebanon-based operator of senior living communities in Ohio and Indiana. Otterbein’s portfolio includes 1,300 independent living units, 450 assisted living units and 1,000 skilled nursing units across its eight SeniorLife Communities and nine Neighborhoods. In 2020, Otterbein acquired Sunset Retirement Communities, a life plan community with two locations in northwest Ohio. The financing will include these two new additions to Otterbein’s portfolio. Proceeds of the bond financing, along with other available funds, will be used to …

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CCRCDevelopmentFinanceNewsOregon

Ziegler Arranges $154.6M Bond Financing for Terwilliger Plaza Expansion in Portland, Oregon

by Jeff Shaw

PORTLAND, Ore. — Ziegler has arranged $154.6 million in bond financing for Terwilliger Plaza, a continuing care retirement community in Portland. The Hospital Facilities Authority of Multnomah County, Oregon, issued the bonds, which will fund an expansion project. Terwilliger Plaza, incorporated in 1958, currently features 246 independent living apartments, 43 assisted living apartments and 22 residential care beds. The independent living apartments are located in two buildings: a 12-story apartment building known as The Tower, and a ten-story apartment building known as The Heights. The Tower is adjacent to a …

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Company NewsFinanceNews

Atlas Senior Living Principals Form Salta Capital to Handle Financial Side of Business

by Jeff Shaw

BIRMINGHAM, Ala. — Atlas Senior Living’s principals have announced the formation of affiliate company, Salta Capital. Salta Capital will differentiate itself from Atlas’ day-to-day, community-level operations by focusing on capitalizing, finance and asset management with current and future Atlas-associated real estate holdings. In addition, Salta will pursue opportunities where it is strategic and beneficial for the communities, such as consumption of supply chains. Layne Held, former senior vice president of ServisFirst Bank, in conjunction with Atlas’ founders Scott Goldberg and Wyman Hamilton, will lead Salta. As a strategic shift, this …

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Assisted LivingFinanceNewsWashington

CBRE Arranges $19.5M Financing for Harbour Pointe Senior Living in Mukilteo, Washington

by Jeff Shaw

MUKILTEO, Wash. — CBRE Senior Housing has arranged $19.5 million in financing for Harbour Pointe Senior Living, a 106-unit assisted living and memory care community in Mukilteo, approximately 25 miles north of downtown Seattle. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. Integral Senior Living operates the community. The community, originally acquired by the owners in 2015, sits directly adjacent to Paine Field, a once-commercial airfield that is now …

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Assisted LivingFinanceNewsWashington

CBRE Arranges $10M Bridge Loan for Emerald City Senior Living in Seattle

by Jeff Shaw

SEATTLE — CBRE Senior Housing has arranged $10 million in financing for Emerald City Senior Living, a 119-unit assisted living and memory care community in Seattle. The community sits six miles north of downtown Seattle within the Maple Leaf neighborhood, a burgeoning and affluent residential area of Seattle. Built in 2006 by a seniors housing architect, the community features high-end amenities. Aron Will, Austin Sacco and Adam Mincberg of CBRE Senior Housing, arranged the financing on behalf of a joint venture between Capitol Seniors Housing and a large university endowment. …

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FinanceFloridaNewsSkilled Nursing

Monticello Provides $58.1M Financing for a 607-Bed Skilled Nursing Portfolio in Florida

by Jeff Shaw

FLORIDA — Monticello has provided $58.1 million in first lien debt financing for the refinance of five skilled nursing facilities consisting of 607 beds in Florida. The borrower is an experienced owner and operator with a current portfolio of over 35 buildings across Florida and has an established relationship with Monticello. Prior to this deal, Monticello financed the acquisition of a number of facilities during 2018 for the sponsor. Further details on the portfolio were not disclosed.

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Assisted LivingDevelopmentFinanceFloridaNews

CBRE Arranges Construction Financing for 130-Unit Anthology Boynton Beach in Florida

by Jeff Shaw

BOYNTON BEACH, Fla. — CBRE Senior Housing has arranged construction financing for Anthology Boynton Beach, a Class A, 130-unit senior living community located in the South Florida city of Boynton Beach. Aron Will, Austin Sacco and Tim Root of CBRE Senior Housing arranged the financing on behalf of  a joint venture between Anthology Senior Living and Harrison Street. The community will be operated Anthology, CA Ventures’ vertically integrated senior housing platform. Situated on a 5.3-acre site near the heart of Boynton Beach, the community will be a part of a …

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