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, …
SOLANA BEACH, Calif. — Lument has provided a $28 million Fannie Mae refinancing for La Vida Del Mar, a 105-unit assisted and independent living community in Solana Beach, approximately 20 miles north of San Diego. The borrower is Senior Resource Group and its equity partner, Collins Development Co. Doug Harper of Lument’s Western region seniors housing and healthcare production team led the transaction. The loan features a 10-year term, five years of interest-only payments and 30-year amortization. In addition to refinancing existing debt, the closing provided cash-out proceeds.
MASSACHUSETTS — Oxford Finance LLC has provided a $23.5 million senior credit facility and revolving line of credit to Prosper Life Care Inc. The proceeds were used for the acquisition of two assisted living/memory care facilities located in Massachusetts totaling 214 units. Further details were not disclosed.
On Jan. 28, Seniors Housing Business and sponsor V&IG hosted the webinar “Seniors Housing Valuation Outlook: What’s Ahead for 2021?” The panel discussion focused on what the marketplace looks like now (who is transacting now and what sorts of deals are happening, occupancy rates, data from the fourth quarter of 2020) and what to look for in the near future. What are investor perceptions of the industry and what creates value? Watch this complimentary webinar and tune in to find out more. See below for a list of some of the discussion points covered in …
CHATTANOOGA, Tenn. — Grandbridge’s Atlanta-based Seniors Housing and Healthcare Finance team has arranged $36.3 million in financing for BrightSpace Senior Living, a Chattanooga-based owner-operator. The financing package included two separate loans, both through Freddie Mac. The use of the funds was not disclosed. Richard Thomas led the transaction for Grandbridge.
CHICAGO — Ventas Inc. (NYSE: VTR) has closed a four-year, $2.8 billion unsecured credit facility. The credit facility was oversubscribed, with support from 24 new and incumbent financial institutions, according to the Chicago-based REIT borrower. “Ventas’ successful completion of this transaction reinforces our ample liquidity, extends our debt maturities and improves our borrowing costs,” says Robert Probst, executive vice president and chief financial officer for Ventas. The credit facility is initially priced at 82.5 basis points over LIBOR, based on the company’s debt ratings, a five-basis-point improvement from pricing under …
Amid the uncertainty of 2020, multifamily real estate portfolios as a whole outperformed expectations. However, seniors housing faced unique operational challenges during a pandemic that has been particularly devastating to older populations. The government-sponsored enterprises (GSEs), Fannie Mae and Freddie Mac, were instrumental in keeping liquidity in the housing market. Entering 2021, the agencies continue their focus on mission-based lending to increase affordable housing, including in the seniors housing sector. Capital markets experts Angela Mago, president of Key Commercial Bank and Real Estate Capital and member of the executive leadership …
TACOMA, Wash. — NorthMarq has arranged a $35 million refinancing for Weatherly Inn, an independent living, assisted living and memory care community in Tacoma. Developed in the mid-1990s, the community is family owned and operated. It features 136 units. Stuart Oswald, senior vice president and managing director of NorthMarq’s Seattle office, arranged the Freddie Mac financing with a 10-year term and 30-year amortization.
CHICAGO — Blueprint Healthcare Real Estate Advisors has launched a new capital markets practice, hiring Alex Flora to lead the new department as head of capital markets. The new practice seeks to provide creative debt and equity solutions including capital raising, capital structure advisory and capital markets consulting to the private-pay seniors housing industry. With a decade-long career in the seniors housing industry, Florea has background in capital markets, acquisitions and dispositions at REITs, operators and now a brokerage firm.
VALHALLA, N.Y. — HJ Sims has closed $30 million in financing for The Bethel Methodist Home and its continuing care retirement community The Knolls, located in Valhalla, approximately 25 miles north of Midtown Manhattan. The community, which opened in 2002 under the name Westchester Meadows, offers independent living, assisted living and skilled nursing services on one campus. In 2008, Westchester Meadows experienced financial difficulty, which culminated in a bankruptcy filing in 2015. The community was acquired in 2016 with the proceeds of tax-exempt and taxable bonds privately placed with a …