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Finance

DevelopmentFinanceMinnesotaNews

Axial Receives Financing for Willows Bend Redevelopment Project in Fridley, Minnesota

by Jeff Shaw

FRIDLEY, Minn. — Axial Real Estate Advisors, in partnership with United Properties and Ivy Properties, has received acquisition and development financing for Willows Bend Senior Living, a seniors housing project in Fridley, a northern suburb of Minneapolis. Willows Bend will be a 136-unit, four-story building with underground parking. Ebenezer Management Services, a division of Fairview Health System, will operate the community upon completion. Groundbreaking is scheduled for later this month, with an anticipated opening in summer 2022. The site, measuring 2.67 acres, is the former home of Fridley City Hall, …

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FinanceNews

Dwight Capital Closes $117.5M in Healthcare Financings

by Jeff Shaw

NEW YORK CITY — Dwight Capital provided over $117.5 million in healthcare financing during fourth-quarter 2020. Featured among these transactions are loans for several properties within the Recover Care, The Laurels, and Landmark portfolios. Dwight closed $15 million in bridge and mezzanine financing for the acquisition of the Recover Care Kansas Portfolio, a 253-bed, three-asset assisted living and skilled nursing facility portfolio located across Kansas. Adam Sasouness originated this transaction. Sasouness also originated $13.95 million in bridge financing for the Laurels Portfolio, a 313-bed, three-asset assisted living and skilled nursing …

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FinanceKeyBankNews

KeyBank Provides Fannie Mae Financing for Enlivant Portfolio

by Jeff Shaw

CHICAGO — KeyBank Real Estate Capital (KBREC) has provided Fannie Mae financing for a multistate portfolio of properties operated by Enlivant, a Chicago-based owner-operator. The loan provides long-term, nonrecourse debt. The Fannie Mae financing was completed in conjunction with KeyBank Real Estate Capital’s extension of revolving lines of credit to other properties operated by Enlivant. Charlie Shoop of Key’s Commercial Mortgage Group led the financing for Key. Tim Sylvain, Paul Di Vito and Patrick Gilbreath of Key’s Healthcare Finance Group originated and structured the balance sheet financing on behalf of …

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Assisted LivingDevelopmentFinanceMassachusettsNews

Cushman & Wakefield Arranges $29.8M Construction Financing for Benchmark Community in Hanover, Massachusetts

by Jeff Shaw

HANOVER, Mass. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged a $29.8 million loan for the construction of Benchmark of Hanover, approximately 20 miles south of Boston. The borrower is a joint venture between Benchmark Senior Living and Iron Point Partners LLC. The property will feature 97 units of assisted living and memory care. The Cushman & Wakefield team involved in the transaction includes Rick Swartz, Jay Wagner, Sam Dylag, Jack Griffin and Joseph Carbone. “Hanover is a quintessential South Shore Boston suburb with excellent access to …

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AcquisitionsAssisted LivingFinanceNew JerseyNews

Cushman & Wakefield Arranges Acquisition Financing for Three-Property Portfolio in New Jersey

by Jeff Shaw

CHERRY HILL, VOORHEES and STAFFORD TOWNSHIP, N.J. — Cushman & Wakefield’s Senior Housing Capital Markets team has arranged an undisclosed amount of financing for the acquisition of three seniors housing communities in New Jersey. The borrower is a joint venture between Harrison Street and LCB Senior Living. The communities, all under the Atria brand, total 263 units of assisted living and memory care. Two properties are located in the Philadelphia suburbs of Cherry Hill and Voorhees, while the third is in Stafford Township near the Jersey Shore. Cushman & Wakefield …

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DevelopmentFinanceGeorgiaNews

Live Oak Funds $13M Construction Loan for Phoenix Senior Living Project in Dallas, Georgia

by Jeff Shaw

DALLAS, Ga. — Live Oak Bank has provided a $13 million loan for the construction of The Phoenix at Dallas, located approximately 30 miles northwest of Atlanta. Phoenix Senior Living is developing the 56-unit independent living project, which will consist of 14 quadplex cottages. The Phoenix at Dallas is Phase II of a three-phase campus build-out. The cottages, walking trails, pool, and cabana, will be built across a 15-acre parcel adjacent to the Pearl at Dallas, a memory care community also operated by Phoenix Senior Living. Ten additional acres of …

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Assisted LivingConnecticutDevelopmentFinanceNews

Live Oak Funds $24.9M Construction Loan for Community in Brookfield, Connecticut

by Jeff Shaw

BROOKFIELD, Conn. — Live Oak Bank has provided a $24.9 million loan for the construction of an assisted living and memory care community in Brookfield, approximately midway between Hartford and New York City. Columbia Pacific Real Estate Fund III is the borrower. Situated on 4.1 acres, the community will feature 91 assisted living units and 36 memory care units in a 105,000-square-foot building. Leisure Care will be the operator upon opening.

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ArizonaCCRCDevelopmentFinanceNews

Ziegler Structures $136.8M in Financing for Royal Oaks CCRC Expansion in Sun City, Arizona

by Jeff Shaw

SUN CITY, Ariz. — Ziegler has arranged $136.8 million of public bonds and bank capital for People of Faith Inc. The borrower has planned an expansion project known as Inspirata Pointe at its existing continuing care retirement community (CCRC), Royal Oaks, in Sun City. The financing comprises $90.8 million in tax-exempt bonds and $46 million in variable-rate entrance fee redemption bonds. Royal Oaks was established in 1981 on approximately 50 acres 22 miles northwest of Phoenix. The CCRC currently offers 258 independent living apartments, 102 independent living private residential garden …

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FinanceNewsSkilled Nursing

Monticello Arranges $507M Financing Package for Skilled Nursing Portfolio Acquisition in Southeast

by Jeff Shaw

NEW YORK CITY — Monticello, a New York-based lender, has arranged a total of $467 million in financing for the acquisition of a skilled nursing portfolio in the Southeast. The financing package from Monticello included $368 million in first-lien debt and $99 million in mezzanine debt. Lastly, Monticello provided a $40 million working capital loan, resulting in a total financing for the acquisition of $507 million. The borrower is an experienced skilled nursing owner-operator. Details on the properties and seller were not disclosed.

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DevelopmentFinanceNewsNorth Carolina

Live Oak Bank Provides $8.5M Construction Financing for Project in Reidsville, North Carolina

by Jeff Shaw

REIDSVILLE, N.C. — Live Oak Bank has provided an $8.5 million construction loan for development of a 58-unit independent living and assisted living project in Reidsville, located north of Greensboro near the Virginia border. The borrower, ALG Senior, has controlled a Certificate of Need necessary to operate assisted living within the county for many years. Following an extensive search, ALG identified and acquired a 12.5-acre site for development.

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