ALEXANDRIA, Va., and STOUGHTON, Mass. — Oxford Finance LLC has provided a $57.2 million senior credit facility and revolving line of credit to Pointe Group Care LLC. The funds were used for working capital, refinance existing debt and support the acquisition of four additional long-term care facilities in Florida. Details on the acquisition were not disclosed. Headquartered in Stoughton, Pointe Group is an owner and operator within the skilled nursing and assisted living industry. Oxford is a specialty finance firm based in Alexandria.
NEW YORK CITY — Greystone has hired C. Lamar Seats as senior vice president of FHA production. In this role, Seats will oversee origination teams at Greystone handling multifamily, affordable housing and construction finance via HUD-insured programs, including for seniors housing. Seats joins Greystone from the U.S. Department of Housing and Urban Development, where he served as deputy assistant secretary of multifamily housing programs for three years, overseeing $21 billion in production in fiscal year2020. He was previously a managing director at M&T Realty Capital Corp. and served as CEO …
DAVENPORT and MARION, Iowa — KeyBank Real Estate Capital (KBREC) has secured $17 million of fixed-rate Federal Housing Administration loans for Bickford Senior Living, a senior living owner and operator based in Olathe, Kansas. The loans will refinance debt for Bickford of Davenport and Bickford of Marion, both located in Iowa. The buildings each were built in 1998 on 2.5 acres. Bickford of Davenport comprises 42 beds, 35 for assisted living and seven for memory care. Bickford of Marion comprises 38 beds, 31 for assisted living and seven for memory …
TARPON SPRINGS, Fla. — Live Oak Bank has provided a $12.3 million refinancing for Watercrest Senior Living. The bridge-to-permanent loan will refinance debt on Market Street East Lake, a seniors housing community in Tarpon Springs, a coastal suburb of Tampa. East Lake is a 64-unit standalone memory care community that opened in March of 2018. The 45,960-square-foot property sits on 3.4 acres of land. Lument advised Watercrest in the transaction.
MISSOURI — The Greystone Seniors Housing Capital Markets team has arranged $12 million in bridge financing for a 147-bed skilled nursing community in Missouri. RSF Partners, a Dallas-based private equity firm focusing primarily on the senior living sector, was the borrower on the two-year bridge refinancing. Further details on the property and loan were not disclosed.
CENTRAL FLORIDA — Berkadia’s Seniors Housing & Healthcare Group has arranged $5.2 million in financing for six memory care facilities in Central Florida. The transaction refinances 36 memory care units across six six-unit residential homes situated in two counties. Berkadia processed the transaction as a scattered-site loan under HUD’s 232/223(f) program. The 34-year term loan represents a 60 percent loan-to-value ratio and a debt load of $143,300 per bed. Ed Williams secured the financing on behalf of the California-based sponsor. Further details on the properties were not disclosed.
HAPPY VALLEY, Ore. — CBRE National Senior Housing has arranged $60.4 million in construction financing for The Springs at Happy Valley, a senior living community to be built in Happy Valley. Situated on a 6.95-acre site, the community will feature 210 units, about half of which are earmarked for independent living and the other half for assisted living and memory care. Happy Valley is an affluent suburb approximately 10 miles southeast of downtown Portland. Aron Will, Austin Sacco and Adam Mincberg of CBRE National Senior Housing arranged the financing on …
BETHESDA, Md. — Walker & Dunlop Inc. has hired Dana Wade as chief production officer for all Federal Housing Administration-backed loan originations through the U.S. Department of Housing and Urban Development (HUD). She will also be responsible for helping drive the company’s affordable housing financing activities. Wade previously served as the commissioner of the Federal Housing Administration (FHA), which financed a total of over 11,000 rental properties and 3,000 mortgages for residential care facilities and hospitals during fiscal year 2020. In her role at the FHA, she was responsible for …
PAPILLION, Neb. — Lument has provided a $41.5 million Freddie Mac loan to refinance Hillcrest Country Estates Grand Lodge, an upscale senior living community in Papillion, a suburb of Omaha. Set on Hillcrest Country Estates’ 44-acre campus, which offers the full continuum of care, Grand Lodge was built in 2015 and features 102 independent living apartments and 60 assisted living and memory support apartments. Quintin Harris, managing director and head of Lument’s Midwest seniors housing and healthcare team, spearheaded the transaction along with Doug Harper and Casey Moore, managing directors …
LAS VEGAS — KeyBank Real Estate Capital (KBREC) has provided two fixed-rate U.S. Federal Housing Administration (FHA) loans totaling $30.8 million for Capital Senior Ventures. Uses of FHA insured loan proceeds were to refinance a portion of a KeyBank-agented senior secured interim bridge financing. The properties are two skilled nursing facilities in Las Vegas – Silver Hills and Silver Ridge Health Care Centers — that are operated by Covenant Care. Silver Hills, originally built in 1998 and renovated in 2013, comprises 150 operating beds (80 units) and provides physical, speech …