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Monticello Appoints Ashish Shah as Managing Director for Business Development

by Jeff Shaw

NEW YORK CITY — Monticello, a capital solutions provider based in New York, has named Ashish Shah to the position of managing director. Shah, who brings over 25 years of experience in healthcare and traditional real estate, will concentrate his efforts on business development, origination, and expanding and bolstering Monticello’s capital and risk management capabilities. Prior to Monticello, Shah co-led Formation Capital’s lending group with a primary focus on business development and capital markets/syndications. He was previously at Oxford Finance and GE Healthcare Financial Services in a variety of business …

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CaliforniaFinanceNews

NorthMarq Arranges $31M Refinancing for Merrill Gardens Rancho Cucamonga

by Jeff Shaw

RANCHO CUCAMONGA, Calif. — NorthMarq has arranged a $31 million refinancing for Merrill Gardens Rancho Cucamonga. The 112-unit community was built in 2018 and offers independent living, assisted living and memory care. The property is situated on 4.21 acres in the heart of Rancho Cucamonga, approximately 35 miles east of downtown Los Angeles. Stuart Oswald and Gordon Mickelson led the transaction for NorthMarq. A correspondent life insurance company provided the permanent, fixed-rate loan for the borrower, a joint venture between Merrill Gardens and AEW Capital Management. The loan, structured prior …

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FinanceNews

CFG Provides $285M Bridge-to-HUD Financing for Skilled Nursing Portfolio Acquisition in Mid-Atlantic

by Jeff Shaw

BALTIMORE — Capital Funding Group (CFG), in partnership with its credit venture CFG Credit Partners, has provided $285 million in bridge-to-HUD financing for the acquisition of a skilled nursing portfolio. The borrower is a skilled nursing operator. The loans were secured by 16 facilities in the Mid-Atlantic region. Erik Howard and Tim Eberhardt originated the transaction for Baltimore-based CFG.

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Active AdultFinanceIllinoisM&T Realty Capital CorporationNews

M&T Funds $15.1M Refinancing for Active Adult Community in St. Charles, Illinois

by Jeff Shaw

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 …

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Assisted LivingCaliforniaDevelopmentFinanceNews

JLL Capital Markets Arranges Development Financing for The Lodge at Piner Road in Santa Rosa, California

by Jeff Shaw

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 …

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FinanceM&T Realty Capital CorporationNewsSkilled NursingWashington

M&T Realty Capital Provides $3.1M Refinancing for Skilled Nursing Facility in Seattle

by Jeff Shaw

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.

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FinanceNewsOhio

Ziegler Arranges $20M Bond Financing for Community First Solutions

by Jeff Shaw

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 …

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FinanceFrom The Magazine

Lending and Equity Sources Begin to Open Up

by Jeff Shaw

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 …

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FinanceFloridaMassachusettsNewsSkilled Nursing

Eastern Union Arranges $57M in Financing for Four Skilled Nursing Facilities in Florida, Massachusetts

by Jeff Shaw

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 …

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FinanceKentuckyNewsSouth CarolinaTennessee

Meridian Capital Group Arranges Financing for Eight-Property Senior Living Portfolio in the Southeast

by Jeff Shaw

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 …

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