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Jeff Rodman seniors affordable housing
Affordable HousingContent PartnersDevelopmentFeaturesFinanceIllinoisIndustry ContentM&T Realty Capital CorporationTexas

MTRCC’s Affordable Housing Expansion Anticipates Seniors Housing Opportunities

by Sarah Daniels

Concerns about real estate distress have primarily focused on retail and hospitality properties, both of which have most visibly borne the brunt of COVID-19 state and local lockdowns. Yet, arguably, seniors housing has suffered just as severe a blow, say Matthew Pipitone and Jeff Rodman, program managers for M&T Realty Capital Corp. (MTRCC), the commercial mortgage banking subsidiary of M&T Bank. Not only have seniors housing residents been restricted from having guests and seeing family members, but owners and operators have been tasked with finding ways to continue caring for …

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Affordable HousingDevelopmentFinanceKeyBankNewsPennsylvania

KeyBank Provides $23M in Financing for Affordable Seniors Housing Project Near Pittsburgh

by Jeff Shaw

CANONSBURG, Pa. — KeyBank’s Community Development Lending & Investment (CDLI) division has provided $23 million in financing for the construction of an affordable seniors housing project in Canonsburg, located about 20 miles south of Pittsburgh. The financing consisted of an $11 million construction loan and $12 million in low-income housing tax credit (LIHTC) equity. The Pennsylvania Housing Finance Agency also provided a $1.3 million permanent loan. The borrower is a partnership between Ohio-based developer MVAH Partners LLC and nonprofit operator Blueprints. David Lacki and Laura Janosko of KeyBank’s CDLI team …

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FinanceNewsSkilled NursingWisconsin

Ziegler Arranges $9.6M Refinancing for Eskay Real Estate

by Jeff Shaw

UNION GROVE and LOMIRA, Wis. — Ziegler has arranged $9.6 million in refinancing on behalf of Eskay Real Estate, a family-owned post-acute care provider in Southeastern Wisconsin. The refinancing funded the acquisition of a previous partner’s majority interest and refinanced SBA loans related to two post-acute care campuses located in Wisconsin. Both facilities provide skilled nursing care and assisted living accommodations in Union Grove and Lomira. Ziegler recommended refinancing outstanding SBA debt with FHA Section 232/223(f) program to allow Eskay to lower its debt service and eliminate bank-related financing risks …

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FinanceNewsPeople

Monticello Appoints Ashish Shah as Managing Director for Business Development

by Jeff Shaw

NEW YORK CITY — Monticello, a capital solutions provider based in New York, has named Ashish Shah to the position of managing director. Shah, who brings over 25 years of experience in healthcare and traditional real estate, will concentrate his efforts on business development, origination, and expanding and bolstering Monticello’s capital and risk management capabilities. Prior to Monticello, Shah co-led Formation Capital’s lending group with a primary focus on business development and capital markets/syndications. He was previously at Oxford Finance and GE Healthcare Financial Services in a variety of business …

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CaliforniaFinanceNews

NorthMarq Arranges $31M Refinancing for Merrill Gardens Rancho Cucamonga

by Jeff Shaw

RANCHO CUCAMONGA, Calif. — NorthMarq has arranged a $31 million refinancing for Merrill Gardens Rancho Cucamonga. The 112-unit community was built in 2018 and offers independent living, assisted living and memory care. The property is situated on 4.21 acres in the heart of Rancho Cucamonga, approximately 35 miles east of downtown Los Angeles. Stuart Oswald and Gordon Mickelson led the transaction for NorthMarq. A correspondent life insurance company provided the permanent, fixed-rate loan for the borrower, a joint venture between Merrill Gardens and AEW Capital Management. The loan, structured prior …

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FinanceNews

CFG Provides $285M Bridge-to-HUD Financing for Skilled Nursing Portfolio Acquisition in Mid-Atlantic

by Jeff Shaw

BALTIMORE — Capital Funding Group (CFG), in partnership with its credit venture CFG Credit Partners, has provided $285 million in bridge-to-HUD financing for the acquisition of a skilled nursing portfolio. The borrower is a skilled nursing operator. The loans were secured by 16 facilities in the Mid-Atlantic region. Erik Howard and Tim Eberhardt originated the transaction for Baltimore-based CFG.

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Active AdultFinanceIllinoisM&T Realty Capital CorporationNews

M&T Funds $15.1M Refinancing for Active Adult Community in St. Charles, Illinois

by Jeff Shaw

ST. CHARLES, Ill. — M&T Realty Capital Corp. has provided a $15.1 million Fannie Mae loan for the refinance of an 80-unit active adult community in St. Charles. The transaction was worked in conjunction with Ziegler, a specialty investment bank headquartered in Chicago. The 10-year, fixed-rate loan was structured with five years of interest-only payments, followed by 30 years of amortization. The loan also carries a declining prepayment schedule, which will provide the undisclosed borrower with additional flexibility in future years. The community was 98.8 percent occupied at the time …

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Assisted LivingCaliforniaDevelopmentFinanceNews

JLL Capital Markets Arranges Development Financing for The Lodge at Piner Road in Santa Rosa, California

by Jeff Shaw

SANTA ROSA, Calif. — JLL Capital Markets has arranged financing for development of The Lodge at Piner Road, a 92-unit seniors housing community. Blue Mountain Enterprises and Calson Management are developing the property, located in Santa Rosa, part of Sonoma County. Although the amount of the financing was undisclosed, it represents a 75 percent loan-to-cost ratio. A private lender provided the funds. The Class A property will total 37,762 square feet and consist of 66 assisted living units and 26 private memory care units. The property is adjacent to both …

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FinanceM&T Realty Capital CorporationNewsSkilled NursingWashington

M&T Realty Capital Provides $3.1M Refinancing for Skilled Nursing Facility in Seattle

by Jeff Shaw

SEATTLE — M&T Realty Capital Corp. has provided a $3.1 million, FHA-insured loan for the refinance of a 47-unit skilled nursing facility in Seattle. The loan was completed under the U.S. Department of Housing and Urban Development (HUD) 223(a)(7) program. The 21-year loan features a 2.68 percent fixed interest rate and is fully amortizing. The transaction was led by Jim Schneider and Madeleine Roach of M&T Realty Capital’s Seattle office. Details on the borrower and facility were not disclosed.

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FinanceNewsOhio

Ziegler Arranges $20M Bond Financing for Community First Solutions

by Jeff Shaw

HAMILTON, Ohio — Ziegler has arranged $20 million in bond financing for Community First Solutions, a healthcare services company based in Hamilton. The bonds were issued through the Butler County Port Authority, and consisted of $15.3 million of tax-exempt bonds and $4.7 million of federally taxable bonds. Community First Solutions (CFS) is a nonprofit company that provides a continuum of services to meet the diverse health and wellness needs of more than 30,000 clients throughout the region. CFS is the parent company of multiple subsidiaries and operates two senior living …

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