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Finance

FinanceNebraskaNews

Lument Provides $41.5M Refinancing for Hillcrest Country Estates Grand Lodge in Papillion, Nebraska

by Jeff Shaw

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 …

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FinanceKeyBankNevadaNewsSkilled Nursing

KeyBank Provides $30.8M in HUD-Insured Financing for Capital Senior Ventures

by Jeff Shaw

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 …

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CCRCFinanceNew JerseyNews

Ziegler Arranges $114.8M Bond Refinancing for Springpoint Senior Living

by Jeff Shaw

WALL TOWNSHIP, N.J. — Ziegler has underwritten $114.8 million in bond financing for Springpoint Senior Living. The borrower is a regional senior living system based in Wall Township. Originally founded in 1916 as the Presbyterian Home of the Synod of New Jersey, the company changed its name to Springpoint Senior Living in 2010. Springpoint operates eight continuing care retirement communities (CCRCs) in New Jersey and Delaware, 19 affordable housing communities, a home care agency and a continuing care at home program. Springpoint formed a new obligated group for the refinancing, …

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Affordable HousingDevelopmentFinanceIllinoisNews

Merchants Capital Provides Development Financing for Montclare Senior Residences of Calumet Heights in Chicago

by Jeff Shaw

CHICAGO — Merchants Capital has provided funding for the development of Montclare Senior Residences of Calumet Heights, a 134-unit affordable seniors housing project in Chicago. Financing for the project was obtained through the United States Department of Housing and Urban Development (HUD) 221(d)(4) program. The funding was completed in partnership with MR Properties LLC and Patti Ann Charitable Services. Located on a formerly vacant, five-acre lot in the historic Pill Hill neighborhood on Chicago’s South Side, the majority of units are reserved for extremely-low, very-low and low-income seniors earning no …

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FinanceNewsSkilled Nursing

Bank Leumi USA Funds $23.5M Financing Package for Prestige Care Inc.

by Jeff Shaw

VANCOUVER, Wash. — Bank Leumi USA funded a $23.5 million deal with Prestige Care, a Vancouver-based operator of 80 senior living and rehabilitation centers across eight Western states. The deal will refinance one of Prestige Care’s asset-based lending revolvers and a real estate term loan, which will enable it to support a portfolio of 356 operating beds across four skilled nursing facilities in Oregon and Washington and one assisted living facility in Arizona. The refinancing will allow Prestige to restore its liquidity and continue on a growth trajectory. “As the …

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AcquisitionsFinanceMassachusettsNews

Newmark Arranges Acquisition Financing for The Residence at Watertown Square in Massachusetts

by Jeff Shaw

WATERTOWN, Mass. — Newmark has arranged an undisclosed amount of financing for the acquisition of The Residence at Watertown Square, a 90-apartment senior living community located in the high-end Boston suburb of Watertown. Developed in 2014, the community features 19 independent living units, 46 assisted living units and 25 memory care units. Newmark’s Sarah Anderson, Ryan Maconachy, Chad Lavender, Ross Sanders and David Fasano represented the buyer, a joint venture partnership between Harrison Street Real Estate Capital and LCB Senior Living (LCB), in the placement of financing for the property. …

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CCRCFinanceIndianaNews

Greystone Provides $23.8M HUD Financing for Hubbard Hill CCRC in Elkhart, Indiana

by Jeff Shaw

ELKHART, Ind. — Greystone has provided a $23.8 million HUD-insured loan to refinance Hubbard Hill, a nonprofit continuing care retirement community (CCRC) in Elkhart, located near the Michigan border east of South Bend. The community recently expanded to 220 units of independent living, assisted living, memory care, skilled nursing and short-term rehabilitation on its 70-acre campus. Greystone’s Lisa Fischman originated the financing, which carries a 30-year term and fixed interest rate. The loan refinances a previous HUD loan, and represents $280,000 in annual savings.

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FinanceNewsWisconsin

Berkadia Arranges $32.3M Refinancing for Community in Appleton, Wisconsin

by Jeff Shaw

APPLETON, Wis. — Berkadia’s Seniors Housing and Healthcare Group has secured a $32.3 million refinancing for a seniors housing facility in Appleton, located near the north bank of Lake Winnebago approximately 30 miles southwest of Green Bay. Chris Cain secured the financing on behalf of the Oregon-based owner and operator, Touchmark. Further details on the property were not disclosed. “We were able to lock in a low interest rate and provide additional equity to the borrower at closing, even with the current COVID-19 restrictions,” says Cain. “We expect to see …

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FinanceFrom The Magazine

COVID-19 Disruptions Negatively Impact Valuations

by Jeff Shaw

By Matt Valley Property valuations have decreased 5 to 10 percent overall across the seniors housing industry due to the operational disruptions caused by the COVID-19 pandemic. That’s the expert opinion of Imran Javaid, managing director of BMO Harris Bank, who says the percentage decline can vary depending on the age of the facility, the operator and the specific asset class. The respiratory virus, which as of Jan. 24 had claimed the lives of more than 417,000 people in the U.S. and ravaged a large swath of the economy, initially …

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DevelopmentFinanceNewsTexas

HJ Sims Arranges $2.8M PACE Financing for Redevelopment Project in Houston

by Jeff Shaw

HOUSTON — HJ Simshas arranged $2.8 million PACE financing, a government program that funds energy efficiency and renewable energy improvements on private property, on behalf of StoneCreek Real Estate Partners. The financing will help fund construction of The StoneCreek of Copperfield, a 104-unit redevelopment of the Copperfield Racquet and Health Club, a longtime landmark of Northwest Houston for more than 30 years. The 104-unit independent living, assisted living and memory care project was announced in January. The operator will be Civitas. While assisting StoneCreek in its search for financing alternatives, …

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