HIGH POINT, N.C. — Ziegler has arranged $47.8 million in bond financing for a planned expansion project at Pennybyrn at Maryfield, a continuing care retirement community (CCRC) in High Point, just southwest of Greensboro. Located on 72 acres, Pennybyrn currently features 180 independent living units, 24 assisted living units, 24 memory care units and 125 skilled nursing beds. The planned expansion will add 42 new independent living apartments, with 74 percent of them pre-sold, as well as a 24-bed transitional rehabilitation therapy building. The project will also include improvements to …
Finance
Cambridge Provides $3.2M HUD Refinancing for Kadie Glen Assisted Living in Wenatchee, Washington
by Jeff Shaw
WENATCHEE, Wash. — Cambridge Realty Capital Cos. has provided a $3.2 million HUD Lean loan to refinance Kadie Glen Assisted Living. Located in Wenatchee, in the central part of Washington between Seattle and Spokane, the property features 62 beds. The borrower is a limited liability company based in Washington state. Cambridge Realty Capital Ltd. of Illinois, the Cambridge business that specializes in underwriting FHA-insured loans, underwrote the transaction. The 32-year loan is fully amortizing.
Colliers Mortgage Originates $5.6M Refinancing for Realife Cooperative of Bloomington in Minnesota
by Jeff Shaw
BLOOMINGTON, Minn. — Colliers Mortgage has originated a $5.6 million HUD 223(a)(7) loan for the refinancing of Realife Cooperative of Bloomington, a 78-unit seniors housing community in Bloomington. The three-story building includes an underground parking garage. Constructed in 1999, the property is restricted to households whose head of household is 62 years or older. The 30.7-year refinancing loan enabled the borrower to reduce the interest rate.
Monticello Provides $2M in Working Capital for 338-Bed Skilled Nursing Portfolio in Montana
by Jeff Shaw
MONTANA — Monticello has provided a $2 million working capital loan to the operating companies of two skilled nursing facilities totaling 338 beds in Montana. Monticello’s asset-based lending group, Monticello Commercial Capital LLC, provided the financing. No further details were disclosed.
Truist Provides $42.4M in Financing for Hillcrest CCRC Expansion in La Verne, California
by Jeff Shaw
LA VERNE, Calif. — Truist Financial Corporation has provided $42.4 million in financing for Hillcrest, a continuing care retirement community (CCRC) in La Verne, approximately 30 miles east of Los Angeles. The funding will be used to refinance existing debt and support the construction of a new independent living area, named Hawthorne Homes. The 24,000 square-foot development will consist of 14 one-floor cottage and duplex units located on a 1.4-acre parcel on Hillcrest’s 50-acre campus. The new construction includes several environmentally friendly and sustainable features, including solar energy, rainwater reclamation, …
SEATTLE — Greystone has provided a $13.9 million HUD-insured loan to refinance The Savoy at Lake City Senior Living, an 80-unit seniors housing property in Seattle. Greystone’s Shana Daby and Lorie Hanson originated the transaction on behalf of Lake City Project Associates. The nonrecourse loan features a fixed rate with a 40-year term and amortization. As green-certified and energy-efficient housing, the property also qualifies for a reduction in Mortgage Insurance Premium (MIP) of 40 basis points, from 65 to 25 basis points, annually. Constructed in 2017, The Savoy at Lake …
Hunt Capital Partners Raises $11M in Equity for 90-Unit Mixed-Income Development in Waco, Texas
by Jeff Shaw
WACO, Texas — Hunt Capital Partners, in collaboration with co-developers Mears Development and Construction Inc. and Harris284 Team Inc., has raised $11 million in low-income housing tax credit (LIHTC) financing for construction of Residences at Lake Waco in Waco. Designed for seniors 55 and older, the new development will feature 11 market-rate and 79 LIHTC units set aside for households earning up to 30, 50, and 60 percent of the area median income. “A recent study by the Harvard University Joint Center for Housing Studies reported that almost 49 percent …
Ziegler Arranges $131.4M Bond Financing for Development of Stevenson Oaks in Fort Worth
by Jeff Shaw
FORT WORTH, Texas — Ziegler has arranged $131.4 million in bond financing for the development of Stevenson Oaks, a planned senior living community in Fort Worth. The property will feature 172 independent living units as well as an assisted living center with 40 assisted living units and 24 memory care units. The community will be situated within Tavolo Park, a new master-planned commercial and residential project in the southwest portion of the city. The surrounding Tavolo Park development will provide two restaurants and a variety of activities for Stevenson Oaks …
DAYTON, Ohio — KeyBank has arranged a $38 million financing package for renovations to The Biltmore Towers, an affordable housing community in Dayton. KeyBank Community Development Lending and Investment (CDLI) secured a $6 million equity bridge loan and KeyBank Real Estate Capital’s (KBREC) Commercial Mortgage Group secured $16 million of fixed-rate Fannie Mae financing. Additionally, the Key Community Development Corp. provided $16 million of low-income housing tax credit (LIHTC) and historic tax credit (HTC) equity combined. St. Mary Development Corp. and Related Cos. are leading the redevelopment project. Built in …
NEW YORK CITY — Greystone, a national commercial real estate financing company based in New York, has hired Patrick Berry as a senior production manager with one of the firm’s healthcare and multifamily origination teams. Berry joins Greystone from the U.S. Department of Housing and Urban Development (HUD), where he spent the last 35 years. He will be based in Detroit and will work closely with Fred Levine, a longtime managing director at Greystone. While at HUD, Berry most recently served as director of production for FHA Section 232/223(f) loans, …