BOZEMAN, Mont., and SEATTLE — Ziegler has arranged $42.6 million in financing for the acquisition of two seniors housing properties near Seattle and another in Bozeman. The borrower is Radiant Senior Living, which has brought the three properties into its portfolio. The financing consisted of a combination of senior and mezzanine debt, with Congressional Bank providing the senior debt and a national senior housing fund providing the mezzanine debt. Radiant acquired the portfolio from a publicly traded healthcare REIT as part of its expansion efforts across the country. The properties …
Finance
PHOENIX — Cushman & Wakefield Senior Housing Capital Markets has arranged a $13 million refinancing for The Palazzo, a 327-unit seniors housing community in Phoenix. The borrower is a joint venture of an affiliate of Westport Capital Partners LLC and Integro Healthcare Consulting. The borrower originally acquired the 14-acre campus in 2017. The property recently underwent a $10 million renovation, and the refinancing will replace the original acquisition financing while current ownership finishes executing its business plan. The community comprises two three-story buildings totaling 335,000 square feet, featuring 100 independent …
Bernard Financial Group Arranges $11.5M Refinancing for Seniors Housing Property in Detroit
by Jeff Shaw
DETROIT — Bernard Financial Group has arranged an $11.5 million loan for the refinancing of an 82-unit seniors housing property in Detroit. Walker & Dunlop provided the Freddie Mac loan, terms of which were undisclosed. Dennis Bernard and Joshua Bernard of Bernard Financial Group arranged the loan on behalf of the borrower, OP Senior Limited Dividend Housing Association LLC.
RANCHO CUCAMONGA, Calif. — Inland Empire Health Plan (IEHP) has partnered with National Community Renaissance (National CORE) to provide $1.5 million for construction of Day Creek Senior Villas in Rancho Cucamonga, approximately 40 miles east of Los Angeles. Through this partnership with National CORE, one of the nation’s largest nonprofit developers of affordable housing, the health plan will receive access to 10 apartment units in the facility. These units will provide permanent housing for homeless seniors who are IEHP members transitioning out of long-term care. “It is a sad statement …
While the recession caused by the COVID-19 pandemic has certainly made life tougher for active adult investors, there is still capital available. It has just become harder to get. “The equity is pretty rational right now. It’s the TINA phenomenon — there is no alternative,” said Mark Marasciullo, chief investment officer with The United Group of Companies, which develops active adult properties. “There is, institutionally speaking, more and more equity piling up on the sidelines. The market’s pretty liquid, but that doesn’t mean it’s easy. There’s a lot of capital …
Oxford Finance Provides $9.5M Acquisition Financing for Two Skilled Nursing Facilities in Wisconsin
by Jeff Shaw
WISCONSIN — Oxford Finance LLC has provided a $9.5 million senior credit facility and revolving line of credit to AB Asset Management LLC and Vitalogy Property Holdings LLC. The proceeds will be used to finance the acquisition of two skilled nursing facilities located in Wisconsin, totaling 158 beds. Vitalogy formed a partnership with AB Asset Management and Symmetry Healthcare to acquire the properties. Levi Rudd and Louis Kass founded Vitalogy in 2015. The company plans to expand its existing multi-state operating platform to the Midwest.
Lument Provides $8M in Freddie Mac Financing for Affordable Housing Conversion in Delaware
by Jeff Shaw
MIDDLETOWN and SMYRNA, Del. — Lument has provided an $8 million Freddie Mac unfunded forward commitment loan to the Delaware State Housing Authority (DSHA). The permanent financing will pay off construction and renovation debt for a portfolio of three properties. The 106-unit portfolio being renovated comprises Holly Square in Middletown and McLane Gardens and Peach Circle, both in Smyrna. The renovation project consists of substantial interior and exterior upgrades, as well as improved ADA compliance and accessibility for seniors. The three properties will convert from public housing to Section 8-assisted …
PLEASANTON, Calif. — Ziegler has arranged a total of $125 million in financing for HumanGood, a nonprofit owner-operator based in the Bay Area city of Pleasanton. Washington Federal Bank is providing the funds, which include: $15.5 million in bonds, which refinance an existing tax-exempt bank placement $64.8 million in bonds that are a Cinderalla refinancing of two fixed-rate, tax-exempt bond issues. a $33.8 million taxable term loan. an $11 million taxable revolving line of credit. HumanGood owns and/or operates 21 continuing care retirement communities (CCRCs) and 95 affordable housing communities …
M&T Realty Capital Provides $17.1M Acquisition Loan for Cascades Village in Sterling, Virginia
by Jeff Shaw
STERLING, Va. — M&T Realty Capital Corp. has provided a $17.1 million Fannie Mae acquisition loan for Cascades Village, a 150-unit affordable seniors housing community in Sterling. Matthew Hodson of M&T originated the 10-year loan on behalf of the borrower, Avanath Capital Management. The financing features 10 years of interest-only payments and a fixed interest rate of 2.58 percent. Amenities at Cascades Village include community room with a kitchen, library, TV room, movie theater, beauty parlor, onsite dentist and podiatrist, exercise room, sitting porch and a patio with a grill …
SAN DIEGO — HJ Sims has arranged $77 million in financing for Casa de las Campanas, a continuing care retirement community (CCRC) in San Diego. Life Care Services operates the community, which LCS Development built. The community is in the middle of a multi-phase master plan that includes renovation and expansion of its facilities, including new skilled nursing, independent living and memory care areas. In 2014, Sims secured bank financing through City National Bank (CNB) for Phase I of the plan. Sims negotiated the Phase II financing terms with CNB …