BALTIMORE — Capital Funding Group (CFG), a Baltimore-based lender, has hired David Casden as vice president of capital markets distribution. Formerly managing director of sales and trading/pricing at Lument Real Estate Capital, Casden brings nearly two decades of experience to CFG. Casden joins the CFG team to lead the augmentation of loan distribution efforts, with a primary focus on establishing capital markets relationships and implementing structured distribution vehicles to complement the company’s existing loan syndication efforts. He will work closely with the loan origination teams to inform them of market …
TACOMA, Wash. — First Citizens Bank, through its healthcare finance business, has provided a term loan to refinance GenCare Lifestyle Tacoma at Point Ruston, a 159-unit senior living facility in Tacoma. The borrower is a joint venture led by Harrison Street. The same joint venture with PMB LLC served as the facility’s original developer, with GenCare Lifestyle, another joint venture partner, as the facility operator. The amount of the financing was not disclosed.
BOISE, Idaho — Lument has provided a $9 million bridge loan to finance three The Cottages-branded communities in metro Boise: Alpine Meadows, The Cottages of Boise, and The Cottages of Lochsa Falls. Lument will carry the loan directly on its balance sheet. Rob McAdams, a director based in Denver, led the transaction for Lument. The transaction is structured as a single loan secured by the three assets and includes financing the acquisition of Alpine Meadows, a 34-bed assisted living facility in Meridian, and refinancing existing debt of the Boise and …
RIO RANCHO, N.M. — JLL Capital Markets has arranged a refinancing for Fairwinds Rio Rancho, a three-story, 220-unit independent living and assisted living community located in Rio Rancho, a suburb north of Albuquerque. JLL represented the borrower, Lytle Enterprises, and secured the five-year, fixed-rate loan through a life insurance company. The amount of the loan was not disclosed. Fairwinds Rio Rancho totals 211,213 square feet. It was built in 1997 and renovated in 2019. Alanna Ellis, Jay Wagner, Aaron Rosenzweig and Alex Sheaffer led the JLL team.
HARVEY, Ill. — Berkadia has arranged a $17.6 million Low-Income Housing Tax Credit (LIHTC) equity investment for the financing and preservation of Jesse Jackson Jr. Senior Housing, a 120-unit affordable housing property in Harvey, a suburb south of Chicago. The borrower is Preservation of Affordable Housing (POAH). Brian Blanchard and James Grande of Berkadia Affordable Housing led the transaction. Jesse Jackson Jr. Senior Housing consists of two three-story, elevator-serviced buildings that were originally constructed in 2007 (Phase II) and 2011 (Phase III). Units are reserved for seniors age 62 and …
LEE’S SUMMIT, Mo. — Ziegler has arranged $42.3 million in bond financing for John Knox Village, a continuing care retirement community (CCRC) in the Kansas City suburb of Lee’s Summit. The Industrial Development Authority of the City of Lee’s Summit issued the bonds. John Knox Village is one of the nation’s largest nonprofit, single-site offering 948 independent living units ranging from single-family homes to apartments, 106 assisted living units, 76 memory care units and 122 skilled nursing beds. The community also provides home health, hospice, outpatient therapy, ambulance services, private …
ZIONSVILLE, FORT WAYNE and COLUMBUS, Ind. — Ziegler has arranged $32 million in bank financing for BHI Senior Living, a faith-based nonprofit organization established in 1904 that owns and operates 10 market-rate continuing care retirement communities (CCRCs) across the states of Indiana, Ohio and Michigan. The financing is secured by three of BHI’s communities in Indiana: Hoosier Village in Zionsville, The Towne House in Fort Wayne and Four Seasons in Columbus. The portfolio comprises 384 independent living units, 524 assisted living units, and 225 skilled nursing units. BHI will finance …
BOSTON — MassDevelopment has issued a $21.8 million tax-exempt bond for the construction of a mixed-use building in Boston’s Hyde Park neighborhood that will feature 63 units of affordable seniors housing and ground-floor retail. The borrower is CCC River LLC, an affiliate of B’nai B’rith Housing of New England Inc. The new building will replace an underutilized commercial space containing an auto repair shop, and will be built to LEED and Passive House standards. The 63 one-bedroom units will be rented to households earning up to 30 percent, 50 percent …
PALM BEACH GARDENS, Fla. — Aztec Group has arranged $55.6 million in bridge financing for Arcadia Gardens, an active adult community located in Palm Beach Gardens. MetLife provided the loan to the borrowers, affiliates of the United Group of Cos. and Sina Cos. United Group also manages the property, which was developed in 2021. Situated on 10.6 acres, the age-restricted apartment community comprises 220 units reserved for residents age 55 and older.
MASSACHUSETTS — Capital Funding Group (CFG) has provided a $9.8 million bridge-to-HUD loan for the refinancing of a 123-bed skilled nursing facility in Massachusetts. Tim Eberhardt, Craig Casagrande and Ava Julio originated the transaction. Further details were not disclosed.