RICHMOND, Va. — EquityPlus LLC has successfully sold $16 million in bonds issued by the Richmond Redevelopment & Housing Authority. Proceeds from the bond sale will finance renovations to the Shockoe Hill Senior Apartments, an affordable seniors housing complex owned by Capital Realty Group in Richmond. The financing will also fund a new community wellness center for its residents. The bonds were purchased in their entirety by Cedar Rapids Bank & Trust of Iowa ($10.5 million) and Capital Realty Group ($5.5 million). EquityPlus identified the buyers, coordinated closing and will …
DEWITT, Iowa — Lument has arranged a $21.8 million loan via the U.S. Department of Agriculture’s Community Facilities (CF) Direct Loan program to fund the construction of Fieldstone of DeWitt, a 91-unit seniors housing campus. Located in eastern Iowa, the community will consist of a 70-bed replacement skilled nursing facility, of which 16 units will provide dementia care and 21 units will provide assisted living care. Previously, the community was attached to a hospital. The new skilled nursing beds will be located in four cottages, each with its own common …
MACON, Ga. — NorthMarq has arranged a $7.7 million refinancing for Cottages on Wesleyan, a 45-unit independent living community in Macon. The transaction was structured with a 10-year term on a 30-year amortization schedule through Fannie Mae. Mark Ebersold, vice president of NorthMarq’s Charlotte regional office, arranged the transaction. “The owner constructed the asset over 20 years ago, and has done an outstanding job of maintaining it as a Class A asset in the market,” says Ebersold. “The property offers its residents patio-style living with one- and two-bedroom floorplans, and …
GAINESVILLE, Fla. — Dwight Capital has provided a $94.3 million HUD-insured loan for The Village at Gainesville, a 651-bed senior living community in Gainesville. The gated property is situated on a 104-acre campus in close proximity to many parks and recreational areas, including the 110-acre Mark Bostick Golf Course. The community provides its residents with services including assisted living, memory care, and board and care. This refinancing closed as the largest healthcare 232(a)(7) loan in HUD’s history to date, according to Dwight Capital. Josh Sasouness and Avi Lifshitz originated the …
SEATTLE and GAITHERSBURG, Md. — Grandbridge Real Estate Capital arranged $11.2 million in financing across three modification loans. Artin Anvar arranged the interest rate reduction (IRR) modifications through HUD’s IRR program. The first transaction, totaling $984,721, was secured by Hilltop Manor, a 35-unit assisted living community in Seattle. The loan features a 20-year term and 20-year amortization. The second transaction, totaling $955,717, was secured by Spring Manor, a 54-unit memory care facility in Seattle. The loan features a 20-year term and 20-year amortization. The largest transaction, totaling $9.2 million, was …
Seniors housing lending isn’t dormant, but lenders and borrowers alike rethink their strategies as the pandemic continues. By Jeff Shaw The COVID-19 pandemic has been a shock to the entire seniors housing industry at every level, and capital providers in the sector are no exception. With occupancy at record lows, lenders and investors understandably have changed strategies to protect their investments. Occupancy continued its free-fall in first-quarter 2021, falling 870 basis points year-over-year to 78.8 percent for private-pay seniors housing, according to the National Investment Center for Seniors Housing & …
Although the pandemic tested the systems, many lenders actually provided more capital in 2020 than in previous years. Roundtable Participants: Mike Taylor, Senior Vice President, Head of Healthcare & Capital Markets, First Midwest Bank Sarah Duggan, Senior Director, Seniors Housing & Healthcare Lending, Synovus Lawrence Brin, Managing Director, Head of Healthcare Real Estate, MidCap Financial Services Eric Smith, CEO, Managing Partner, Locust Point Capital Ashish Shah, Managing Director, MONTICELLOAM LLC By Jeff Shaw While COVID-19 has caused a wide variety of struggles for the seniors housing industry, capital has …
By Matt Valley With mass vaccination efforts in the fight against COVID-19 well underway across the country and the economic clouds beginning to lift, the lending outlook for seniors housing has brightened considerably in recent months, say industry professionals. “If you are comparing today to pre-pandemic [market conditions], we think the lending environment is actually pretty good,” says Chuck Hastings vice president of finance and business development for Juniper Communities, an owner and/or operator of 25 seniors housing communities in New Jersey, Pennsylvania, Colorado and Texas. The portfolio’s total resident …
BIRMINGHAM, Mich. — Lument has arranged a $168 million bridge loan for a skilled nursing portfolio on behalf of Mitchell Family Office (MFO), a Birmingham-based investment firm focused on the healthcare industry. Proceeds of the loan funded the acquisition of the skilled nursing division of American Health Partners and was part of a larger acquisition plan in which MFO acquired all the interests of American Health Partners for an undisclosed price. Leading the transaction for Lument were Conner Girdley, director for seniors housing and healthcare, and Brandon Gill, vice president …
NEW YORK CITY — The New York office of mortgage banking company Merchants Capital has arranged an $18.2 million Housing Development Corporation (HDC) Fannie Mae Risk Share loan for Mannie Wilson Towers, a historic affordable housing development located in the Harlem neighborhood of Manhattan. Located in the former Sydenham Hospital, Mannie Wilson Towers provides 102 one- and two-bedroom units of restricted-income housing for seniors. As part of the U.S. Department of Housing and Urban Development (HUD) Section 202 program, units are restricted to residents 62 years of age and older …