ST. CHARLES, Ill. — M&T Realty Capital Corp. has provided a $15.1 million Fannie Mae loan for the refinance of an 80-unit active adult community in St. Charles. The transaction was worked in conjunction with Ziegler, a specialty investment bank headquartered in Chicago. The 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30 years of amortization. The loan also carries a declining prepayment schedule, which will provide the undisclosed borrower with additional flexibility in future years. The community was 98.8 percent occupied at the time …
SANTA ROSA, Calif. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both …
SEATTLE — M&T Realty Capital Corp. has provided a $3.1 million, FHA-insured loan for the refinance of a 47-unit skilled nursing facility in Seattle. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) 223(a)(7) program. The 21-year loan features a 2.68 percent fixed interest rate and is fully amortizing. The transaction was led by Jim Schneider and Madeleine Roach of M&T Realty Capital’s Seattle office. Details on the borrower and facility were not disclosed.
HAMILTON, Ohio — Ziegler has arranged $20 million in bond financing for Community First Solutions, a healthcare services company based in Hamilton. The bonds were issued through the Butler County Port Authority, and consisted of $15.3 million of tax-exempt bonds and $4.7 million of federally taxable bonds. Community First Solutions (CFS) is a nonprofit company that provides a continuum of services to meet the diverse health and wellness needs of more than 30,000 clients throughout the region. CFS is the parent company of multiple subsidiaries and operates two senior living …
Although underwriting is more stringent than before the pandemic, lenders and investors are still showing a strong interest in seniors housing. By Jeff Shaw Seniors housing has clearly endured a rough ride as a result of the COVID-19 pandemic. But that doesn’t mean that investors, lenders, developers and owners don’t see value in it. “Value is the worth of all benefits arising from ownership,” said JP LoMonaco, president of Valuation & Information Group. “It is by nature a long-term concept. The value isn’t determined by benefits derived today or over …
NEW YORK CITY — The Healthcare Group of Eastern Union, a New York-based commercial real estate finance firm, has secured a $57 million bridge financing package that encompasses two skilled nursing facilities in Florida and two in Massachusetts. The four facilities total 544 beds. The two facilities in Florida represented $26 million of the overall transaction. The first was a 133-bed facility in Naples that provides a combination of skilled nursing and assisted living services. The second asset was a 146-bed center in Venice that delivers assisted living, memory care …
NEW YORK CITY — Meridian Capital Group’s seniors housing and healthcare team has recapitalized and arranged financing for an eight-property senior living portfolio in South Carolina, Tennessee and Kentucky. Harrison Street entered into a joint venture with the developer, Dominion Senior Living, which will continue to operate the properties. The portfolio consists of eight facilities comprising 296 independent living units, 172 assisted living units and 79 memory care units for a total of 547 units. The names of the properties and total amount of the financing were not disclosed. Meridian’s …
CHICAGO and KANSAS CITY, Mo. — CBRE National Senior Housing has arranged a refinancing for three seniors housing communities known as Anthology of Grayslake, Anthology of Wheaton and The Sheridan at Overland Park, located in affluent submarkets of Chicago and Kansas City. The communities, built in 2016 and 2017, consist of 210 assisted living units and 98 memory care units. The Illinois communities are operated by Anthology Senior Living, CA Ventures’ wholly owned senior living operating platform, and the Overland Park community in Kansas City is operated by Senior Lifestyle …
FORT WORTH, Texas — Bellwether Enterprise Real Estate Capital LLC has arranged a $28.9 million loan for the construction of Legacy Riverside Senior Living Community in Fort Worth. Phil Melton and Jeff Bradley, both in Bellwether Enterprise’s Dallas office, originated the loan with Cindy Hannon of Bellwether’s Atlanta office on behalf of the borrowers, Legacy Multifamily Development and RISE Residential Construction. This is the sixth loan deal in which Bellwether Enterprise has partnered with RISE Residential since 2017. Legacy Riverside will provide 264 affordable units in north-central Fort Worth, using …
GREEN BAY, Wis. — Walker & Dunlop has arranged $9.1 million in financing for the acquisition of Tender Hearts Assisted Living, a 50-unit community in Green Bay. The property was built in 2009 and renovated in 2019. The total price of the acquisition was $10.1 million. The seller was not disclosed. Walker & Dunlop structured the HUD-insured financing on behalf of Senior Opportunity Funds Holding Co. (SOF), a seniors housing developer that has historically developed Class A independent living, assisted living and memory care communities in the Southeast. As part …