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 …
Finance
Hunt, Envolve Receive $5.2M in Financing for Affordable Community Rehabilitation in Fort Worth
by Jeff Shaw
FORT WORTH, Texas — Hunt Capital Partners, in collaboration with Envolve Community Management LLC, has received $5.2 million in federal Low-Income Housing Tax Credit (LIHTC) equity financing for the acquisition and rehabilitation of Shady Oaks Manor. Located in Fort Worth, Texas, Shady Oaks Manor is an existing LIHTC development, offering 138 affordable housing units to seniors aged 62 years and older. All units benefit from a Section 8 project-based Housing Assistance Payments rental subsidy. Originally constructed in 1979, Shady Oaks Manor was rehabilitated in 2002 utilizing tax-exempt bonds and LIHTC. …
Lument Provides $9.5M HUD Refinancing for Morningstar Residential Care Center in Oswego, New York
by Jeff Shaw
OSWEGO, N.Y. — Lument, a division of ORIX Real Estate Capital, has provided $9.5 million in financing for Morningstar Residential Care Center in Oswego, located along Lake Ontario north of Syracuse. The HUD loan refinances a bridge loan that Lancaster Pollard provided prior to becoming part of Lument. The new loan provides non-recourse, fixed-rate, permanent financing. Morningstar Residential Care Center is a 120-bed skilled nursing facility. Miles Kingston led the transaction for Lument.
PALATINE, WAUKEGAN, ELGIN and CHICAGO, Ill. — Walker & Dunlop Inc. has structured $38.4 million in HUD financing for four skilled nursing properties in Illinois, all within 50 miles of Chicago. The collection of properties includes Aperion Care Plum Grove, a 69-bed facility in Palatine; Pavilion of Waukegan, a 112-bed facility in Waukegan; Park View Rehab Center, a 112-bed facility in Chicago; and River View Rehab Center, a 203-bed facility in Elgin. Joshua Rosen of Walker & Dunlop led the origination team. The loans feature fixed rates, a declining prepayment …
Associated Bank Provides $29M Construction Loan for Senior Living Development in Bloomington, Minnesota
by Jeff Shaw
BLOOMINGTON, Minn. — Associated Bank has provided a $29 million loan for the construction of a 133-unit senior living development in Bloomington. Dubbed ThePOINTE Bloomington, the independent living community is the second of a two-phase project on a 7.5-acre site. Phase I, currently under construction, is the 118-unit Cherrywood Pointe community that features assisted living and memory care. ThePOINTE will rise five stories. United Properties is the developer. Jim Vitt of Associated Bank handled the loan closing.
PALO ALTO, Calif. — Gantry has arranged a $45 million loan to refinance debt on Palo Alto Commons and Avant, a senior living campus in the San Jose suburb of Palo Alto. Palo Alto Commons, constructed in 1990, is an assisted living facility featuring 142 units. It is a three-story, wood-frame structure that provides traditional assisted living services as well as higher acuity memory care services. The Avant was constructed in 2012. It is a 45-unit independent living facility that complements the operations of Palo Alto Commons. Gantry’s Jeff Wilcox …
Ziegler Arranges $81.4M Refinancing for Rockwood Retirement Communities in Spokane, Washington
by Jeff Shaw
SPOKANE, Wash. — Ziegler has placed $81.4 million in bond financing through the Washington State Housing Finance Commission on behalf of Spokane United Methodist Homes. The borrower is the nonprofit operator of Rockwood Retirement Communities, which consists of two continuing care retirement communities (CCRCs) in Spokane — Rockwood South Hill and Rockwood at Whitworth. The communities have a combined 600 residents. The tax-exempt, fixed-rate bonds amortize over 35 years, wrapping around existing indebtedness to result in level aggregate annual debt service. Bond proceeds will be applied toward Phase II construction …
HJ Sims Arranges $107.4M Bond Financing for Presbyterian Retirement Communities in Florida
by Jeff Shaw
ST. AUGUSTINE, Fla. — HJ Sims has arranged $107.4 million in bond financing for Presbyterian Retirement Communities (PRC) and its affiliates, a group of 10 continuing care retirement communities (CCRCs) located throughout Florida. PRC acquired Westminster St. Augustine (then known as Glenmoor) out of bankruptcy in October 2017. The company instituted a turnaround program and was seeking a refinance of existing bonds to fund upcoming capital projects. Sims structured long-term taxable and tax-exempt bonds around the existing debt service, achieving a blended true interest cost of 3.87 percent and successfully …
PENNSYLVANIA — Monticello has provided a $1.3 million working capital loan to the operator of a 181-bed skilled nursing facility in Pennsylvania. Monticello’s asset-based lending group, Monticello Commercial Capital, provided the financing. Further details on the name and location of the property were not disclosed. The borrower is an experienced owner and operator with a current portfolio of 3,566 licensed beds. Prior to this deal, Monticello financed the acquisition of several facilities between 2017 and 2019 for the company.
Berkadia Provides $9.8M HUD Loan for Willow Creek Retirement Center in Byram, Mississippi
by Jeff Shaw
BYRAM, Miss. — Berkadia has provided $9.8 million in HUD financing for Willow Creek Retirement Center, a skilled nursing facility in Byram, a suburb of Jackson. Built in 2000, the property features 88 skilled nursing beds, including a 20-bed memory care unit. The facility also features a new 4,000-square-foot therapy gym and spa and 10,000-square-foot wing for private rooms. The borrower is WCR LLC, which Robert Rotolo leads. The 35-year loan represents a 79 percent loan-to-value ratio. Laura Saull Smith of Berkadia’s D.C. Metro office secured the loan, which refinanced …