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 …
MIAMI — BHI, through its Healthcare Group. has arranged $41.9 million in construction financing for the Oasis at Coral Reef, a luxury senior living facility under development in Miami. The 217,123-square-foot property is located adjacent to Jackson South Medical Center. BHI has provided $31.9 million and Coastal States Bank provided $10 million. The borrower is Royal Senior Care, which owns and operates senior living facilities in the Southeast with a primary focus in South Florida. The Oasis at Coral Reef will offer a total of 201 “catered living,” assisted living …
DAYTONA BEACH, Fla. — The Housing Authority of the City of Daytona Beach (HACDB) has received approval for $28 million in Multifamily Housing Revenue Bonds for its WM at the River affordable seniors housing project. With a total cost of $52 million, the project will rehabilitate 298 units at the former Windsor & Maley apartments. Partners include BGC Advantage, Red Stone Equity Partners, Lument, Coates Rose and Greenberg Traurig.
SOUTHFIELD, Mich. — JLL Capital Markets has closed the $17 million sale of and arranged $25.4 million in acquisition and renovation financing for The Park at Trowbridge, a 298-unit seniors housing community in the northern Detroit suburb of Southfield, Michigan. JLL worked on behalf of a private investor seller to complete the sale to a regional owner-operator of multi-housing and age-restricted housing. JLL also represented the buyer in arranging the non-recourse acquisition and renovation loan from a regional bank. The property currently operates as an independent living facility, but the …
MINNEAPOLIS — ORIX Corp. USA has completed a $44.8 million tax-exempt and taxable bond financing to fund the acquisition of five seniors housing communities that are part of the Coventry Properties of Minnesota. The communities are located within the greater Minneapolis area and total 153 assisted living and memory care units. Coventry develops and operates a portfolio of high-acuity seniors housing communities located throughout Minnesota. Coventry communities focus on providing care for residents who do not need skilled nursing care, but require more assistance than larger assisted living facilities may …
OMAHA, Neb. — Greystone has provided an $11.9 million HUD-insured loan for the refinancing of Heritage Pointe Assisted Living in Omaha. The community features 108 assisted living beds and 20 memory care beds. Amenities include full dining service, recreational activities, exercise facilities, a movie theater and a salon. Eric Rosenstock and Jesse Yodice of Greystone originated the financing on behalf of the borrower, Heritage Communities. The 35-year loan features a fixed interest rate.
LITTLE ROCK, Ark. — Twain Financial Partners has provided $11 million in ground lease capital to The Summit, a senior living community in Little Rock. O’Reilly Development Co. is developing the property, which will feature 96 independent living units, 44 assisted living units and 18 memory care units. O’Reilly is a real estate investment and development firm specializing in historic preservation, seniors housing, affordable housing, multifamily and student housing communities.
NEW YORK CITY — Dwight Capital, a New York-based real estate finance and investment firm, provided $121.6 million in healthcare financings during first-quarter 2021. Dwight closed a $21.3 million HUD loan for Avantara Long Grove, a 195-bed skilled nursing facility located in Long Grove, Illinois. The property was renovated in 2016. Adam Offman originated this transaction. Offman and Adam Sasouness also originated a $20.2 million HUD loan for the Northwood Portfolio, a 332-bed, six-asset skilled nursing portfolio located across Ohio. The transaction refinances debt on Northwood Buckeye Terrace, Country Meadow …
ST. CHARLES, Ill. — Ziegler, in partnership with M&T Realty Capital Corp., acted as financial advisor in a $15.1 million Fannie Mae refinancing on behalf of Essex Communities. The loan will be used to refinance existing debt on Carriage Oaks, an independent living community in St. Charles, approximately 35 miles west of Chicago. Essex originally developed the community in 1999 under a nonprofit entrance-fee model. They recently purchased the building in 2019 and converted it to a market-rate rental model. The community consists of 80 independent living units. Essex owns …
RED BANK, N.J. — Locust Point Capital has closed Locust Point Seniors Housing Debt Fund II, the firm’s second fund focused on its direct lending strategy to the seniors housing and care sector. The Red Bank-based firm launched its $312 million debut fund in 2016. Fund II closed above its target at $428 million after receiving strong interest from a diverse group of investors, including pension funds, endowments, foundations, insurance companies and wealth advisors. Approximately three quarters of the commitments came from United States-based investors, with the remaining coming from …