Finance

CCRCDevelopmentFinanceNewsPennsylvania

Ziegler Arranges $39.3M Bond Financing for Londonderry Village in Palmyra, Pennsylvania

by Jeff Shaw

PALMYRA, Pa. — Ziegler has arranged $39.3 million in bond financing for Lebanon Valley Brethren Home. The funds will be used to finance an expansion project at Londonderry Village, a seniors housing community in Palmyra, a small borough near Harrisburg. The 146-acre campus features 374 independent living units, 38 personal care units and 88 skilled nursing beds. The expansion includes developing a 40-acre tract of farmland at the southern boundary of the campus, and will add 35 new independent living units along with a model home, sales office and clubhouse. …

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FinanceNew YorkNewsSkilled Nursing

Greystone Provides $24.9M HUD-Insured Loan for Refinancing of Skilled Nursing Facility in Yonkers, New York

by Jeff Shaw

YONKERS, N.Y. — Greystone has provided a $24.9 million HUD-insured loan for the refinancing of Adira at Riverside, a 120-bed skilled nursing facility in Yonkers, located north of New York City. Built in 2000, the property offers short-term rehabilitation, occupational, physical and speech therapy services, as well as amputee rehab, wound care, neuro-rehabilitation, certified cardiopulmonary rehabilitation, long-term skilled nursing care, and dedicated Alzheimer’s and dementia care services. Fred Levine of Greystone originated the financing. Shia Fishman of Capital Stack Advisors arranged the loan on behalf of the borrower, L&A RE …

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FinanceNewsWashington

CBRE Arranges $49M Refinancing for Four-Property Portfolio in Metro Seattle

by Jeff Shaw

SEATTLE — CBRE Senior Housing has arranged a refinancing for a portfolio of four senior living properties in the Seattle metropolitan area. The four senior living communities are located on infill sites. The portfolio features 368 total units, of which 91 units are for independent living and 277 units are for assisted living. CBRE secured a five-year, $49 million, floating-rate loan with 36 months of interest-only payments through a national bank. MBK Senior Living will continue to operate the four properties as it has since acquisition. Aron Will, Austin Sacco, …

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FinanceNewsPeople

Bellwether Enterprise Hires Ryan Stoll as National Director of Seniors Housing and Care

by Jeff Shaw

DENVER — Bellwether Enterprise Real Estate Capital LLC has hired Ryan Stoll as national director of seniors housing and care. Stoll will be responsible for the creation of a specialized production team and the development and implementation of a growth strategy for Bellwether Enterprise’s seniors housing mortgage lending platform. Stoll will be based in the Denver office. Stoll has nearly a decade of experience working in seniors housing finance and has originated $2 billion in seniors housing capital markets transactions throughout his career. Before joining Bellwether Enterprise, Stoll served as …

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Affordable HousingCaliforniaFinanceNews

Greystone Provides $29.9M in HUD-Insured Financing for Affordable Property in Pomona, California

by Jeff Shaw

POMONA, Calif. — Greystone has provided a $29.9 million HUD-insured loan to refinance Serenity Villas, a 174-unit affordable seniors housing property in Pomona. Shana Daby, a managing director with Greystone, originated the transaction on behalf of AMCAL. The Section 223(f) loan refinances the property at a fixed rate with a 35-year term and amortization. Loan proceeds also enable the borrower to make capital improvements and set up a debt service reserve, as well as monetize existing equity in the property. Originally constructed by the borrower in 2002, Serenity Villas is …

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DevelopmentFinanceIllinoisNews

American House Receives Financing for Senior Living Project in Oak Park, Illinois

by Jeff Shaw

OAK PARK, Ill. — American House Senior Living Communities has received financing for its latest senior living project in Oak Park, eight miles west of downtown Chicago. American House Oak Park will be a seven-story seniors housing community featuring 76 independent living, 66 assisted living and 35 memory care units. Expected to open fall 2022, demolition work was completed in late February and construction began in March. American House will operate the community upon completion.

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Assisted LivingColoradoFinanceNews

HJ Sims Partners Arranges $3.8M in Retroactive PACE Financing for StoneCreek Real Estate Partners

by Jeff Shaw

DENVER — HJ Sims has arranged $3.8 million in Retroactive Property Assessed Clean Energy (PACE) financing for StoneCreek Real Estate Partners, a Dallas-based developer. StoneCreek develops and owns seniors housing communities in Texas, Colorado and Arizona, with Civitas Senior Living as the operator. The StoneCreek Littleton development is a 92-unit senior housing community with 70 assisted living units and 22 memory care units. The community opened in January of 2020 and provides local access to quality senior housing and care in the Littleton area of Denver. With occupancy and operational …

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Assisted LivingDevelopmentFinanceIndianaNews

Northland Networks Arranges $19.4M Construction Financing for Bridgepointe Gardens Near Louisville

by Jeff Shaw

JEFFERSONVILLE, Ind. — Northland Networks has arranged $19.4 million in financing for the development of Bridgepointe Gardens, a seniors housing community in Jeffersonville, located just across the Ohio River from Louisville, Kentucky. The borrower is Denton Floyd Real Estate Group, a growing real estate development firm with over 3,500 multifamily units in Kentucky and Indiana. This project will be the company’s second senior living community and will be managed by Vitality Senior Services, an affiliated organization. Construction on the project has already begun. When completed, the community will feature 115 …

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FinanceMinnesotaNews

Dwight Capital Provides $22.2M HUD Refinancing for Gramercy Park Cooperative in Minnesota

by Jeff Shaw

RICHFIELD, Minn. — Dwight Capital has provided a $22.2 million HUD-insured loan for the refinancing of Gramercy Park Cooperative at Lake Shore Drive in Richfield, an inner-ring suburb of the Twin Cities. The 157-unit senior living community rises 12 stories on 1.7 acres. Amenities include a library, fitness room, hair salon, community room, grocery store, individual storage space and exterior gardens. Josh Sasouness of Dwight originated the 223(a)(7) loan on behalf of the undisclosed borrower.

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FinanceNewsPeople

Monticello Appoints Darren Margulis to Oversee Advisory Services Business

by Jeff Shaw

NEW YORK CITY — Monticello, a New York-based private real estate and asset-based lender, servicer and manager, has hired and appointed Darren Margulis as managing director to oversee its advisory services business unit, which provides lenders and financial institutions custom asset management and special servicing solutions specifically designed for the seniors housing industry. Margulis brings over 25 years of experience to Monticello, including in healthcare and commercial real estate underwriting, portfolio management and investor relations. Prior to his current role, Margulis co-led Formation Capital’s lending group with a primary focus …

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