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Finance

FinanceIllinoisMissouriNews

CBRE Negotiates $85M Refinancing for Three Communities Near Chicago, Kansas City

by Jeff Shaw

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 …

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Affordable HousingDevelopmentFinanceNewsTexas

Bellwether Enterprise Arranges $28.9M Construction Loan for Legacy Riverside in Fort Worth

by Jeff Shaw

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 …

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AcquisitionsAssisted LivingFinanceNewsWisconsin

Walker & Dunlop Arranges $9.1M Financing for Acquisition of Tender Hearts Assisted Living in Green Bay

by Jeff Shaw

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 …

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FinanceNews

Oxford Finance Provides $57.2M Credit Facility to Pointe Group Care

by Jeff Shaw

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.

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FinanceNewsPeople

Greystone Hires HUD Deputy Assistant Secretary C. Lamar Seats

by Jeff Shaw

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 …

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Assisted LivingFinanceIowaKeyBankNews

KeyBank Funds $17M HUD Refinancing for Two Bickford Properties in Iowa

by Jeff Shaw

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 …

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FinanceFloridaMemory CareNews

Live Oak Provides $12.3M Refinancing for Watercrest Community in Tarpon Springs, Florida

by Jeff Shaw

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.

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FinanceMissouriNewsSkilled Nursing

Greystone Arranges $12M Bridge Loan for Skilled Nursing Facility in Missouri

by Jeff Shaw

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.

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FinanceFloridaMemory CareNews

Berkadia Secures $5.2M Financing for Memory Care Portfolio in Central Florida

by Jeff Shaw

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.

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DevelopmentFinanceNewsOregon

CBRE Arranges $60.4M Construction Financing for The Springs at Happy Valley in Oregon

by Jeff Shaw

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 …

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